Cyprus Mail

Movement in CySEC-stock exchange staffing dispute

THE DISPUTE between the Cyprus Securities and Exchange Commission (CySEC) and the Cyprus Stock Exchange (CSE) over the secondment of CSE staff to the CySEC seems to have been broken at Monday’s session of the House Finance committee.

A government-inspired proposal to afford the finance minister the right to authorise secondments from the CSE to the CySEC was met with strong resistance by CSE heads, who cited growing activity in stock-trading and a European directive on minimum staff at national stock exchanges.

Until now, inter-agency secondments had been agreed through a bilateral agreement, which required consensus by both administrations.

“We discussed the issue of transferring staff from the Cyprus Stock Exchange to the Cyprus Securities and Exchange Commission,” committee chairman Angelos Votsis said.

“Certain amendments have been incorporated into the bill by the government, which seem to bring all interested parties closer, meaning the bill can be voted into a law on Thursday.”

According to Votsis, mounting backlogs at the CySEC can be tackled by specialised staff at the CSE.

In order to facilitate the movement of staff between the two agencies, the government bill was amended to include a clause requiring approval by the CSE board.

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