The Cyprus Securities and Exchange Commission (CCC) is on full alert to ensure the continued smooth operation of the market, awaiting the risk assessment and responses it has requested from the Cyprus Investment Firms (CIF) on how and to what extent they may be affected sanctions against Russia, as well as the measures they have taken to address these risks.
Chairman of the Hellenic Capital Market Commission George Theoharidis said that from the first moment of the imposition of sanctions against Russia, CIS has mobilized, carefully studying their content and assessing the situation.
In this context, as he pointed out, in a circular sent to supervised entities, including the CIF, the Hellenic Capital Market Commission emphasized its obligation to introduce targeted restrictive measures against Russia, while asking the CIF to assess if the measures significantly affect their activities, their capital adequacy, or the funds they hold – either their own or on behalf of clients – to be made aware of this.
“We are asking for information on how they are affected directly or indirectly by sanctions imposed both by the European Union and by third countries such as the UK and the US,” Mr. Theokaridis said. Depending on the information received, the Hellenic Capital Market Commission will take the necessary measures to ensure the smooth operation of the market.
As he further explained, as the case may be, this will be done in consultation with the European Securities and Markets Authority (ESMA).
“We are in constant contact with all other competent authorities in Cyprus,” he emphasized, stressing that the Hellenic Capital Market Commission is closely monitoring the situation and is focusing its efforts on ensuring the smooth operation of the market.
As you know, a number of Russian CIFs operate in Cyprus, managing hundreds of millions of dollars.