Cyprus SEC plans own fees

The House Finance Committee has reviewed the current year’s operational budget for the Securities and Exchange Commission (SEC) and proposes that it be put to the House plenary session for approval.

The SEC foresees a balanced budget of CYP 1,994,728 (EUR 3.43 mln), of which CYP 1,694,728 is the state’s contribution and CYP 300,000 from the Cyprus Stock Exchange.

SEC Chairman Andreas Charalambous said that due to understaffing, the Commission is facing problems in meeting regulatory duties, in particular due to increase investment interest from Cyprus and abroad. He added that there are plans to introduce a regulatory fee on member companies in order for the SEC to gain autonomy, and expressed the need to proceed with automation of services in order to secure all records and data.

All members voted in favour of the proposal, while the opposition DISY abstained.