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The biggest challenges for capital markets on the carpet

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ΕπΙ ταπητος οι μεγαλyτερες προκ λorσεις για τις κεφαλαιαγορς

The Cyprus Securities and Exchange Commission organized a round table discussion with the Hellenic Securities and Exchange Commission to exchange views on upcoming legislative developments and challenges. The Cyprus Securities and Exchange Commission (CSE) and the Hellenic Securities and Exchange Commission discussed the challenges facing the European markets at a round table discussion in Nicosia.

The President of YKK Dr. Giorgos Theocharidis, emphasized the rapid technological evolution of the capital markets and the demand for sustainable investments, which are significantly reshaping the global investment landscape and require close supervision. The two supervisors referred to the implementation of the Regulation on crypto-asset markets known as MiCA before the end of the year and the adoption of the Digital Operational Resilience Regulation (DORA), which aim to strengthen the operational resilience of the markets.

Επи τаπητος οι μ&epsilon ;γαλyτερες προκλorσεις για τις κ&epsilon ;φαλαιαγορeς

During the debate on “The legislative framework under discussion in the EU and the impact of technology on the investment sector”, with the President of the Hellenic Capital Market Commission, Dr. Vasiliki Lazarakou, they also discussed the opportunities and challenges associated with the adoption of financial technologies and new ESG investments, including greenwashing and emphasized the importance of the role of supervisory authorities in the protection of investors.

Welcoming Dr. Lazarakou in Cyprus, Dr. Theocharidis said he hopes this discussion will be the first of many with other supervisory authorities. He added that “Significant changes in financial legislation, alongside the risks arising from the rapid development of new technologies and the demand for more sustainable investment products, highlight the need for closer cooperation between supervisory authorities with the aim of strengthening their effectiveness in dealing with of common challenges”.

“Technological developments drastically change economic activity, especially in the area of ​​capital markets, and therefore it is necessary for supervisory authorities to adapt to a digital environment and to all new data in general in order to respond to their role with reliability and efficiency. The protection of interests and the equal treatment of investors is and remains the main priority for capital markets authorities who are now called upon to act in interconnected markets and therefore a framework for cross-border cooperation between them is needed. This ensures speed in the exchange of information and the management of supervisory issues, as happens in the case of the cooperation of the Capital Market Commissions of Greece and Cyprus,” said Dr. Lazarakou.  

The discussion at the Hilton Nicosia hotel was attended by, among others, the Minister of Finance, Makis Keravnos, the Deputy Minister to the President, Irini Piki, members of the Parliamentary Committee on Finance and Budget, as well as other government officials and stakeholders sector bodies.

Source: www.philenews.com

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