Capital Markets

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We are the leading Greek specialist in capital markets. We advise and support international and domestic credit institutions and investment firms and have a uniquely distinguished record as advisors to national governments and supervisory authorities on the drafting of their new capital markets regulatory structures.

Our experience includes:

  • legal advisors to the Albanian Securities Commission for the drafting of the new Albanian Law on Corporate and Municipal Bonds (the firm was appointed by the European Bank for Reconstruction and Development (EBRD)). The new Law was adopted by the Albanian Parliament in 2009
  • legal counsel to the government of the Republic of Cyprus on capital market issues (2000 to 2004). The firm’s Senior Partner, Dr. Dimitris Tsibanoulis, chaired the committee responsible for drafting Cyprus’s new legal framework for capital markets. This protean work overhauled and modernised Cypriot securities legislation, harmonizing it with the EU’s acquis communautaire. The firm’s mandate included preparing all relevant legal and regulatory acts applicable to the securities field
  • legal advice to the Republic of Cyprus, the Cypriot Securities Exchange Commission and the Cyprus Stock Exchange on restructuring the Cyprus Stock Exchange
  • preparation for the Association of Members of the Athens Exchanges of models of all documentation (contracts, internal regulation, internal procedures, customers’ questionnaires) required under MiFID (“the MiFID package”)
  • conducting training seminars on MiFID for the Association of Members of the Athens Exchanges
  • preparation of customised contracts for credit institutions and investment firms in respect of their clients and other investment services providers as well as drafting internal regulations, compliance procedures and risk management rules under the ISD and the MiFID regimes
  • advising foreign investment service providers on their establishment and cross-border services provision in Greece
  • advising on ISDA Agreements in respect of international and domestic transactions
  • advising credit institutions and investment firms on derivative products, financial collateral issues and market innovation (e.g. intermediated securities, clearing and settlement issues, insolvency risks)
  • regular advice to regulated markets, Multilateral Trading Facilities (MTFs), Central Securities Depositories (CSDs) and Securities Settlement Systems (SSSs)
  • advising Hellenic Exchanges S.A. on corporate governance for Balkan and Mediterranean countries
  • regular advice on trading, clearing and securities settlement issues to the Bank of Greece in its capacity as operator of the Electronic Secondary Market (HDAT) and Central Securities Depository and Book Entry System for government bonds
  • regular advice to listed companies on transparency, corporate governance and take-over bid issues
  • advising the audit committees of major listed companies on compliance and corporate governance issues
  • member of legislative groups advising on the preparation of Greek banking and securities laws.

In addition, the firm’s Senior Partner, Dr. Dimitris Tsibanoulis, is regularly involved, as member and advisor, in the financial regulatory and advisory expert bodies of the European Union and its institutions. These include:

  • member of the European Financial Markets Lawyers Group (EFMLG) operating under the auspices of the European Central Bank (ECB) since its establishment in 1999
  • participation in EFMLG working groups on:
    • securities held with intermediaries,
    • financial collateral issues,
    • securitization,
    • force majeure in financial markets
  • member of the EU-Clearing & Settlement-Legal Certainty Group, advising the European Commission on issues of legal uncertainty in the context of clearing and settlement in the European Union (2005-2009)
  • Hellenic Republic delegate to Unidroit’s plenary and final diplomatic conference for a convention on substantive rules regarding intermediated securities. This work led, in October 2009, to the Geneva Securities Convention.

For more information on our practice in Capital Markets practice please contact Dr. Dimitris Tsibanoulis or Mr. Emmanouil Komis.