Mission and Duties
The Hellenic Capital Market Commission (HCMC) was established as a legal entity by Law 1969/91 and organized by Law 2324/1995, aiming to ensure the protection and the orderly and efficient operation of the capital market, which is crucial for the growth of the national economy. HCMC's management and staff are equipped, by virtue of the European and Greek legislation, with functional and personal independence guarantees for the accomplishment of their mission.
According to the law, the HCMC has exclusively its own resources and is not financed by the State Budget. HCMC's budget is drafted by the Board of Directors and is submitted to the Minister of Finance for approval. The HCMC submits its Report to the President of the Greek Parliament and to the Minister of Finance. The Chairman is requested from the competent Committee of the Greek Parliament to provide capital market issues updates.
The HCMC is a Member of the European Securities and Markets Authority (ESMA) and operates within its framework and under its auspices.
HCMC is also a Member of the International Organization of Securities Commissions (IOSCO). HCMC concludes bilateral and multilateral agreements with other competent Authorities for the exchange of confidential information and cooperation in respect of issues relating to its competence.
HCMC is responsible for the surveillance of the proper application of capital market legislation. It participates decisively in the formation of the capital market regulatory framework, on a national, European and international level, and contributes actively to the operations of the Council of the European Union, of ESMA and of IOSCO.
HCMC supervises, among others, Greek and foreign firms offering investment services, undertakings of collective investments, their Managers, new investment undertakings, as well as the listed companies in respect of their transparency obligations, takeover bids, corporate events, prospectuses in case of rights issues, financial statements, the shareholders and their obligations on major holdings change notification. HCMC also monitors and supervises transactions as to market abuse issues and actions of persons holding inside information, as well as the compliance of supervised persons with money laundering legislation.
HCMC supervises the regulated markets, the clearing houses and investors' compensation schemes, such as the Guarantee Fund. It also observes the domestic and international developments, conducts research, when necessary, and certifies the professional suitability of market's participants. It receives and investigates investors' complaints.
HCMC has the authority to impose administrative sanctions and measures, such as reprimand, fines, trading and license suspension, on natural and legal persons that violate the capital market legislation, and the authority to initiate criminal proceedings in cases where there are indications of serious criminal offenses in relation to the capital market framework.