Economic Director: Avgi Chrysostomou-Lapathiotis
The main mission of the Directorate of Financial Stability is the handling of the whole regulatory spectrum regarding the financial sector, namely the banking sector, capital markets, insurance companies and pension funds with the aim the harmonisation with the EU acquis communautaire and the development or enhancement of best practices.
The ultimate objective is the contribution, together with the supervisory authorities, to safeguarding financial stability.
The main tasks of the Directorate are:
As regards the banking sector
- Coordination and promotion of legislation for the entire regulatory framework of the banking sector
- Monitoring of financial sector developments, indicators and data
- Work relating to the state ownership of Sedipes/Kedipes and the Housing Finance Organization
- Monitoring the issues relating to the impact of bank resolution measures i.e. cases in international arbitration courts and domestic district courts.
As regards the combating of money laundering and terrorism financing
- Co-chairing the Advisory Authority for combating money laundering, which is as per law, the advisory body to the Council of Ministers on issues regarding money laundering and combating terrorism financing.
- Within this context the Directorate of Financial Stability is involved in policy matters, including legislation, on preventative measures in the financial sector.
- Supporting the work on the evaluation of Cyprus by the Council of Europe's Moneyval Committee, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes and on the evaluation of Cyprus on the United Nations Convention against Corruption, for issues relating to anti-money laundering and terrorist financing.
As regards capital markets, insurance companies and occupational pension funds
- Promotion of new or amendments to existing laws regarding capital markets, the Cyprus Stock Exchange and the Cyprus Securities and Exchange Commission.
- Promotion, in co-operation with the supervisory authorities, the project of consolidating and enhancing the supervision of occupational pension funds and insurance companies and suggesting potential improvements of the framework for occupational pension benefits.
Ms. Eleftheria Iosifidou
Tel.: +357 22601172
Fax: +357 22602748