A government-inspired bill affording the finance minister the right to authorise secondments of staff from the Cyprus Stock Exchange (CSE) to the Cyprus Securities and Exchange Commission (CySEC) was voted into law on Thursday.
The bill had caused a dispute between the two agencies as it initially left CSE management out of the loop, but this was later averted by including them in the decision-making process.
According to the justification report attached to the bill, it was deemed necessary due to the broadening of the CySEC’s remit and operations, while the CSE’s volume of operations has been decreasing.
Thursday’s plenum voted the bill into law, stipulating that CSE staff may apply for transfer to the CySEC.
Under the provisions of the bill, the finance minister reserves the right to set the number of staff to be transferred, following a request by the CySEC and liaising with the CSE board.
The law also envisions the transfer of CSE permanent staff’s provident fund benefits to their CySEC post.