The Cyprus Chartered Accountants Association told StockWatch on Monday that it is ready to accept the establishment of a new supervisory authority that will supervise its operations.

The Association has rejected, however, any possibility that the Securities and Exchange Commission would play this role, especially if it would have the right to impose administrative fines to its members for serious penal offences and breaches in the CSE legislation.

“The Association is ready to contribute to the establishment of a Public Oversight board to supervise our acts, but rejects the involvement of the SEC, even if the EU is in favour of a future right to impose administrative fines”, CCAA General Manager, Theodoros Philippou told StockWatch.

“I have the impression that this does not fall within SEC’s competencies, whose role is to check whether CCAA’s committees and disciplinary procedures are operating well”, he added.