CySEC ex­pects ini­tial data from Panama Papers by end-May

Financial Mirror (Cyprus) - - FRONT PAGE -

The Cyprus Se­cu­ri­ties and Ex­change Com­mis­sion (CySEC) ex­pects to have the first con­clu­sions af­ter ex­am­in­ing the data provided by en­ti­ties un­der its su­per­vi­sion in re­la­tion to the leaked Panama Papers.

CySEC Chair­woman Deme­tra Kalogerou said that by the end of the month the Com­mis­sion will have the first in­di­ca­tions af­ter hav­ing ex­am­ined the data. Im­me­di­ately af­ter the Panama Papers were leaked, the Com­mis­sion is­sued a cir­cu­lar re­quest­ing data from 500 su­per­vises.

“These data have been gath­ered, they are too many and are be­ing pro­cessed by the Com­mis­sion’s of­fi­cers. I hope that by the end of the month we could have a first in­di­ca­tion,” Kalogerou said.

She was speak­ing at a press con­fer­ence on Mon­day to an­nounce that CySEC will pro­mote amend­ments to the legal frame­work for col­lec­tive in­vest­ments that would boost the Cyprus in­vest­ment fund sec­tor.

“We be­lieve that these sub­stan­tial im­prove­ments will cre­ate all the nec­es­sary pre­con­di­tions for the fur­ther im­prove­ment of the col­lec­tive in­vest­ment sec­tor which is ex­pected to con­trib­ute sub­stan­tially to the grow of our coun­try’s economy,” Kalo­girou said.

She said that the law on the Al­ter­na­tive In­vest­ment Funds (AIF) will fea­ture a reg­istry for funds which will be di­rectly reg­u­lated by their fund man­ager and not by CySEC.

CySEC will also amend the AIF Man­agers law to in­clude mini man­agers that would man­age as­sets be­low EUR 100 mln. This would fa­cil­i­tate the devel­op­ment of a new com­pet­i­tive mar­ket in Cyprus, she said.

Kalo­girou added that CySEC is con­sid­er­ing fa­cil­i­tat­ing the op­er­a­tion of com­pa­nies that will ad­min­is­trate AIF which cur­rently are not reg­u­lated. Un­der the cur­rent legal frame­work, a li­censed fund ad­min­is­tra­tor reg­u­lated by CySEC has the


it right to as­sign AIF ad­min­is­tra­tion com­pa­nies pro­vid­ing fidu­ciary ser­vices.

CySEC adopted the pro­posed amend­ments af­ter as­sess­ing the legal frame­works in other fi­nan­cial cen­tres such as Lux­em­bourg, Malta, Ire­land and Bri­tain.

So far, CySEC has li­censed 11 fund man­agers, nine of which are al­ready op­er­at­ing in AIF man­age­ment. These com­pa­nies are of Cypriot, Rus­sian and Greek in­ter­ests manag­ing a broad spec­trum of as­sets mainly cov­er­ing fi­nan­cial prod­ucts, real es­tate and ship­ping both in Cyprus and abroad.

The Com­mit­tee has ap­proved ap­pli­ca­tions for eight AIF as well as four UCITS man­age­ment firms. These com­pa­nies are of Cypriot, Greek and Ukrainian in­ter­ests that in­vest in se­cu­ri­ties, among which Cypriot bonds.

She added that CySEC has li­censed 39 AIFs and one Euro­pean Ven­ture Cap­i­tal Fund (EuCEVA) that aims to in­vest in Cypriot small and medium sized en­ter­prises.

On his part An­ge­los Gre­go­ri­ades, Pres­i­dent of the Cyprus In­vest­ment Fund As­so­ci­a­tion, said in “the fu­ture these or­gan­i­sa­tions will act as the al­ter­na­tive fund­ing source for projects in Cyprus.”

He also added the fun­da­men­tal fac­tors de­ter­min­ing the cred­i­bil­ity of a ro­bust fi­nan­cial cen­tre is a de­vel­oped economy, an ef­fi­cient pub­lic ser­vice, in­clud­ing reg­u­lat­ing au­thor­i­ties and an at­trac­tive eco­nomic and in­vest­ment en­vi­ron­ment.


Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.