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CSE outsourcing to SEC

23/10/2012 14:20
The CSE and the SEC announced on Tuesday the signing of a memorandum of cooperation for the offer of services from the CSE to the SEC.

The memorandum was signed in the morning by the Chairwoman of the Commission, Demetra Kalogirou and the CSE General Manager, Nontas Metaxas, at a modest ceremony at the Commission’s office in Nicosia.

According to the announcement, within the framework of the agreement, the CSE officers will offer specialized services to the Commission, mostly on the examination of applications for the licensing of the Cyprus Investment Firms (CIFs) as well as the upgrading of the special supervision and data filing systems of the supervised organizations.

The services will be offered in accordance with the Commission’s needs and the CSE ability to provide the necessary staff, within a period that will not exceed two years.

With this agreement, the Commission will be able to have access to human resource with specialized knowledge in the sector and is expected to contribute the decongestion of the Commission’s workload, which is largely the result of the great interest expressed in the registration of new CIFs, as well as the faster examination of applications.

“Through this cooperation, we hope to achieve our common goal, which is no other than the healthy development of the capital market and the provision of services in Cyprus generally, via a more effective supervision and a faster response to the application, which will contribute to the opening of new, robust and perfectly-organized companies in the Cyprus capital market to the benefit of the Cyprus economy in general”, Mrs. Kalogirou stated.