Ελληνικά Homepage F.A.Q Links Contact Us
 
Cyprus Securities and Exchange Commission
 
CySec Organisation Structure Annual Reports Articles & Speeches Seminars Vacancies Workshops Commission’s Fees
 
Organisation Structure
 
Board
  Name Position Apointment Date
1. Georgios Charalambous Chairman of CySec 1 August 2006
2. Akis Hadjipieris Vice-chairman 22 July 2001
3. Spyros Kokkinos Member  22 July 2001
4. Menelaos Kyprianou Member 18 April 2007
5. Marios Moiseos Member  23 February 2008
6. Constantinos Trikoupis Representative of the Governor of the Central Bank of Cyprus 01 June 2008
       
 
Department of Listed Companies
The duties of Department of granting licenses, listing and continuous obligations of listed companies include:
  • The examination of applications of listing securities in the Stock Exchange.
  • The examination of applications, in accordance with the Securities offered to the Public Law of 2002 on granting licenses for invitation to the public for investment in financing means.
  • The examination of documents of Public Offer for acquisition or takeover bids.
  • The supervision of compliance of companies that have listed securities in the Stock Exchange with their continuous obligations.
  • The supervision of compliance of investment companies with their continuous obligations.
  • The conduct of investigations.
  • The publication of circulars or announcements to the listed companies in the Stock Exchange in subjects which concern the listing of securities, raising of capital or matters relating with their continuous obligations.
  • The study of proposed amendments of the existing legislation.

The department is occupied by one senior officer, five officers and one assistant secretarial officer.
 
Department of Investment Service Companies
The responsibilities of the Department of Registration and Continuous Obligations of Members of the Cyprus Stock Exchange (CSE) and Investment Service Companies include:
  • The examination of applications for registration of Members of CSE and Stock Exchange representatives.
  • The contacts and meetings with companies that are in the stage of preparing their application for an operational license of Cypriot Investment Services, and discussing subjects that are related to their application.
  • The examination of applications for issuing of operational license of the Investment Services Company as well as applications for amendment of already granted operational licenses.
  • The examination of applications for approval of representatives of the Investment Services Companies.
  • The supervision of compliance of CSE Members and Investment Services Companies with their continuous obligations.
  • The compliance of application with the Cover-up, Research and Seizure of Income from Criminal Activities of (1996) Law from all the Investment Services Companies.
  • The study and publication of Directives in accordance with the Investment Services Companies Law.
  • The training of institutions involved.
The department is occupied by one senior officer, eight officers, one assistant secretarial officer and one assistant secretarial officer under contract.
 
Department of Collective Investment Schemes

The duties of the Department of UCITS are mainly the following:

  • To examine applications for granting incorporation and operation licenses to local Open-ended Undertakings for Collective Investment in Transferable Securities (UCITS).
  • To examine applications for granting incorporation and operation licenses to local Management Companies.
  • To examine requests for amending the Prospectuses, the Funds Rules or the Articles of Incorporation of local UCITS as well as for amending the Articles of Incorporation of local Management Companies.
  • To examine notifications for the marketing, through Distributors in the Republic of Cyprus, of units of foreign UCITS domiciled in a member state subject to the European Directive 85/611/EC.
  • To examine applications for granting license for the marketing, through Distributors in the Republic of Cyprus, of units of foreign UCITS domiciled in a member state not subject to the European Directive 85/611/EC or units of foreign UCITS domiciled in a third country.
  • To examine notifications for the establishment and the cross border provision of services by foreign management companies domiciled in a member state.
  • To examine applications for granting license for the establishment in the Republic of foreign management companies domiciled in a third country
  • To examine and issue Directives pursuant to the provisions of the Open-ended Undertakings for Collective Investment in Transferable Securities (UCITS) and Related Issues Law.
  • To supervise the compliance of UCITS, Management Companies, Custodians and Distributors with their continuous obligations provided in the Law.
  • To issue circulars or announcements to UCITS, Management Companies, Custodians and Distributors.
  • To examine proposed amendments of the existing legislation.

The department is occupied by Two officers.

 
Department of Market Surveillance and Investigations

The duties of Department of Market Surveillance and Investigations are mainly the following:

Infringements of possible unlawful conduct as far as the capital market is concern as well as deceptive statements. Included are, cases as market manipulation, provision of privileged and confidential information or statement of misleading or forecasting false and/or illegal information, dissimulation of essential information with the objective the public offering, the purchase / sale of Stock Market things. These infringements are covered by articles 67,.68 and 69 of the Law regulating issues relating to the possession, use and disclosure of privileged confidential information.

Investigations.

  • Conduct of investigations in EPEY and/or in public companies.
  • Undertaking of deposits by individuals to assist the work of the Commission.
  • Follow-up and investigation of Investors' Complaints.
Stock Exchange meetings surveillance.
  • Via modern electronic surveillance systems.
  • Specialized trained staff.
The publication of circulars or announcements to the public companies and/or EPEY

The department is occupied by one senior officer, four officers and two assistant secretarial officers.
 
Legal Department
  • Follow-up of the capital market legislation - Preparation / submission of proposals for amending related laws and regulations- Legal processing.
  • Subjects of harmonisation with the European Union.
  • Court affairs - archiving, follow-up, co-ordination and collaboration with outsourced lawyers employed by the Commission.
  • Preparation of the Commission's board meetings minutes.
  • Announcements of decisions of the Commission.
  • Legal Support of the Commission (correspondence - opinions - researches).
  • Communication with foreign supervisory authorities - exchange of information and memorandum of understanding.
The department is occupied by one senior officer, three officers and one lawyer under contract
 
Administration Department
The main occupations of the department are:
  • Monitoring of the Personnel Regulations.
  • Follow-up of personnel education.
  • Recruiting additional personal as well as proclamations on fulfillment of vacancies.
  • Preparation of budget and monitoring the expenses in accordance with the articles of budget.
  • Preparation of the Commission's Financial Statements.
  • Secretarial support of the other Departments.
  • Management of correspondence and telephone centre.
  • Archiving of files of the Commission.
  • Preparation of bids for the supply of expendable equipment needed.
  • Ensuring that the income of the Commission is properly received.
  • Provision for the balanced management of the Commission's assets.
The department is occupied by one officer, two assistant secretarial officers and one assistant secretarial officer under contract