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Press: SEC, supervisions and the solution plan

03/12/2002 09:12
Major issue of today’s financial press is the concerns expressed by SEC over the provisions of the UN solution plan with regard to the supervision of the financial, insurance and banking sectors.

The “Economy” inset of newspaper “Phileleftheros” under the title “Persistence in a single regulatory body” refers to the presentation of UN plan’s obscurities by SEC’s chairman, Marios Clerides before the Parliamentary Finance Committee with reference to the competences of the regulatory body. On the occasion of the existent Zurich-London constitution that clarifies the express enactment of Central Bank’s supervisory role (and not SEC’s), Mr. Clerides stressed the need to maintain the resilient mechanisms that are to allow the formation of a single regulatory body. SEC’s chairman considers that in the face of negotiations, the Cyprus Republic must be well prepared to bring the issue of clarifications under discussion, so that it is ready to cope with the changes that currently take place in Europe.

Elsewhere, the newspaper mentions that there is a hitch concerning the issue of professional tax, and the Finance Ministry is willing to accept its abolition, so long as there are other ways to make up for the revenues.

The “Economy” inset of newspaper “Simerini” under the title “Three-level budgets” highlights that the Finance Ministry’s “Memo” and its observations over the UN peace plan (to be submitted to President Clerides today) contains the allocations of the Common and the two component states, as well as further plan’s impacts on Cyprus economy. The “Memo” also deals with the monetary system that is to be brought under discussion to the Cabinet by its next convention. The newspaper’s report records several information first reported by Stockwatch last Friday.

Elsewhere “Simerini” points out that EAC is to reach the final decision with regard to its stake in Hellas Sat before Christmas.

The “Economic” inset of newspaper “Alithia” under the title “SEC’s supervisory difficulties at the Legal Service in case of solution” quotes that SEC’s chairman, Marios Clerides, has notified the Pubic Prosecutor over SEC’s concerns with reference to the supervision of the financial, insurance and banking sectors in case of a solution of Cyprus partition problem. The report contains Clerides’ markings before the Parliamentary Finance Committee.

Elsewhere the inset reports that E.P.E.Y’s (financial service provider) Code of conduct is ready.