Greece’s market regulator has introduced a more flexible framework for assessing major shareholders in key financial infrastructures, a timely move as Euronext awaits approval for its proposed acquisition of Hellenic Exchanges S.A. (ATHEX Group). The Hellenic Capital Market Commission (HCMC) published the updated rules in the Government Gazette, reports Dnews.
Under the new framework, the HCMC can now scale its “fit and proper” assessments to the type of investor and size of transaction. The change is expected to simplify the process for large, EU-regulated financial groups such as Euronext. Instead of submitting a full new application, these entities may rely on regulatory information already held by other European supervisors, including France’s AMF and the Netherlands’ AFM, as well as public registries and previous assessments.
In practice, the new approach means less duplication and faster decision-making for cross-border acquisitions involving already-supervised market operators.
Smoother path
Euronext’s public offer for a controlling interest in ATHEX, and its subsidiaries ATHEXClear and the Central Securities Depository, still hinges on HCMC approval. Greek law requires the regulator to evaluate the solvency, reputation, and governance standards of any new qualifying shareholder before a deal closes.
For EU-regulated firms, the revised rules introduce “reduced information requirements.” Investors assessed by the HCMC within the past two years will only need to confirm that no significant changes have occurred. Supporting documentation can also be submitted in stages.
Aligning with EU standards
The amendments align Greek supervision more closely with European guidelines (JC/GL/2016/01), aiming to balance regulatory efficiency with market integrity. While easing the paperwork, the HCMC keeps the right to block any acquisition that could pose risks to financial stability or raise concerns about an investor’s integrity.
