Greek and Cypriot capital markets to expand cooperation

The Hellenic Capital Market Commission and the Cyprus Securities and Exchange Commission will expand and deepen their cooperation towards a more efficient supervision, safeguard investor protection and healthy development of the capital markets.

Representatives of the two authorities met in Nicosia and discussed developments in the European capital markets in the aftermath of a poll vote in the UK. The two Commissions agreed that although challenges arising basically from macro-economic level were significant, the capital market could become a strong -alternative of the banking system- tool to promote growth in the two countries. This work is facilitated by the adoption of an updated European legislation on capital markets, such as a new framework on investment services, market abuse and the introduction of new investment tools, such as crowd-funding.

Chr. Gotsis, president of the Greek Capital Market Commission, expressed his satisfaction over his contacts in Nicosia and said that conditions prevailing in the Greek economy and a negative and unstable international environment “demanded we must seek new roads to help for the recovery of the economy. As long as banks are unable to support real economy with adequate and cheap capital, seeking alternative tools and their introduction in the Greek market are not only imperative but a survival test for several enterprises. With the exchange of views and experience between the two regulatory authorities we move to proposals for processing and the introduction of these tools on a solid basis“.

D. Kalogirou, president of CySEC underlined the very closer cooperation already existing between the two Commissions and said “we are working to expand and deepen further to significantly enhance efforts made to achieve our common goal of having an efficient supervision, safeguarding investor protection and a healthy development of the capital market“.