Assistance in developing SARAS’ new strategy document
To support SARAS in the development of a long-term strategy that will enable its sustainable functioning as audit oversight body, a virtual meeting was organized between representatives of SARAS and relevant public administrations of Greece.
After hearing about recent reorganization plans from SARAS, the Greek specialists presented an overview of the structure and funding of capital market regulators and supervisors operating across the EU such as the European Securities and Markets Authority (ESMA) and the Hellenic Capital Market Commission.
Also presented was the outline of the structure of the Greek Business Register along with the revenue scheme that secures its sustainability. This laid the groundwork for a discussion on identifying potential sources of revenues for SARAS based on Greek as well as wider European practice and experience. In this context, the meeting participants went over several provisions of EU Directive 2017/1132, which provides for compulsory disclosure by companies of a specific set of documents and particulars, including in electronic form, and discussed the fees charged to companies by business registers for obtaining them.
Furthermore, the specialists representing the Hellenic Capital Market Commission, HAASOB, the Independent Authority for Public Revenue and the Greek Business Register provided descriptions of audit oversight bodies operating in Europe, namely in the UK, the Netherlands, and Italy, from a structural perspective and put forward various proposals and funding alternatives that SARAS could consider adopting based on those examples.
Presentations containing the structural overview of authorities responsible for the supervision and regulation of capital markets and of those responsible for the oversight of audit profession in the EU, describing the structure and revenue system of the Greek Business Register GEMI, and detailing specific provisions of the EU directive relating to certain aspects of company law shared with SARAS.