The House of Representatives has unanimously approved a bill on the privatisation of the Cyprus Stock Exchange (CSE), a development welcomed by the Ministry of Finance.
An announcement issued by the Finance Ministry speaks of an important institutional and reformative step, strengthening the competitiveness and credibility of the financial sector of Cyprus.
According to the bill passed earlier on 19 February, its purpose is to establish the framework for the privatisation of the CSE, the Central Depository, and the Central Securities Register, as well as to regulate the transfer of CSE staff to the Ministry of Finance or the payment of compensation under an early voluntary retirement scheme.
Among other things, the law provides for the establishment of a special purpose company, which will operate as a vehicle for the privatisation, as well as the process of selling the shares to a strategic investor. At the same time, it defines the process for selecting a strategic investor and the next stages for the privatisation.
(Source: CNA)
