Hellenic Capital Market Commission (HCMC)

Overview

The Hellenic Capital Market Commission (HCMC), known in Greek as Epitropi Kefalaiagoras (Επιτροπή Κεφαλαιαγοράς), is Greece's independent securities regulator responsible for ensuring the orderly, transparent, and efficient functioning of the Greek capital markets. Established by Greek law in 1991 and organized under Law 2324/1995, the HCMC supervises investment firms, asset managers, mutual funds, listed companies, crowdfunding platforms, and — since the implementation of the Markets in Crypto-Assets Regulation (MiCA) — crypto-asset service providers.

The HCMC operates alongside the Bank of Greece (A230), which handles banking supervision, payment institution licensing, insurance oversight, payment system operation, and monetary policy within the Eurosystem framework. Greece maintains a dual regulatory architecture: the Bank of Greece covers banking, payments, and insurance prudential supervision, while the HCMC covers securities and capital markets regulation. This separation means the HCMC is the authority investors and market participants primarily interact with for securities market access, investment firm licensing, and market conduct issues.

Greece was the first country in Southern Europe to complete the domestic transposition of MiCA through Law 5193/2025 (enacted 11 April 2025), designating the HCMC as the competent authority for crypto-asset service provider authorization — a significant expansion of the HCMC's supervisory mandate.

The HCMC is a voting member of the Board of Supervisors of the European Securities and Markets Authority (ESMA) and a member of the European Systemic Risk Board (ESRB). It is also a member of the International Organization of Securities Commissions (IOSCO).

Current Chair: Vassiliki Lazarakou

Headquarters: 1 Kolokotroni & Stadiou Street, 105 62 Athens, Greece

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Hellenic Capital Market Commission

Overview

The Hellenic Capital Market Commission (Επιτροπή Κεφαλαιαγοράς — Epitropi Kefalaiagoras), commonly known by its English acronym HCMC, is Greece's independent regulatory authority for the supervision of capital markets. The HCMC was established as a legal entity by Greek law in 1991 and was subsequently organized and empowered under Law 2324/1995. Its mission is to ensure the protection of investors and the orderly, transparent, and efficient operation of the Greek capital markets.

Organizational Status: Independent public legal entity supervised by the Ministry of Finance. The HCMC has legal personality and operates with functional and administrative independence. It is self-financed through supervisory fees and contributions from regulated entities.

Current Leadership: Vassiliki Lazarakou, Chair of the HCMC. The HCMC is governed by a Board of Directors comprising the Chair, a Vice-Chair, and additional members appointed by the Minister of Finance.

Supervisory Mandate: The HCMC authorizes and supervises investment firms, fund management companies, listed companies (market conduct), central securities depositories, trading venues, crowdfunding service providers, and crypto-asset service providers. It enforces market abuse rules, approves prospectuses, and monitors corporate governance compliance.

Legal Basis

The HCMC operates under the following primary legal framework:

• Law 2324/1995 — foundational legislation organizing the HCMC, defining its structure, governance, independence, and supervisory authority over capital markets
• Law 4514/2018 — transposition of MiFID II (Directive 2014/65/EU) into Greek law; defines investment services, trading venues, and investor protection requirements
• Law 4706/2020 — corporate governance framework for listed companies; HCMC responsible for enforcement of board structure, shareholder rights, internal controls, and executive remuneration transparency
• Law 4443/2016 — transposition of the Market Abuse Directive and implementation of the Market Abuse Regulation (MAR — Regulation 596/2014)
• Law 3371/2005 — earlier capital markets legislation (subsequently amended and supplemented by later laws)
• Law 5193/2025 — transposition of the Markets in Crypto-Assets Regulation (MiCA — Regulation 2023/1114) into Greek law; designates the HCMC as the competent authority for crypto-asset service provider (CASP) authorization; enacted 11 April 2025
• EU Regulation 2020/1503 (ECSPR) — European Crowdfunding Service Providers Regulation; HCMC designated as the national competent authority for crowdfunding platform authorization
• EU Regulation 596/2014 (MAR) — Market Abuse Regulation; directly applicable; HCMC as enforcement authority
• EU Regulation 2017/1129 (Prospectus Regulation) — HCMC as competent authority for prospectus approval
• HCMC Decision No. 8/1059 (30 July 2025) — establishes rules for the authorization procedure of crypto-asset service providers under MiCA, including pre-application stage requirements

Constitutional Framework: The HCMC operates within the framework of the Hellenic Constitution and European Union treaty obligations. As a member of the Eurosystem, Greece's financial regulatory framework must comply with EU financial services legislation, which the HCMC transposes and enforces in the capital markets domain.

Capital Markets Supervision

The HCMC regulates Greece's capital markets infrastructure and investment services sector:

• Stock Exchange Oversight: Supervision of the Athens Exchange (ATHEX — Χρηματιστήριο Αθηνών), including the Main Market, the Parallel Market, and the Alternative Market (EN.A.) for SME growth companies
• Investment Firms: Authorization and ongoing supervision of investment firms providing investment services and activities under MiFID II; fitness and propriety assessment of management; capital adequacy requirements
• Fund Management Companies: Authorization and supervision of UCITS management companies, alternative investment fund managers (AIFMs), and portfolio management firms
• Mutual Funds: Oversight of Greek-domiciled UCITS funds, alternative investment funds, and real estate investment companies (REICs)
• Issuers and Listed Companies: Supervision of disclosure obligations, periodic financial reporting, ad hoc disclosures of inside information, and major shareholding notifications
• Prospectus Approval: Review and approval of prospectuses for public offerings of securities and admission to trading on regulated markets under the Prospectus Regulation
• Trading and Post-Trading: Oversight of trading venue operations, order execution quality, best execution, and post-trade reporting
• Central Securities Depository: Oversight coordination with ATHEX Clear and ATHEX CSD (now Hellenic Central Securities Depository — ATHEXCSD) for clearing and settlement

Key Markets: Athens Exchange (ATHEX) with the Main Market (equities, bonds, ETFs, derivatives), the Parallel Market, and EN.A. Market (SME growth platform).

Market Conduct and Enforcement

The HCMC is the primary enforcement authority for market conduct in Greek capital markets:

• Market Abuse Enforcement: Investigation and prosecution of insider dealing, market manipulation, and unlawful disclosure of inside information under MAR (Regulation 596/2014)
• Investor Protection: Conduct of business rules, suitability and appropriateness assessments, client asset protection, and complaint handling
• Corporate Governance: Enforcement of Law 4706/2020 corporate governance standards for listed companies, including board composition, audit committees, internal control systems, and remuneration policies
• Takeover Bids: Supervision of mandatory and voluntary public takeover offers
• Short Selling: Monitoring of short selling positions and enforcement of the EU Short Selling Regulation
• Transaction Reporting: Collection and analysis of transaction reports from investment firms under MiFIR

Crypto-Asset Service Provider Regulation (MiCA)

Following the enactment of Law 5193/2025, the HCMC has assumed a significant new mandate as the competent authority for crypto-asset service provider (CASP) authorization in Greece:

• Authorization Procedure: HCMC Decision No. 8/1059 (30 July 2025) establishes a structured authorization process including a pre-application stage, assessment of applicant readiness, and formal review within 40 business days of complete application submission
• Supervisory Scope: Authorization and ongoing supervision of CASPs providing custody and administration of crypto-assets, operation of trading platforms, exchange services, portfolio management, transfer services, and advisory services
• Transitional Arrangements: Existing HCMC-registered Virtual Asset Service Providers (VASPs) were permitted to continue operating under transitional provisions until 30 December 2025, provided they filed full MiCA license applications by the deadline; EU-wide default permits operation under prior authorization until 1 July 2026 with timely application
• Coordination with Bank of Greece: For entities already subject to Bank of Greece supervision (e.g., credit institutions providing crypto-asset services), authorization is granted by the Bank of Greece rather than the HCMC
• Market Significance: Greece was the first Southern European and third EU member state to complete MiCA domestic transposition; Binance applied for a MiCA license in Greece in January 2026, establishing a holding company structure

Crowdfunding Regulation

The HCMC is the designated competent authority for the European Crowdfunding Service Providers Regulation (ECSPR — Regulation 2020/1503):

• Authorization: Licensing of crowdfunding service providers operating lending-based and investment-based crowdfunding platforms
• Supervision: Ongoing monitoring of platform operations, investor protection measures, and disclosure requirements
• Cross-Border Passporting: Facilitation of cross-border crowdfunding service provision within the EU single market

AML/CFT Coordination

The HCMC's AML/CFT role covers entities under its supervisory authority:

• Supervisory Function: AML/CFT compliance supervision of investment firms, fund management companies, crowdfunding platforms, and crypto-asset service providers
• Coordination with FIU-Greece: Suspicious activity reports from HCMC-supervised entities are filed with the Financial Intelligence Unit of Greece (FIU-Greece, also known as the Hellenic Anti-Money Laundering Authority); HCMC coordinates on intelligence sharing
• Customer Due Diligence: Verification of CDD procedures, enhanced due diligence for high-risk clients, beneficial ownership identification, and PEP screening
• Sanctions Compliance: EU and UN sanctions lists screening requirements for all supervised entities
• CASP AML/CFT: Specific AML/CFT requirements for crypto-asset service providers under MiCA and the 6th AML Directive framework

Note: The Bank of Greece (A230) handles AML/CFT supervision for banks, payment service providers, and insurance companies, while the HCMC handles AML/CFT supervision for investment firms, fund managers, and crypto-asset service providers.

Enforcement

The HCMC maintains comprehensive enforcement authority:

• Administrative Fines: Significant financial penalties for regulatory violations; fines calibrated to severity, duration, and impact; MAR violations can attract fines up to EUR 5 million for natural persons and EUR 15 million or 15% of annual turnover for legal persons
• Licensing Sanctions: Conditional approval, restrictions, temporary suspension, or revocation of operating authorizations
• Remedial Orders: Directives to remedy identified breaches, strengthen internal controls, or modify business practices
• Public Disclosure: Publication of enforcement decisions and sanctions on the HCMC website
• Market Abuse Proceedings: Administrative proceedings for insider dealing and market manipulation; coordination with criminal prosecution authorities for serious offenses
• Criminal Referral: Cooperation with the Greek financial prosecution authorities for criminal market abuse, fraud, and financial crime
• Emergency Measures: Authority to impose trading halts, short selling bans, or other emergency measures in response to market disruption

International Engagement

The HCMC actively participates in EU and international regulatory frameworks:

EU Authorities (Voting Member):

• European Securities and Markets Authority (ESMA): Voting member of the Board of Supervisors; participation in regulatory technical standards development, convergence activities, peer reviews, and supervisory cooperation; HCMC hosted IOSCO's 2024 Annual Conference in Athens in cooperation with ESMA
• European Systemic Risk Board (ESRB): Member; contribution to EU-wide macroprudential surveillance with focus on capital markets risks

International Organizations:

• International Organization of Securities Commissions (IOSCO): Full member; participation in global securities regulatory standards development and multilateral MoU for regulatory cooperation; HCMC hosted IOSCO Annual Conference 2024 in Athens
• Financial Action Task Force (FATF): Contribution to AML/CFT standards compliance in the capital markets domain (coordinated with Bank of Greece and FIU-Greece)

Bilateral Cooperation:

• Memoranda of Understanding with peer securities regulators in EU and non-EU jurisdictions
• Cross-border supervisory cooperation on market abuse investigations
• Participation in ESMA supervisory coordination for cross-border investment firms

Organizational Structure

Governance:

• Board of Directors: Chair, Vice-Chair, and members appointed by the Minister of Finance
• Chair: Vassiliki Lazarakou
• Functional Independence: Operationally independent in supervisory and enforcement decisions

Internal Organization:

• Market Supervision Division
• Licensing and Authorization Division
• Investment Services Supervision Division
• Issuers Supervision Division
• Enforcement Division
• AML/CFT Compliance Division
• Legal Affairs Division
• International Relations Division
• Information Technology Division
• Crypto-Assets and Digital Finance Division (established post-MiCA)

Contacts

Headquarters Address:

Hellenic Capital Market Commission (HCMC)

1 Kolokotroni & Stadiou Street

105 62 Athens

Greece

Phone: +30 210 33 77 100

Website: https://www.hcmc.gr/en/

Email/Contact: Available via official website contact portal

Secondary Office:

3-5 Ippokratous Street

106 79 Athens

Greece

Sources

Regulatory Powers

This entity exercises the following regulatory powers as Greece's securities and capital markets authority:

Regulatory Role and Function

Legal Foundation

Established as a legal entity by Greek law in 1991 and subsequently organized under Law 2324/1995. The HCMC is an independent public legal entity under the supervision of the Ministry of Finance, with functional and administrative independence. Its mandate has been progressively expanded through MiFID II transposition (Law 4514/2018), corporate governance reform (Law 4706/2020), and MiCA implementation (Law 5193/2025).

Licensing and Authorization Relevance

The Hellenic Capital Market Commission issues authorizations for capital markets entities operating in Greece:

Payments and Money Movement Relevance

The HCMC does not directly regulate payment systems or payment service providers — that authority belongs to the Bank of Greece (A230). However, the HCMC has indirect relevance to payments and money movement through:

Payment Systems Governed or Overseen

The HCMC does not directly govern or oversee payment systems. Payment system operation and oversight in Greece is the responsibility of the Bank of Greece (A230), which operates TARGET-GR (RTGS) and oversees DIAS S.A. (retail clearing).

The HCMC's closest intersection with settlement infrastructure is its oversight of:

Relationship to Other Regulators

The HCMC operates within Greece's dual regulatory architecture alongside several key counterparts:

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Notes on Naming and Language