President Nicos Anastasiades received the Cyprus Securities & Exchange Commission (Cysec) annual report praising its outgoing chair Demetra Kalogirou for her contribution to expanding the capital market.
Kalogirou presented Anastasiades the last annual report under her leadership after completing two terms in office.
Kalogirou said 2020 was a good year as Cysec issued licences to 80 new entities, issued fines amounting to €3 mln over money laundering and other violations.
She also referred to Cysec’s new products for small and medium-sized enterprises and a new platform expected to be licensed shortly.
“The growth of the Commission is continuing, and I hope the new administration will continue this endeavour so it will remain a credible organisation as it is today,” Kalogirou said.
She also recalled that in 2011 “there was no market” as the few public companies listed on the Cyprus Stock Exchange received a blow in the 1999 stock market crash, as “the market development was just beginning.”
“Today, we have 800 licensed entities,” she added, noting that various supervised entities contribute to economic growth and constitute a tool to finance the economy.
President Anastasiades said: “You have significantly contributed to the development of the capital market sectors, investment funds so that today we have a credible Securities and Exchange Commission, whose work is acknowledged by international agencies.”