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- Ελληνικά
The President of the Hellenic Republic, Mr Nicos Christodoulides, received today the annual report of the Securities and Exchange Commission for 2022.
Delivering the report, Commission President Dr. George Theocharides said, among other things, that "there is a steady rise and evolution of the sector of investment companies, the sector of investment funds, and with this rise there are at the same time various challenges."
He added that one of the challenges relates to technology and the issue of technological tools to enable the Commission to supervise the institutions effectively.
He also expressed thanks to the President of the Republic and the Government for their support to the Commission.
He also said. It is followed by Germany, but Cyprus is the first country."
He also added: "There is a very important work being done by the Cyprus Investment Funds Association (CIFA). This sector is very promising for the Cypriot economy and we are now at about €10 billion of assets managed by these companies. A third of them are investments in Cyprus."
Finally, he said that the Securities and Exchange Commission attaches particular importance to the issue of financial illiteracy.
For his part, the President of the Republic said, among other things. It is something to which we attach great importance and it is in this context that we promote our position on the need for a single supervisory mechanism in our country.
Your role is crucial not only for attracting quality investments in Cyprus, which is our common goal, but at the same time for ensuring the credibility and the name of our country.
For this reason, as the executive, we are here to support, to strengthen the Commission."
He added that Cyprus recently hosted the International Conference of Securities Commissions which is a recognition, noting the decision of the Council of Ministers regarding the Fund Administrator.
President Christodoulides said that the issue of illiteracy is a problem we have to face as a society, noting: "In 2024, together with the Central Bank and the Ministry of Finance, we are planning a series of actions in which I myself will participate. We will also host some actions here at the Presidential Palace in order to gradually strengthen education related to the management of financial data.
We have to start from high school and high school because this must be built through our education."
Finally, the President of the Republic said: "We are always at your disposal - fully respecting the independence of your work, of your competences - to further strengthen the Securities and Exchange Commission with two objectives: rapid response and effective controls, which for us are of particular importance. 2024 will be decisive for the rebranding of our country. You all understand the importance of our country's credibility abroad."
(PM/GC/AF)
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