The Cyprus government aims to further support the growth of the financial services sector by further bolstering the regulatory framework, strengthening supervision and ensuring effective enforcement President Nikos Christodoulides said addressing the opening of MUFG Investor Services’ new offices in Limassol on 13 September.
Creating favourable conditions for the financial services sector was an integral part of the government’s programme and vision for the economy, he said, adding that the government will conduct a study that will provide recommendations on how to enhance the regulation and supervision of administrative services providers.
“To this end, the establishment of a Single Supervisory Authority for these services will be examined,” the President said.
The government remained dedicated to its three-pillar policy approach: fiscal discipline with government budget surpluses, a stable and healthy banking sector, and continuous structural reforms in order to increase the country’s competitiveness, said Christodoulides.
“Our actions are guided by Vision2035, the long-term strategic plan for the economy, aiming to promote entrepreneurship and innovation, and attract investment in high-growth sectors.”
At the same time, he said, “the safeguarding of the reputation of Cyprus as a credible financial centre is a matter of highest priority”. In this regard, following the secondary sanctions that were imposed by the US and the UK last April, our Government took immediate action, amongst these being the Council of Ministers decision on five specific measures, based on a zero-tolerance policy.”
In his opening remarks, MUFG Investor Services’ CEO John Sergides said: “The opening of this office is an inflection point for our company. What we are building in Cyprus is serving as a blueprint for our expansion into other strategic locations and enabling us to continue delivering the highest quality service to our clients.”