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14 July, 2024
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CySEC: Cyprus securities market has grown over 169% since 2011

Sector records steady growth

Source: CNA

Cyprus Securities and Exchange Commission’s (CySEC) Chairwoman Demetra Kalogerou has said that between 2011 and 2018 the securities market has grown by more than 169% with supervised entities reaching in January 2019, 666 compared to 247 in 2011.

Kalogerou, who was speaking during a press conference, she reviewed CySEC’s work and presented its goals, saying that the securities market growth continues to be one of CySEC’s main aims.

She added that from 2011 through to 2018 the sector’s growth was over 169% with supervised entities reaching in January 2019 a total of 266 compared to 247 in 2011. She, noted that compared to December 2017 an increase of 5.37% was recorded.

Overseen companies include 248 Cypriot investment services companies, with assets under management reaching €8.3 billion in September 2018 with a client-base close to 1.4 million.

The number of people employed just in Cypriot Investment Firms (CIFs), Kalogerou said, reached at the same time 4,747 people.

She added that Moneyval, the monitoring body of the Council of Europe which assesses compliance with the principal international standards to counter money-laundering, started its 5th review round in June 2018 in Cyprus.

A Moneyval mission will visit Cyprus in May and will meet, inter alia, with the relevant supervisory authorities. A draft of its report is expected to be discussed before Moneyval’s plenary in December 2019, she said.

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