HCMC

The Hellenic Capital Market Commission (HCMC) is the primary regulatory authority overseeing the securities market in Greece. Established in 1995, the HCMC has played a crucial role in ensuring the stability, transparency, and integrity of the country’s securities market.

HCMC History

The HCMC was established in 1995 under Law 2324/1995, which aimed to create a robust regulatory framework for the country’s securities market. Since its inception, the HCMC has been committed to fostering a stable, transparent, and efficient securities market that promotes economic growth and investor protection in Greece.

HCMC Scope and Supervision

The primary objective of the HCMC is to maintain the stability and integrity of the securities market in Greece. Its wide-ranging responsibilities include:

1. Licensing and regulating securities market participants: The HCMC oversees various securities market participants, such as investment firms, credit institutions providing investment services, mutual fund management companies, and alternative investment fund managers, ensuring they adhere to strict regulations and maintain market stability.
2. Supervising the securities market: The HCMC is responsible for regulating and supervising the securities market in Greece, ensuring proper disclosure, transparency, and fair trading practices.
3. Implementing anti-money laundering and counter-terrorism financing measures: The HCMC enforces compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations to maintain the integrity of the securities market.
4. Protecting consumers and investors: The HCMC works to safeguard the interests of consumers and investors by enforcing regulations, promoting transparency, and raising awareness of potential risks.

HCMC Investor Compensation Guarantees

The HCMC has established the Investors Compensation Fund (ICF) to protect investors in the event of the collapse of a member investment firm or credit institution providing investment services. The ICF offers compensation to investors who suffer financial losses due to the failure of a member firm to meet its obligations. The compensation limits are determined by the HCMC, and the fund serves as a safety net for investors participating in the securities market.

Organization Type

The HCMC is an independent administrative authority operating under the jurisdiction of the Ministry of Finance in Greece. Its independent status allows the HCMC to make impartial decisions in the best interest of the securities market and investors. The HCMC is governed by a board of commissioners, which is responsible for setting the strategic direction and ensuring effective oversight of the organization’s operations. The day-to-day operations of the HCMC are managed by its Chairman, who is supported by a team of specialists and experts.