21/12/2011 13:50
The government decided to proceed with the privatization of the Cyprus Stock Exchange, a commitment taken last summer.
In his statements to the journalists earlier today, Finance Minister, Kikis Kazamias said that the Council of Ministers decided yesterday to adopt the decision for its securitization at first stage and its privatization at a later.
“At first stage, the state will be its 100% shareholders but gradually we will proceed with its privatization. The CSE is the only stock exchange in Europe to be governed by a state regime”, he noted.
The Minister reminded that when the CSE was established, there was no safety valve of proper supervision, therefore, the Parliament considered it appropriate to have state intervention.
“Now that we have the Cyprus Securities and Exchange Commission, we will implement the decision and will announce it to the SEC today. At the same time, we ensure that all employees’ rights will be safeguarded”, he stressed.
In his statements to the journalists earlier today, Finance Minister, Kikis Kazamias said that the Council of Ministers decided yesterday to adopt the decision for its securitization at first stage and its privatization at a later.
“At first stage, the state will be its 100% shareholders but gradually we will proceed with its privatization. The CSE is the only stock exchange in Europe to be governed by a state regime”, he noted.
The Minister reminded that when the CSE was established, there was no safety valve of proper supervision, therefore, the Parliament considered it appropriate to have state intervention.
“Now that we have the Cyprus Securities and Exchange Commission, we will implement the decision and will announce it to the SEC today. At the same time, we ensure that all employees’ rights will be safeguarded”, he stressed.
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