Cyprus President Nicos Anastasiades received the annual report of the Cyprus Stock Exchange and Securities Commission (Cysec) praising its outgoing President Demetra Kalogirou for her contribution to the growth of the island’s capital market.
Kalogirou presented to President Anastasiades the last annual report under her Presidency as she completed two terms in office.
Presenting the report, Kalogirou said 2020 was a good year as Cysec issued licences to 80 new entities, issued fines amounting to €3 million over money laundering and other violations.
She also referred to Cysec’s new products addressed to small and medium sized enterprises and a new platform expected to be licensed shortly by Cysec.
“The growth of the Commission is continuing and I Hope the new (Commission’s) administration will continue this endeavour so the Commission will move forward and will remain a credible organisation as it is today,” Kalogirou said.
She also recalled that in 2011 “there was no market” as there were a few public companies listed in the Cyprus Stock Exchange which received a blow by the 1999 stock market crash and “the market development was just beginning.”
“Today we have 800 licensed entities,” she added, noting that the various supervised entities contribute to the economic growth and constitute a tool to finance the economy.
On his part, President Anastasiades addressing Kalogirou said a person assuming a public office is judged by results and expressed his “warmest congratulations and satisfaction on the complete success of your mission, taking into account what you assumed and what you are delivering”.
“You have significantly contributed in the development of the sectors of the capital market, investment funds so that today we have a credible Securities and Exchange Commission, whose work is acknowledged by international agencies, while the Commission has a large contribution to Cyprus’ economic growth” the President said.
Source: Cyprus News Agency