The revised bill on the privatization of the Cyprus Stock Exchange will be examined by the House Committee on the summer of tomorrow’s first vacation.
For the purposes of ensuring the prospects for the promotion of the CCC Public Service, there have been changes to Article 14 (5) and the Bill Annexes so that only the admission positions (ie A2.5,7 and A8,10,11) are vacant by employees who choose the voluntary retirement plan.
The rest of the promotion positions are transferred and when paid by CCC staff hierarchically on a double cross. These changes are also agreed by representatives of the CCC staff / guilds.
Considering the concerns and suggestions expressed by Members during the first debate on the bill on the selection of the strategic investor (Selection of an investor that meets the relevant definition and submitted the highest price), Article 4 (2) was revised in order to be able to submit the documents of the Competition.
There were still law -making improvements on Articles 3 and 5 to make the privatization process clearer and various legal changes/corrections.
It is noted that the political decision of the Ministry of Finance for the Welfare Fund and the additional benefits fund, despite the opposite view of the guilds, remains as included in the initially registered bill.
That is, the dissolution of the prosperity fund at the date of reference and division of its net property to its members and the abolition of the additional benefits fund. The balance of the Supplementary Benefits Fund should be managed without state involvement.
The above decision of the Ministry of Finance was taken, taking into account the position of the Legal Service not to qualify for the continuation of the prosperity fund for the CSC officials who would be transferred to the public service, as this would create two -speed employees within the public service, after all public service employees.
Further, it is noted that the continuation of the prosperity fund, in addition to the distinction it would create within the realm of the public service, would be further burdened (beyond payroll, social security contributions, GSEY, pensions, etc.) public finances. The fact that in the case of CTO officials the prosperity fund continued, does not commit the state to continue to perpetuate the same tactic against public finances.
It is also stated that in relation to Article 10 of the bill, which relates to the transfer of the Pension Fund and lending to the Republic to the Republic, a reconstruction of the relevant legal service with the Office of Professional Pension Institutions is expected to align its lawsuits.
An advantageous choice
The law will refer to the privatization of the Cyprus Stock Exchange, the Central Repository and the Central Registry of Values and Transfer of the Cyprus Stock Exchange staff at the Ministry of Finance Law of 2025.
The bill states that the Cyprus Stock Exchange was adversely affected by the negative developments in the Cypriot economy and the international economic environment and has a great deal of inelasticity at its expense due to its operating regime and in combination with its adverse developments in stock market activity, and its workplace developments.
At the same time, it is noted that a healthy and robust stock market is required for the future course of the stock market in the Republic of Cyprus. Through the privatization of the Cyprus Stock Exchange, significant benefits for boosting the Cypriot economy and investment promotion, such as upgrading the stock market, are expected to arise, so that Cyprus becomes an important financial center.
It is also noted that the privatization of the Cyprus Stock Exchange will not require reinforcement of the capital base of the Cyprus Stock Exchange in the coming years, which would burden the taxpayer.
It is also noted that the privatization of the Cyprus Stock Exchange is the most feasible and advantageous strategic choice for the Republic of Cyprus and the public interest is better served by the privatization of the Cyprus Stock Exchange.