Recently, the Securities and Exchange Commission in Cyprus (CySec) has asked parliament to release additional funds in order for it to be able to hire 18 additional persons.
CySec chairwoman Demetra Kalogirou has stated that the organisation can no longer cope with the heavy workload with its current level of employees, in a recent speech in parliament.
Kalogirou went on to say that market watchdog’s tasks have increased as a result of the proliferation of investment services firms but is also due to the fact that CySec regularly has to coordinate with its counterparts abroad.
In addition, CySec’s 2018 budget will turn a deficit with expenditures estimated at EUR €9.2 million and revenues at EUR €8.3 million.
The budget does not involve fines which are levied for stock market violations due to these being deposited into the state’s Consolidated Fund.
CySec is funded by own resources to the tune of 62% and the rest consists of state grants.