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Hellenic Capital Market Commission
HCMC · Securities regulatorMeasured
Employees
159
· FY2025FY2025
Annual budget
€11.76M
· total expenses — FY2025 (own resources; no state funding)FY2025
Supervised entities
~154
· authorised firms — FY2025 (approx.; possible dual-licence overlap)FY2025
Overview
The Hellenic Capital Market Commission is Greece's securities regulator, established as a legal person by Law 1969/1991 and organised by Law 2324/1995, with its own resources and no funding from the state budget. It licenses and supervises investment firms, asset managers, mutual funds and financial advisers, oversees listed companies on the Athens Exchange, approves prospectuses and polices market abuse. Law 5193/2025 designated it as Greece's competent authority for crypto-asset service providers, and its Decision 8/1059 of 30 July 2025 set the procedure for filing CASP authorisation applications. Its 2025 annual report records around €1.9 billion of capital raised in the Greek capital market during the year. Everything below is the HCMC's own data, from its Annual Report for 2025.
Regulated sectors
Leadership
- Vasiliki LazarakouChair · since September 2019
- Michail FekkasFirst Vice-Chair · since February 2024
- Anastasia StamouSecond Vice-Chair
Figures as published by Hellenic Capital Market Commission for FY2025. Source: HCMC Annual Report 2025 (Delivered to the Speaker of the Hellenic Parliament on 27 May 2026 (Greek)). Data as of 31 December 2025.
Organisation (FY2025)
| Item | Value |
|---|---|
| Staff | 159 FY2025 |
| Total expenses | €11.76M FY2025 — HCMC has exclusively its own resources and receives no state budget funding; budget drafted by the Board and submitted to the Minister of Finance for approval |
| Total revenues | €23.13M FY2025 — up 63% year on year |
| Authorised firms supervised | ~154 FY2025 composition — 48 investment firms + 21 investment intermediation firms + 13 UCITS management companies + 15 AIF management companies + 33 AIFMs + 9 REICs + 15 legacy crypto-register providers. Excludes fund products and listed issuers; "approx." — possible dual-licence overlap |
| Sanctions imposed | €2,495,000 FY2025 |
| Prospectuses approved | 13 FY2025; plus 7 supplements; capital raised ~€1.9bn |
| Board decisions | 281 in 34 meetings FY2025 |
| Investor warnings | 40 FY2025 |
Crypto / MiCA
| Item | Value |
|---|---|
| MiCA CASPs authorised | 3 As of August 2026 — BCASH, Xenios Blockchain Group, Capital Wallet Greece; Board decision 1096/22.7.2026. HCMC's own decisions govern; the ESMA register may lag |
| MiCA competent authority for CASPs | Law 5193/2025 designated the HCMC as CASP competent authority, introduced sanctions for providing services without a licence (Article 107) and investor and whistleblower protection measures (Articles 102 and 114). Decision 8/1059/30.07.2025 set the application procedure. CASPs remain subject to AML/CFT obligations, for which the HCMC has been the supervisor of exchanges and custodian wallet providers since Law 4734/2020 |
Notable 2025
| Item | Value |
|---|---|
| Own-resources funding | HCMC is funded entirely from its own resources and receives nothing from the state budget; its budget is drafted by its Board and submitted to the Minister of Finance for approval. |
| Unlicensed-services sanction | Law 5193/2025 created a specific sanction for the professional provision of crypto-asset services without a licence. |
| Shorter MiCA transitional window | HCMC-registered virtual asset service providers had until 30 December 2025 to file a MiCA application — a shorter window than the EU-wide default of 1 July 2026. |
| Parliamentary accountability | The Chair reports to the Hellenic Parliament: the annual report is submitted to the Speaker and the President of the HCMC is called before the competent parliamentary committee on capital market matters. |
Key legislation
Law 1969/1991
Established HCMC as a legal person
Law 2324/1995
HCMC organisation
Law 5193/2025
MiCA implementation — HCMC as CASP competent authority; sanctions for unlicensed services
HCMC Decision 8/1059/30.07.2025
CASP authorisation application procedure
Public registers
Application portals
Recent publications
- HCMC Annual Report 2025
2026-05-27