Renewal of investor confidence in Cyprus, investor training and modernization highlight CySEC’s plans for 2014
Cypriot financial regulator CySEC has assembled briefing with local media yesterday outlining future goals for the Commission and some review of the challenging year already behind us. The press release issued on the matter details the Commission’s priorities for the coming year to restore confidence to the regulator and eliminate the broad systemic risk that has shaken trust in the country’s financial system as a whole.
CySEC outlines the importance of strengthening the regulatory framework and the market surveillance mechanisms. Specific information provided for educating investors will also be prioritized as training efforts are essential for CySEC’s strategy. The Commission’s president Demetra Kalougerou stressed in her statement that despite the damage done to the country’s image, with the right policy tools investors’ confidence can be regained.
The fines imposed by the regulator in 2013 totaled about €850,000 and it is aiming to strengthen its market surveillance with a new surveillance framework. Increased automation will also be of primary importance for a more efficient monitoring mechanism. According to Mrs Kalougerou CySEC continues to receive CIF applications which proves that there is still substantial interest to do business in the country.
It would be great to see more detailed information released by CySEC in the future, we have come across many cases when information was presented to the public in a rather vague way. So communication remains key for the Cypriot regulator if it wants to establish broad credibility and attract more companies to do business in Cyprus.
The full press release is available (in Greek only) on CySEC’s website.