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The Securities and Exchange Commission of Cyprus does not have enough employees

The Securities and Exchange Commission (CySec) asked the parliament to allocate more funds to search for new 18 employees, as it is experiencing a shortage of staff.

Speaking in the parliament, CySec chairman Demetra Kaligiro said that the organization can not cope with the current workload.

She stressed that the tasks of the Commission had grown because of the growing number of companies providing investment services, and also because CySec often had to coordinate with its counterparts abroad.

The budget deficit CySec for 2018 year was about one million euros. CySec financing is mainly carried out at the expense of own funds (62%), and the rest of the budget is financed by state support.

A source: ELTOMA

Author: Victoria Ivantsova

Tags: Cyprus Economy

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