CySEC checks generate €7.5 mln in imposed fines

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Cyprus Securities and Exchange Commission imposed fines of €7.5 mln in 2018 while crowdfunding will soon be a new tool for small businesses, said CySEC Chairwoman Demetra Kalogerou.

Kalogerou, presenting her 2018 report to President Nicos Anastasiades on Monday, said the report outlines many actions which have been completed and others which will be completed this year and in 2020.

“We have completed many supervisory checks in anti-money laundering issues, which is a priority concern for us as regards the companies under our supervision,” Kalogerou said.

She added that the Commission has also completed many other supervisory activities which have to do with the companies under its supervision.

In the context of its oversight checks, CySEC imposed in 2018 about €7.5 mln in fines which are disbursed in the national accounts.

“In the last five years, we have had growth of 170%,” she said, adding that between 2017 and 2018 saw a growth of 5%.

Kalogerou said that growth has been particularly strong in the area of asset management, which has seen a 100% improvement in the last two years.

She also spoke of new funding tools and gave the example of crowdfunding. Platforms which are licensed by CySEC will be able to assist start-ups and companies which are not able to get funding from banks, she explained.

Therefore, she said, it is another tool to be used for funding small and medium-sized companies, this new tool will be officially launched before Christmas.

On his part, accepting the report Cyprus President, congratulated Kalogerou for CySEC`s work.

“Certainly, strict controls guarantee the state`s credibility,” said Anastasiades.

He noted, adding that the growth observed in new areas of activities is not random but rather a result of the Commission`s successful work.

“I would like to believe that you will work with the same enthusiasm and determination to establish Cyprus as an important financial services hub,” President Anastasiades said.

“I believe that CySEC has contributed significantly in reaching our goal, which is to say to have various alternative sources and activities in our economy so that we can achieve the consistent sustainable development which has been observed in recent years,” he added.