The draft of a new piece of legislation governing investment services providers in Cyprus is expected to be presented to the Cabinet some time next month. This is according to stories circulating in the Cyprus media this week.
The online Cypriot news service, Xak.com, has reported that the legal services department of the Finance Ministry has finalised the document's details and it is currently undergoing last minute scrutiny before its submission, although the Finance Ministry has indicated that it may consider running the draft past Greek stock market expert, Demetris Tsimbanoulis, which could incur a slight delay.
The Ministry says it had regularly sought the advice of the Attorney General's Office throughout the preparation of the bill. The draft is expected to include provisions that will hold the Securities and Exchange Commission (SEC) responsible for the supervision and regulation of investment companies operating on the Island, but financial institutions which offer also investment services will continue to be accountable to the Central Bank.
With some tweaks here and there to conform to Cypriot requirements, the bill is derived from three EU directives and a model used by the Greek investment companies law. Penalties in the draft are alleged to be severe.
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