To respond to current and future challenges, the Cyprus Securities and Exchange Commission (CySEC) is strengthening its ability to monitor and identify bad practices through the adoption of additional tools and the implementation of strategies that enhance our efficiency and effectiveness, its President Giorgos Theocharides has said.
Speaking at the Economic Forum entitled "The Future of Finance", which was organised in Limassol by the CFA (Chartered Financial Analyst) Society Cyprus, Theocharides said that "we are also addressing the need to manage Big Data with the introduction of sophisticated RegTech systems, that use Artificial Intelligence and Cloud Computing."
These solutions have the capacity to quickly screen data from a large and varied volume of trading activity in order to automatically detect risks and irregularities at an earlier stage and, thus take proactive action against them, he went on to say.
Our aim, Theocharides added, as the Cyprus Securities and Exchange Commission, is to ensure the sector’s healthy growth and the inclusion of new products/services under our supervision, always with investor protection at the forefront.
"We seek to achieve this by fostering trust amongst the firms we regulate and the investors they serve. Through supervision, innovation, and education."
Today, he concluded, CySEC is an independent public supervisory Authority with all the necessary tools, to ensure the regulatory compliance of the entities under its supervision.
According to a press release by the organisers during the Forum, delegates discussed the prospects of the global economy as well as the contribution of the financial sector to the formation of a more credible investment profession, which will better serve society.
President of the CFA Society Cyprus, Eleni Konstantinou, said that the Economic Forum gave the opportunity to representatives of the wider financial sector to exchange views on the prospects of the world economy, after two years of physical distancing due to the pandemic.
The event, she added, was also a first-class opportunity to share our joy and satisfaction with the recent distinction of the Association, which won the CFA Institute's Most Outstanding Society Award, in the category 150- 349 members.