{"id":4063,"date":"2024-03-13T21:00:31","date_gmt":"2024-03-13T19:00:31","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=4063"},"modified":"2024-03-13T21:00:31","modified_gmt":"2024-03-13T19:00:31","slug":"cysec-oversight-on-50-companies-unacceptable","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=4063","title":{"rendered":"CySEC oversight on 50 companies , \u2018unacceptable\u2019"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/cysec-oversight-on-50-companies-unacceptable.jpg\" class=\"ff-og-image-inserted\">Oversight on 50 of the biggest service-industry firms <strong>is not the way to ensure compliance<\/strong>, Bar Association chairman Michalis Vorkas charged on Wednesday.<\/p>\n<p>Making distinctions based on how small or large the company is should not be the criterion to determine whether a firm is scrutinised for compliance, he argued at the House legal committee.MPs were discussing the contentious oversight authority after Finance Minister Makis Keravnos announced its creation last month. It still has to go <strong>through the hurdle of discussions<\/strong> in parliament before it goes to plenum.According to Vorkas, the finance ministry is currently discussing having the Cyprus Securities and Exchange Commission tasked with overseeing 50 of the country\u2019s biggest service-provider companies.He questioned why the 50 companies should be distinct from the rest of the firms, while he argued it was unacceptable to put limits on how many clients a service provider should have.Vorkas said the government did not invite any of the involved parties such as the bar association to dialogue.They have been invited to a presentation slated for March 22.<strong>Monitoring communication<\/strong>Chair of the committee Disy MP Nics Tornaritis called on the government to carry out consultations, adding that oversight should be done on all levels but should not violate a lawyer\u2019s confidentiality.Vorkas rebuffed suggestions that the association\u2019s disagreement with the oversight authority raises issues of transparency.\u201c<strong>No sane person<\/strong> will feel the necessary security when they know the executive branch will be able to monitor their communication with their lawyer at any time. This will come into conflict with established principles of law and with what applies today at the European Union,\u201d he underlined.As the committee begins to discuss the authority, representatives from involved bodies such as the bar association and the accountants\u2019 association (Selk) along with finance ministry officials, will be invited for discussions.Industry associations have expressed their disagreement over how the authority is envisioned.In their words, not because they do not agree with oversight, but because of concerns they have on how the government plans to do so, which they argue clashes with client confidentiality.Follow the<br \/>\nCyprus Mail  on Google News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bar Association chairman Michalis Vorkas criticized the plan to only oversee 50 of the biggest service-industry firms for compliance, arguing that company size should not be the sole criterion for scrutiny. This discussion took place at the House legal committee, following the announcement of a new oversight authority by Finance Minister Makis Keravnos. The Cyprus Securities and Exchange Commission is being considered to oversee these 50 companies. Vorkas also mentioned that the government had not invited relevant parties for dialogue, although a presentation is scheduled for March 22. Concerns were raised about the potential for this oversight to violate lawyer-client confidentiality, with Vorkas emphasizing the importance of privacy and established legal principles. The committee plans to invite representatives from various associations and finance ministry officials for further discussions.<\/p>\n","protected":false},"author":3,"featured_media":4064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[537,33,1776,1751,3,672,569,518,250,415,64,1775,720,827,1777,1571],"class_list":["post-4063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-bar-association","tag-companies","tag-compliance","tag-consultations","tag-cyprus","tag-disy","tag-finance","tag-finance-minister","tag-google","tag-government","tag-makis-keravnos","tag-oversight","tag-rest","tag-security","tag-service-industry","tag-transparency"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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