Consistent on its policy of having contacts and exchanging opinions with the government and other officials, the Limassol Chamber hosted in a recent meeting with the head of the Cyprus Securities and Exchange Commission (CySec), Demetra Kalogerou.

Kalogerou, who was accompanied by the Officer in the Strategy Department of CySec, Eleni Nicolaou, briefed the LCCI Board on several issues pertinent to the jurisdiction and activities of the Commission. She referred, among others, to the internal structure of CySec and its supervisory role over the financial services sector, including the Forex companies.

She noted that CySec operates on the basis of European Union rules and directives, and its basic objective is to lend protection to investors. Starting in 2018, Kalogerou said, a new European directive will go into effect, which will strengthen the role of Security and Exchange Commissions, enabling them, among others, to ban certain products.

Both during her presentation and afterwards, Kalogerou answered several questions submitted by the LCCI Board.