Securities Commissions of Greece and Cyprus expand and deepen cooperation 

Securities Commissions of Greece and Cyprus expand and deepen cooperation 

Nicosia, July 19, 2016/Independent Balkan News Agency

Developments in the European area of capital markets, as formed after the result of the referendum in the United Kingdom, as well as issues related to the development of capital markets, investor protection and cooperation at supervisory level, were discussed by representations of Securities Commissions of Greece and Cyprus, at a meeting held in Nicosia.

According to a press release issued by Cyprus Securities and Exchange Commission (CySEC), the common ascertainment of the two Commissions was that, although the challenges of the current period are important, the capital can be a powerful alternatively to the banking system to promote growth in the two countries. According to the announcement, that goal could be reinforced by the adoption of the updated European legislation on key issues of capital market.

The President of the Hellenic Capital Market Commission Charalambos Gotsis headed the Greek delegation, while from the Cypriot side the meeting was attended by the President of the CySEC Dimitra Kalogerou, Vice-President Andreas Andreou and staffers of the supervisory authority.

According to the announcement, Gotsis welcomed the contacts in Nicosia, noting that “the conditions under which the Greek economy works and the adverse and unstable international environment, require of all of us to seek new ways to help in the restoration of our economy”.

“As long as the banks fail to support the real economy with adequate and cheap capital, the search, of non-bank alternative tools and their introduction in the Greek market, is not only essential, but also vital for many businesses,” he said, adding that ” with the exchange of views and experiences between the two regulators, we move on to proposals for processing and institutionalization of such tools on a solid foundation”.

Welcoming the Greek delegation, Kalogirou stressed that there is already very close cooperation between the two Commission and they are working to expand and deepen it further.

“The CSEC attaches great importance to the cooperation with all national supervisory authorities and particularly with the Capital Market Commission in Greece due to the relatively high trading activity that exists in the field of investment,” she added.

As she noted the tightening of the two Commissions ties will greatly enhance efforts to achieve the common goals which is to exercise effective supervision, ensure investor protection and healthy development of the capital market.

Source: CNA