Preliminary Results of Cyprus Probe Into CSE Completed

Lorys Charambolous, Tax-news.com, Nicosia

15 January 2001

Greek financial markets expert Demetris Tsimbanoulis is due to arrive in Cyprus today to reveal the first results of his investigation into the activities of the Cypriot Stock Market.

According to the online news service, Xak news, Mr Tsimbanoulis will inform the Cypriot Finance Minister Takis Clerides of his findings tomorrow. He will then meet up with Stock Exchange officials, the Securities and Exchange Commission and various other government representatives.

Mr Tsimbanoulis will be accompanied by finance professor Mr. Nikos Travlos and legal adviser Marilise Takvorian.

The visit is Mr Tsimbanoulis' first since he agreed with the Cypriot government to undertake the investigation. His remit was to examine the way in which the Cyprus Stock Exchange carried out its operations within the current legal framework. It is expected that his conclusions will include recommendations for the future.

A major function of the report was to conduct a comparison of the exchange's practices with those of other international exchanges. The government would like to see the Cyprus Stock Exchange become more modernised and competitive and work in line with European stock market standards which would make the exchange more attractive to foreign investors.

The final results of Mr Tsimbanoulis' report will be submitted some time before April this year.

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