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Demetra Kalogerou: Credible Securities Market a Pillar for Growth

Demetra Kalogerou: Credible Securities Market a Pillar for Growth

Despite the current challenges facing the Cyprus economy, the securities and financial services sector continues to develop, affirmed Demetra Kalogerou, Chairwoman of the Cyprus Securities and Exchange Commission (CySEC) at a press conference on Wednesday. 


Addressing representatives of the Cyprus media, Kalogerou stated that as a result of the increasing competitiveness of the island’s market, new applications for investment and administrative services companies are on the rise. This, she continued, is a clear indication of the country’s significant advantages, highlighting the fact that it constitutes an attractive jurisdiction for investments. 


Despite this cause for optimism, complacency must not rule supreme: “Many challenges remain and hard work and collective effort is needed by all the players, not just to fully restore confidence in Cyprus, but also to demonstrate that Cyprus remains a prestigious regional business centre.”


During the press meeting, at which Kalogerou presented the past year’s most significant sector developments, as well as CySEC’s priorities for 2015, the Chariwoman expressed that the Commission contributed to the overall effort to facilitate Cyprus’ timely emergence from the financial crisis and return to growth.


“The exercise of effective supervision is considered of paramount importance because it ensures not only the protection of investors but also the healthy development of the securities market, which constitutes a significant pillar of growth for modern economies,” she stressed.


Kalogerou further referred to the CySEC’s actions to minimise the negative economic impact following the 2013 Eurogroup decisions, highlighting the measures enforced under its regulatory supervision. This includes the documented and impartial investigation of cases including the Cyprus banks, improving the regulatory framework by taking forward a large number of laws and regulations, as well as the actions taken relating to the training of investors.


As regards the investigation of cases, the Chairwoman said that company violations of the law in 2014 lead to administrative fines of some €8.2 million in total. She added that in cases where possible criminal offences were exposed, the CySEC had forwarded the relevant data to the Attorney General of the Republic to decide whether the parties involved should be criminally prosecuted. 


As for 2015, the probe into pending cases would continue, Kalogerou said, further explaining: “These cases concern possible misleading statements, evaluation of the data included in the financial statements of previous years as well as practices which could constitute market manipulation.”


In order to ensure that supervised entities fully comply with their obligations, the CySEC closely monitors these institutions, either by carrying out spot-checks or reviewing the different documents submitted to the Commission.


“In 2015 we aim to strengthen the Supervision Department with human resources so as to further boost the supervision of the market through more checks, the full implementation of the supervisory framework which will be based on the risk management of supervised entities and through the provision of more guidance to those under supervision so that they can enhance their compliance further, in line also with the weaknesses identified by CySEC checks,” she added.


Finally, in terms of informing and educating investors, Kalogerou said the CySEC has issued various informative articles and warning announcements, organised a seminar for financial journalists and produced short informative videos, soon to be uploaded on the CySEC’s upgraded website.


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