Nicosia: The House of Representatives approved unanimously on Thursday a bill on the privatization of the Cyprus Stock Exchange (CSE), a development welcomed by the Ministry of Finance. An announcement issued by the Finance Ministry speaks of an important institutional and reformative step, strengthening the competitiveness and credibility of the financial sector of Cyprus.
According to Cyprus News Agency, the bill passed earlier on Thursday aims to establish the framework for the privatization of the CSE, the Central Depository, and the Central Securities Register. It also addresses the regulation of transferring CSE staff to the Ministry of Finance or offering compensation through an early voluntary retirement scheme.
Among other provisions, the law outlines the creation of a special purpose company that will serve as a vehicle for the privatization. It also details the process for selling shares to a strategic investor and defines the steps for selecting such an investor, as well as the subsequent stages of the privatization process.