Cyprus Securities and Exchange Commission

The Cyprus Securities and Exchange Commission ( CySEC ), the Cypriot state supervisory authority. It was founded in 2004 after the accession to the EU for the control of the National Bank and the financial system, which was known as a tax haven before.

History

The CySEC was established in 2004 after the accession of Cyprus to the EU. In 2008, the euro was introduced in Cyprus, which is why the ECB has independent auditors used both to control the Cypriot National Bank as well as to control the financial system. These examiners are presented by the year 2012, the company PricewaterhouseCoopers on behalf of the CySEC. Another reason for the founding of the CySEC was that Cyprus was formerly a tax haven like the Cayman Islands and tries to make up for this call, but this leads to relocation of many brokers who had previously settled their businesses due to the favorable tax situation in Cyprus.

Chefs

The head of the authority is Georgios Charalambous, his deputy is Christina Christou. Charalmbous chairs the CySEC held since August first 2006, his deputy since July 23 2010 at the office.