Gov’t pledges to boost CySEC and fi­nan­cial sec­tor

Financial Mirror (Cyprus) - - FRONT PAGE -

Pres­i­dent Ni­cos Anas­tasi­ades has pledged that his govern­ment will con­tinue to ac­tively sup­port the growth of the fi­nan­cial ser­vices sec­tor.

In his ad­dress dur­ing the 20th an­niver­sary cel­e­bra­tions of the Cyprus Se­cu­ri­ties and Ex­change Com­mis­sion (CySEC), he said that Cyprus “is emerg­ing stronger than ever from an un­prece­dented cri­sis and our jour­ney along the road to re­cov­ery has been faster than any­one could pre­dict three years ago”.

He that de­spite the eco­nomic dif­fi­cul­ties, “our com­par­a­tive ad­van­tages not only re­main in­tact, but have been fur­ther en­hanced and ex­panded, set­ting them apart from most in­vest­ment des­ti­na­tions”, mak­ing Cyprus an at­trac­tive in­vest­ment des­ti­na­tion, and a highly com­pet­i­tive cen­tre for in­ter­na­tional busi­nesses.

The govern­ment, Anas­tasi­ades said, is cur­rently im­ple­ment­ing a se­ries of mea­sures, which in­clude the sim­pli­fi­ca­tion of pro­ce­dures for the faster is­su­ing of per­mits and li­cens­ing of in­vest­ment projects and op­er­a­tion of busi­nesses, as well as the speed­ier grant­ing of res­i­dence per­mits to for­eign in­vestors.

CySEC cur­rently su­per­vises over 500 en­ti­ties, of which 208 are Cyprus In­vest­ment Firms, 155 Ad­min­is­tra­tive Ser­vice Providers, the Cyprus Stock Ex­change, in­clud­ing the 81 com­pa­nies listed on its board and 12 is­suers reg­is­tered in for­eign mar­kets. The grow­ing sec­tor of col­lec­tive in­vest­ment funds is also an i mpor­tant part of the Com­mis­sion’s su­per­vi­sion, with 35 fund man­agers han­dling a to­tal of EUR 20.3 bil­lion in funds.

Anas­tasi­ades pledged to as­sist CySEC with in­creased per­son­nel posts and en­hanc­ing its le­gal frame­work for the in­vest­ment funds sec­tor.

He praised the Chair­man of the Com­mis­sion, Deme­tra Kalo­girou, as well as the board and per­son­nel of the Com­mis­sion, for their hard work and ef­forts in estab­lish­ing a well reg­u­lated and su­per­vised se­cu­ri­ties mar­ket in Cyprus.

The event was also at­tended by Fi­nance Min­is­ter Harris Ge­or­giades and the Chair of the Euro­pean Se­cu­ri­ties and Mar­kets Au­thor­ity (ESMA) Steven Mai­joor.

Ad­dress­ing the event Min­is­ter Ge­or­giades re­ferred to the close co­op­er­a­tion be­tween CySEC and the govern­ment in pro­mot­ing Cyprus as a re­gional fi­nan­cial cen­tre. He added that Cyprus val­ues the sec­tor of fi­nan­cial ser­vices, not­ing that there must be an ef­fec­tive and ro­bust le­gal frame­work for its su­per­vi­sion, thus the co­op­er­a­tion is im­por­tant.

Ge­or­giades also said that some re­forms need to be made in gen­eral and that this process should not be a never end­ing one.

ESMA Head Steven Mai­joor said that no one can dis­agree that Europe is go­ing through dif­fi­cult times. He noted that Cyprus’ eco­nomic growth and un­em­ploy­ment fig­ures are mov­ing in the right di­rec­tion and that the coun­try is com­mit­ment to the devel­op­ment of a sta­ble fi­nan­cial mar­ket that sup­ports eco­nomic growth.

He also ex­pressed the hope that CySEC and ESMA will con­tinue to co­op­er­ate in or­der to achieve their com­mon target of in­vestor protection, and the pro­mo­tion of sta­bil­ity and or­der in Euro­pean Union mar­kets.

Mai­joor also called for the need to ac­cess funds across the Euro­pean Union and a need to bring down the fees. There is a need, he added, for fi­nan­cial ed­u­ca­tion and in­vestor protection.

In her speech, CySEC Chair Deme­tra Kalogerou also re­ferred to the evo­lu­tion of the in­sti­tu­tion dur­ing the 20 years of its op­er­a­tion, point­ing out the par­tic­u­lar im­por­tance that the Com­mis­sion pays to the li­cens­ing and su­per­vi­sion of en­ti­ties with the fair treat­ment of clients and their full com­pli­ance with the reg­u­la­tory frame­work strongly im­printed in their val­ues and op­er­at­ing meth­ods.

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