Regulatory

We advise on the regulatory framework governing banking and financial activities in Greece, in particular in relation to compliance with the requirements of the Capital Markets Commission and the Athens Exchange. Many of our clients in this area are institutional investors requiring advice on the current legal framework. We also advise on disputes which arise out of the deposit insurance regulatory framework. Michael Tsibris is a member of the Committee for the Codification of Capital Markets Regulations at the Ministry of National Economy which has been responsible for the codification of capital markets legislation in Greece and has amassed considerable expertise in this area. Nikos Moussas acts as legal counsel to The Hellenic Deposit Guarantee Fund (TEK), the institution established in the banking sector to provide bank deposit insurance, and has also served as a member of a Regulatory Committee on Banking Matters, advising on the amendment of legislation dealing with the participation of cooperative banks in the deposit guarantee scheme. He was one of the professional advisers involved in the drafting of the amendments to the deposit insurance laws effected in 2000. These positions mean that we acquire extensive experience of the developments in the regulatory framework of the banking and finance sector in Greece first hand.

Practice Highlights

• Acting as the Greek correspondent in relation to regulatory matters in the Linklaters Blue Flag Survey, a widely acclaimed product which provides detailed regulatory compliance advice to the legal and compliance professionals of financial institutions via the internet in respect of jurisdictions throughout the United States, Latin America, Europe and the UK, a project which Michael Tsibris has been involved in since 1996
• Advising a large number of securities firms on an ongoing basis in relation to their reporting obligations to the Capital Markets Commission and compliance with the Athens Exchange regulations
• Representing various listed companies and securities firms in relation to proceedings taken against them by the Capital Markets Commission for breach of securities regulations
• Successfully representing The Hellenic Deposit Guarantee Fund in a dispute with a Greek private sector bank in relation to the amount of commission owed by the bank.