Government Gazette of the Hellenic Republic Issue A, Law Number 3601

Greece

The purpose of this Law is to transpose to Greek banking legislation the provisions of Directives of the European Parliament and of the Council Nos. 2006/48/EC relating to the taking up and pursuit of the business of credit institutions (OJ L 177/30.6.2006) and 2006/49/EC on the capital adequacy of investment firms and credit institutions.

Discusses, amongst other things:

– Defines credit and financial institutions, risk, ownership, electronic money, and scope of the law.
– Granting authority to the establishment and withdrawals of credit institutions
– Defines the activities and services that credit institutions can provide
– Discusses the expansion of branches into other Member States as well as the expansion into Greece from other Member States
– Limits of qualifying holdings
– The supervision of, and relationship to, credit institutions by the Bank of Greece
– Exchanges in information between supervisory authorities
– Rules on electronic money institutions
– Confidentiality and annual audits
– Penalties for failures to properly follow rules and guidelines
– Liquidation of Credit Institutions
– Powers of the Capital Market Commission