Greece’s capital markets regulator has moved swiftly to set the rules that will govern the looming takeover of the Athens Stock Exchange by European exchange group Euronext.
Over the past two days, the Hellenic Capital Market Commission has issued a series of decisions aimed at tightening oversight and ensuring transparency throughout the process.
One of the key measures concerns the Central Securities Depository (ELKAT), the institution responsible for the recording and transfer of securities after every transaction. Under the new framework, any investor seeking to acquire a significant stake in ELKAT must submit extensive disclosures about their identity, financial standing and ultimate beneficiaries. The regulator has made clear it intends to fully vet Euronext’s profile before granting approval.
Similar requirements have been imposed on AthexClear, the Central Counterparty that guarantees the clearing of every trade on the exchange. Because this entity is considered fundamental to market stability, the Commission is demanding complete transparency from any party that might gain a position of influence.
The regulator has also laid out conditions for shareholders of the Athens Stock Exchange itself. Prospective owners will be assessed not only on their financial strength but also on their professional background, reputation and compliance with anti–money laundering rules. According to the decision, any transfer of more than 20, 33, 50 or 67 percent of shares will trigger mandatory regulatory approval, while the exchange will be required to publicly disclose the identities of shareholders with significant influence over its management.
