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Cyprus establishes administrative services supervisory body

(Source: Philenews 27/02/2024)

The Cabinet on Tuesday approved the establishment of a unified supervisory authority for administrative service providers.

As Finance Minister Makis Keravnos stated, today’s decision lays the foundational stone that will protect the name of the Republic of Cyprus and enhance the services provided under a unified, strict supervisory control.

According to the Minister, with the approval of the supervisory authority, the oversight of administrative service providers is strengthened and enhanced by assigning the responsibility to the Cyprus Securities and Exchange Commission, which, in collaboration with the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association, will supervise these specific companies.

“Joint inspections will also be conducted with the relevant supervisors in cases where there is information or indications that may impact the Republic’s reputation,” Keravnos added.

He indicated that within the framework of the supervisory authority’s operation, the governance of administrative service-providing companies is strengthened through the definition of the individuals who will provide these specific services.

Furthermore, the maximum number of companies that can be served is determined, a practice also applied by other European Union countries.

“The decision ensures a unified, uniform, and immediate preventative response in cases where negative developments and information are threatening the reputation of the Republic of Cyprus,” he said.

In response to questions, the Minister explained that the Authority would examine cases of sanctions violations and also act preventively.

As he mentioned, the Finance Minister will consult with stakeholders on the mechanisms and criteria to be applied. He also said that fines and a series of other measures, to be determined by the stakeholders, would be imposed on those who violate the sanctions.