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ΕΚΚ: Restores the truth about employees in CIF

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ΕΚΚ: Restores the truth about employees in CIF

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The Cyprus Hellenic Capital Market Commission (EKK) speaks about false and misleading impressions that may create publications in relation to the number of employees in the CIF, through an announcement, which hastened to establish the truth. He also referred to the reasons that led to the decision to suspend the work of some CIFs

As it states in today's announcement, “in order to restore false or misleading impressions that may create posts in relation to the number of employees in the CIF”, EKK notes that the total number of employees in 225 CIF at the end of 2019 was 4,914 people, in At the end of 2020 the total number of employees in 228 CIF was 5,408 people, while the total number of employees in 233 CIF at the end of June 2021 was 5,895 people.

It is noted that in recent days information has been released about the loss of thousands of jobs due to the closure of companies operating in the foreign exchange market (Forex).

In particular, on the occasion of recent publications in print and electronic media regarding the suspension of the operations of two of its supervised entities, the Cyprus Securities and Exchange Commission (CCP) notes the following:

The ECC, in the context of its supervisory role and responsibilities, conducts audits of entities under its supervision to ensure their compliance with the respective institutional framework that governs them. Where irregularities are detected, the ECC shall take appropriate action and take appropriate measures to safeguard the interests of investors and to ensure the proper functioning and integrity of the market. In particular, regarding the supervision of the Cyprus Investment Services Providers (CIFs), the ECC is the competent supervisory Authority and has the power to impose administrative sanctions and other measures provided by the current legislation. Among them is the suspension of CIF operations. It is reminded that all the decisions of the ECC, both for the CIFs and for the other supervised entities are posted on its website: https://www.cysec.gov.cy/el-GR/home/. The provision of investment services as a regular occupation or activity can only be done legally by Investment Services Providers (Investment Companies) licensed by the ECC or by a competent supervisory authority of an EU Member State. such services without having obtained the relevant authorization from the ECC or the competent supervisory authority of another EU Member State, which has notified the ECC for this purpose, violate the relevant legislation and are subject to administrative sanctions. For the protection and facilitation of the investing public, the ECC maintains on its website a public register of licensed CIFs and investment firms of other EU Member States, for which the ECC has been notified by their respective supervisory Authority that they wish to provide investment services in the Republic. The ECC urges the public to be especially careful and to always check whether the company with which it is in contact is licensed by the ECC to provide investment services in the Republic. The public can check whether a company is licensed to provide investment services in Cyprus, on the ECC website at https://www.cysec.gov.cy/el-GR/entities/investment-firms/cypriot/ ( for entities licensed by the ECC) or at http://www.cysec.gov.cy/en-EN/entities/investmentfirms/member-states/ (for companies from other EU Member States and offer their services in Cyprus cross-border or through a branch). EKK periodically issues announcements – warnings to the investing public for websites that do not belong to entities that hold an operating license for the provision of investment services and / or the exercise of investment activities. EKK invites the investing public to consult its website, in order to be informed about the approved (http://www.cysec.gov.cy/entities/investment-firms/approved-domains) and unapproved (http: // www .cysec.gov.cy / el-GR / non-approved -domains /) from ECC websites.

Misconceptions about number of employees

Furthermore, in order to correct incorrect or even misleading impressions that may create publications in relation to the number of employees in the CIF, the ECC notes the following:

The total number of employees in 225 CIF at the end of 2019 was 4,914 people. The total number of employees in 228 CIF at the end of 2020 was 5,408 people. The total number of employees in 233 CIF at the end of June 2021 was 5,895 people.

Source: www.philenews.com

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