Hellenic Capital Market Commission (HCMC)

Basic Information of Hellenic Capital Market Commission (HCMC)

The Hellenic Capital Market Commission (HCMC) is the financial regulatory authority responsible for supervising Greece’s capital markets. Established as an independent legal entity under Greek Law 1969/91 and reorganized by Law 2324/1995, it operates under the framework of the European Securities and Markets Authority (ESMA). The HCMC ensures the protection of investors and the orderly functioning of Greece’s financial markets, contributing to national economic growth. Its headquarters are located at 1 Kolokotroni & Stadiou Str., 105 62 Athens, Greece.

Historical Background and Evolution

The origins of the HCMC trace back to 1927, but it was formally structured as an independent regulatory body in 1991. Initially established under Mandatory Law 148/1967 as part of the Ministry of Economic Coordination, it later gained autonomy through Law 1969/91. The commission succeeded the earlier ministerial body and expanded its regulatory scope under Law 2324/1995. Key milestones include the introduction of Greece’s first corporate governance codes in 1999 and the enforcement of stricter market regulations following the 2010 financial crisis, including temporary short-selling bans.

Legal Authority and Regulatory Framework

The HCMC derives its authority from Greek and EU financial legislation, including:

• Greek Law 1969/91 (establishing its independent status)
• Law 2324/1995 (defining its organizational structure)
• Law 3016/2002 (corporate governance enforcement)
• EU Market Abuse Regulation (MAR) and MiFID II frameworks

It holds sanctioning powers for non-compliance and collaborates with ESMA for cross-border regulatory alignment.

Core Responsibilities and Supervisory Scope

The HCMC oversees:

• Athens Stock Exchange-listed companies (disclosure compliance, corporate governance)
• Investment firms and mutual fund managers
• Real estate & portfolio investment companies
• Financial intermediaries and crowdfunding platforms
• Market abuse surveillance and investor protection mechanisms

Notable regulatory actions include implementing Greece’s first mandatory Corporate Governance Code (2000) and crisis-era measures like the 2010 short-selling prohibition.

Official Contact Information

Headquarters Address:
Hellenic Capital Market Commission
1 Kolokotroni & Stadiou Street, 105 62 Athens, Greece

Website: https://www.hcmc.gr

Key Departments:

• Market Supervision Directorate
• Legal Affairs & Enforcement Division
• Investor Complaints Office

How to Verify Entity Regulation Status

To confirm if a financial entity operates under HCMC supervision:

1. Access the HCMC’s official register at https://www.hcmc.gr/en/registries
2. Search by company name or registration number
3. Cross-check authorization documents with the entity’s disclosures
4. Contact HCMC’s Public Enquiries Unit (+30 210 337 7000) for verification

The commission maintains updated lists of licensed investment firms, funds, and regulated markets.