Stock market is ‘turning a new leaf,’ says CMC president

«The Athens Stock Exchange (ASE) is turning a new leaf, entering a new era without the malignant phenomena of the past,» Capital Market Commission (CMC) President Alexis Pilavios yesterday told a presentation of new regulations against market abuse, recently passed by Parliament and due to come into force on July 11. According to the new rules, listed companies will have to make privileged information immediately available to the public through ASE’s daily bulletin and website, as well as their own websites. Listed companies will also be required to draw up lists of persons who are likely to be the beneficiaries of insider information, and a list of company officials. All such officials will have to notify the firm within two days in case they carry out transactions in their firm’s shares, and the company in turn will have to make such transactions public within one day. Pilavios said that potential attempts at share manipulation could include any orders giving false or misleading indications regarding demand, supply or share price. CMC will also look into orders and transactions representing significant shares of trading turnover, orders given and suddenly withdrawn. Share buybacks will no longer be based on prices set by the company.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.