Gov’t pledges to boost CySEC and financial sector
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.