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Lack of seriousness for the decision to establish a Single Supervisory Authority says PDS

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    The lawyers are not taking a step back for the single supervisory authority – They speak of a complete lack of seriousness

    The Pangyprian Bar Association speaks of a “complete lack of seriousness” regarding the decision of the Council of Ministers for the establishment of a Single Supervisory Authority of the companies providing administrative services, after holding a meeting on Friday, with competent officials.

    Specifically, and following the invitation of the Ministry of Finance, the meeting was attended by the Deputy Minister to the President, Irini Piki, the Director of the Office of the President of the Republic, Charalambos Charalambous, the Director General of the Ministry of Finance, Giorgos Pantelis and Ministry of Finance officials, representatives of the PDS , SELK, MOKAS, the Cyprus Capital Market Commission and CYFA.

    As the PDS states in its announcement, the meeting was preceded by a letterdated 20/3/2024 in which the permanent positions of the PDS on the matter were reiterated, including the incompatibility of the proposed decision with European Law and the principles of the Rule of Law, as it notes.

    “In the context of the meeting, the disagreement of both the PDS and other Associations with the proposed decision was expressed, he notes, while adding that through the positions and clarifications requested from all those present it became clear that, beyond the legal issues raised, during the processing of the proposal to the Council of Ministers for the adoption of the specific decision, were not evaluated by the Ministry of Finance and important issues and factors were not raised before the Council of Ministers, as a result of which it emerged that the decision faces serious weaknesses as towards its implementation”.

    The PDS states that “it is evident, unfortunately, that the whole issue is not being treated by the Ministry of Finance with due seriousness”, noting that this became even clearer when it became clear that the text sent to the Supervisory Authorities, before the meeting, and which “supposedly included the study and proposal put before the Council of Ministers, was not the right one”, as he said.

    Specifically, the PDS reports that after two hours of discussion, it was realized from reports of the Ministry of Finance that the promoted framework concerns the decision of the Council of Ministers to control all Administrative Service Providers (SSPs) that are currently controlled by Law Firms and by Accounting/Audit Firms, now by the Cyprus Securities and Exchange Commission, and not of the 50 biggest/most high-risk EPDY or where significant negative information emerged, as mentioned in the Document sent on March 4, 2024. With this also, possibly, to it also implies the licensing of all EPDY by the Cyprus Capital Market Commission, he notes.

    Also, he points out that the Council of Ministers based the decisions of 4/3/2024 on another document, and not on the document that was referred to and had been sent to the Supervisors, including the PDS, with the letter of the Minister of Finance dated 4/3/2024.

    “We call for the umpteenth time on His Excellency Mr. President of the Republic and the Council of Ministers to review their decisions, and, at the same time, to seek the responsibilities for the entire lack of seriousness, as can be seen from the above, states the PDS in its announcement.

    Source: cyprustimes.com

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