The CSE management's complaint is that the bill will marginalise the role of the CSE Council if the SEC is given the authority to impose fines against Council members. This week Xak.news reported that Chairman Paris Lenas had said the bill's removal of some of the Council's powers undermined it as a body and the SEC's power to impose fines on members of the CSE Council insulted the 'dignity and sensibility' of its members.

The DISY has decided to openly voice its support of the CSE management and chairman Nikos Anastasiades explained that his party shared the views of the CSE Council’s and would call for some provisions in the bill to be revoked at the next House Finance Committee meeting to be held sometime before the end of the year. He stated: 'Some items of the bill are unacceptable and probably just a bad copy of regulations that currently exist on other stock exchanges.' Instead, urged Mr Anastasiades, provisions should be supportive of the capital market and his party believes that measures to assist long-term investment would help the market to recover and restore investors' faith. Such measures, according to Mr Anastasiades, are as follows:

• The creation of a special stock exchange support fund that will be financed by deductions from the duties paid by stockbrokers for their transactions. A committee, whose members will come from the various bodies representing the stock market, would manage the fund.
• Investment of a small part of the social insurance fund reserves provided that the government offers guarantees for the viability of the stock market institution. The aim of this measure would be to encourage long-term investments on the CSE, especially on behalf of institutional investors.
• At the same time, DISY plans to propose the introduction of “counter-measures” to combat the short term selling and buying of shares and so called “speculators”.
  

The CSE Council members say they have no plans to resign but will wait for the official announcement of the bill's provisions.