Nicosia: More powers will be given to the Cyprus Securities and Exchange Commission (CySEC) to enhance Cyprus’ status as a dependable investment destination, President Nikos Christodoulides announced on Monday. This decision is part of the broader strategy to increase the competitiveness of the country’s economy.
According to Cyprus News Agency, the President expressed these sentiments during the presentation of CySEC’s Annual Report for 2023. The meeting took place at the Presidential Palace, with the Chairman and Members of CySEC present, along with Deputy Minister to the President, Irene Piki. President Christodoulides acknowledged the commission’s efforts, stating, “I am following your interventions, you are doing an excellent job, so we will give you more work.”
He emphasized the importance of supervisory mechanisms in the country’s economic strategy, mentioning that they are integral to strengthening the economy and enhancing competitiveness. Part of this effort includes rebranding Cyprus, and thus, t
he President assured CySEC of additional powers and support to fulfill its expanded role effectively.
CySEC Chairman George Theocharides, who presented the report to the President, expressed gratitude for the support from the government. He highlighted the growth within the capital market sector and acknowledged upcoming challenges, particularly the need to implement important European Directives and Regulations. Among these is a significant regulation concerning the cryptocurrency sector, set to take effect in the European Union on January 1, 2025.
Theocharides detailed the sectors under CySEC’s oversight, noting the investment company and investment fund sectors as major industries. He reported over 300 entities in the investment fund sector, managing approximately £10 billion in assets, with £2.6 billion invested in the Cypriot economy. These investments are seen as a vital source of alternative financing needed by the Cypriot economy.
During the meeting, the need to promote and improve financial litera
cy was also discussed, with the President recognizing it as “a very important issue.”