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Debt Capital Markets (DCM) in Greece refer to the arena where entities such as corporations, financial institutions, and sovereign bodies raise funding through the issuance of debt securities like bonds, notes, and other financial instruments. These markets play a crucial role in financing the Greek economy, offering companies and public institutions an alternative to traditional bank loans. Over recent years, Greece has worked to modernize its framework and attract both domestic and international investors to the DCM sector, especially following broader economic reforms.
Legal involvement in Debt Capital Markets is often complex. Here are several scenarios where consulting with a lawyer is essential:
Without legal support, parties risk regulatory breaches, financial penalties, or unsuccessful offerings due to non-compliance or improper documentation.
The legal framework surrounding Debt Capital Markets in Greece is shaped by national laws harmonized with European Union directives and regulations. Some of the most important aspects include:
A debt security includes bonds, notes, or debentures that represent borrowed money that must be paid back, usually with interest, by the issuer (company or government). In Greece, debt securities help companies and the government raise needed capital.
The Hellenic Capital Market Commission (HCMC) is the main regulator, working in cooperation with the Bank of Greece and in compliance with European Union directives.
Most public offer or listing transactions require a prospectus approved by the HCMC, but certain private placements and offerings to qualified investors may be exempt.
Yes, subject to compliance with Greek and EU regulations, foreign issuers can list debt securities in Greece, commonly using the Athens Stock Exchange or multilateral trading facilities.
Disclosure requirements depend on the type of offering, but generally include financial statements, business description, risk factors, and terms of the securities to ensure transparency and investor protection.
Issuers must comply with periodic reporting, disclose significant events, maintain proper corporate governance, and stay updated with investor communications as required by the HCMC and Athens Stock Exchange rules.
Disputes may be resolved through civil courts in Greece or via arbitration if agreed upon in the relevant documentation. Many cross-border matters involve alternative dispute resolution mechanisms as well.
Risks include regulatory non-compliance, financial penalties, reputational damage, default risk, interest rate fluctuations, and complexities arising from cross-border regulations.
A trustee or agent is often appointed to represent bondholders' interests, facilitate communication, manage payments, and oversee compliance with bond terms.
Taxation of debt instruments in Greece can include withholding taxes, exemptions, and benefits depending on the structure, residence of investors, and bilateral tax treaties. Professional advice should always be sought on these issues.
If you need further information or support, consider reaching out to the following:
If you are planning to issue debt securities, invest in Greek DCM products, or require legal support for any related transaction, consider the following steps:
Early legal advice from a specialist can greatly improve the success and efficiency of your Debt Capital Markets activities in Greece.
