A package of measures to facilitate the import import of the Stock Exchange, the strengthening of the Capital Market Commission and the protection of investors from the cryptocurrencies were presented by the Minister of National Economy and Finance Kostis Hatzidakis, along with the Secretary General Secretary of Economic Policy and Strategy George Christopoulos.

Among other things, the capital market bill provides for a reduction of from 15% to 5% of interest on bonds of listed companies and the discount of the cost of importing small and medium -sized enterprises on the Stock Exchange up to 100% from their gross income. Cryptocurrencies are designated by the Capital Market and the Bank of Greece, and – as the RPH, the Foreign Affairs, will also be presented in the Cryptocurrency Taxation.

Mr Hatzidakis noted that this is an extremely technical but very important bill given the role that the capital market plays in all advanced economies, and before presenting the four pillars it includes made a brief reference to the course of the Greek Stock Exchange. As the Minister pointed out, from 2019 until yesterday, the Stock Exchange has rose 73.5%, while the capitalization of listed companies at the end of last year had exceeded 109 billion euros.

Concerning the bill, Mr Hatzidakis noted that it includes four pillars:

– Tax and non -tax incentives to boost the stock market
– Institutional shielding of supervisory mechanisms (Securities and Exchange Commission and Bank of Greece)
– Measures to protect investors in cryptocurrencies
– Integration of Community Directives and provisions to comply with instructions/regulations

Stock Exchange reinforcement measures

In terms of tax incentives:

– Angel Investors are expanding and for investment in the alternative market (amount equal to 50% of its contribution deducted from taxable income, up to 300,000 euros)

– provided Discount of expenditure to import small and medium -sized enterprises on the Stock Exchange. Eligible expenses are 100%increased, with the amount not exceeding 200,000 euros. They will be deducted from the gross income of businesses at the time of their realization. The measure will be 3 years.

– is reduced by 15% in 5% The tax rate on interest on listed corporate bonds acquiring natural persons – tax residents of Greece.

Additional Measures of the Stock Exchange:

– Measures to develop alternative markets through facilitating the Transfer of Mobile Values ​​from the Alternative Market Adjustable. The aim is to facilitate those who want to stay in the Stock Exchange, but do not meet the rules of market values.

– providing Entry to the Publishers Stock Exchange with Multiple Voting Rights.

– Increase the limit for allowed issuance from 5 million to EUR 8 million.

– Regulation of the framework governing bond loans with confessed confessions. The minimum quorum required at 50% of the outstanding nominal value of the bond loan and a majority of 50.01% to modify a bond loan with more adverse terms than 2/3 today.

– extends to cases of merger listed with non -listed regime of disposal of beneficiaries who have not appeared.

– expands and The institution of omnibus accounts is clarified For UCITS and alternative investment organizations.

– modernized The institutional framework governing AEAPwith arrangements that enhance the institution by removing unnecessary restrictions, while allowing the exploitation of energy production and storage structures for AEAP Ownership. The restrictions that the AEAPs equal to with financial companies are removed.

– Applying measures for European Green Bonds. The competent supervisory authorities are defined, the framework for the exchange of information is defined, the penalties and the issue of appeal to administrative courts is regulated.

Institutional shield

They are established Transparent operating procedures of the Securities and Exchange Commission. The purpose of the arrangements is to have institutionalized and clear obligations. Thus, manuals are introduced for operational procedures, checks of the complaints, on -the -spot checks, the calculation of fines and the imposition of sanctions, the manner of the tasks of the members and the staff and the staff needs of the staff for the Capital Market Commission and the Bank of Greece. Will be approved by ministerial decision.

Providing the capacity to supervisory organizations, that is, to the BoG and the EC, to carry out Investigations market with secret customers (mystery shopping). It is a tool that can be used in addition to control the behavior of investment companies and the quality of services and products provided.

Measures to protect investors in cryptocurrencies

– The Capital Market Commission or the Bank of Greece for Cryptocurrencies and Cryptos, including those associated with currency or other assets, are defined as competent supervisory authorities as a case -by -case basis.

– Their responsibilities are foreseen, as well as administrative measures and sanctions for breach of cryptocurrency legislation (fines, revocation of license, etc.)

– Criminal provision for providing cryptocurrencies without the projected permit: at least 1 year imprisonment or a fine or both penalties