HCMC - Hellenic Capital Market Commission

Who is the HCMC?

The Hellenic Capital Market Commission (HCMC), established in 1991, is the supervisory authority responsible for ensuring that the capital market operates transparently, orderly, and efficiently. It is also a member of the European Securities and Markets Authority (ESMA). Its main functions include monitoring compliance with capital market regulations; managing and regulating domestic and foreign investment firms, investment funds, and listed companies with obligations related to disclosure, offerings, buybacks, financial reporting, and shareholder changes; enforcing anti-money laundering regulations; supervising the capital market, payment systems, and investor compensation schemes; and handling investor complaints. In addition, HCMC has the authority to impose penalties such as suspension, fines, license revocation, or criminal prosecution against individuals and organizations that violate the law.

How does the HCMC regulate a forex broker?

+ Legal framework: Hellenic Capital Market Law, MiFID II, and MiFIR Regulations of the EU.
+ Client fund segregation: Yes.
+ Mandatory reporting: Annual audit reports, transaction reports, AML reports.
+ Record-keeping: Detailed records of financial instrument transactions.
+ Leverage limits: 1:20 – 1:30.
+ Negative balance protection: Yes.

How to check a broker is HCMC-regulated or not?

Generally speaking, HCMC-regulated broker profile will be found at the Investment Firms page on HCMC website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as below:

Enter the url: http://www.hcmc.gr/en_US/web/portal/parohoiepey, can choose investment company, and view the list.

Click on company name to view company details.

If you see √ for I) or Ancillary services (2d), the company can provide foreign exchange services.

Note:

i）：financial contracts for differences

2d）： foreign exchange services where these are connected to the provision of investment service.

How to solve disputes with a HCMC-regulated broker?

The Greek HCMC handles complaints relating to violations of capital market regulations and imposes administrative sanctions on the persons involved. Investors can submit the complaint form by fax (fax number 210 3377108) or by post.

HCMC Greece will handle the complaint according to the complaint number, and the handling time will depend on the content of the complaint and the severity of the violation. The result will be informed in writing.

Complaint form download: http://www.hcmc.gr/aweb/files/ypoboli_paraponon/files/Complaint%20Form.pdf