Best Financial Services Regulation Lawyers in Arta

About Financial Services Regulation Law in Arta, Greece

Financial services in Arta operate under the same national and European Union framework that applies across Greece. The Bank of Greece supervises banks, payment and e-money institutions, insurance and microfinance providers, while the Hellenic Capital Market Commission supervises investment services, capital markets, fund managers, crowdfunding service providers and crypto asset service providers under the evolving European regime. Because Greece is an EU member, much of the core rulebook comes from EU regulations and directives such as MiFID II, PSD2, AML rules, GDPR, the European Crowdfunding rules, DORA for digital operational resilience, and MiCA for crypto assets. Local practice in Arta focuses on implementation and compliance, interactions with local branches of institutions, and dispute handling through the Arta courts and mediation schemes. This guide provides general information only and is not legal advice.

Why You May Need a Lawyer

You may benefit from specialist advice in several common situations. Licensing and authorization needs analysis for new ventures such as payment services, investment advice, portfolio management, fund management, insurance distribution or microfinance. Cross border passporting into or out of Greece and notifications to the Bank of Greece or the Hellenic Capital Market Commission. Product development and documentation for investment products, payment solutions, e money, or crowdfunding offerings. Crypto asset business structuring and transition planning as Greece moves from AML based registration to MiCA authorization. Anti money laundering and counter terrorist financing policies, KYC onboarding workflows, transaction monitoring and reporting to the Hellenic FIU. Consumer and investor protection compliance including pre contract disclosures, suitability and appropriateness tests, marketing approvals and complaint handling. Data protection and cybersecurity alignment with GDPR and DORA, including incident reporting and ICT third party risk. Regulatory investigations, on site inspections, remediation and settlement strategy. Dispute resolution with customers, counterparties or intermediaries in Arta courts or through the Hellenic Financial Ombudsman. Corporate and transactional support such as forming a Greek company, acquiring a regulated firm, outsourcing and cloud agreements, and governance upgrades.

Local Laws Overview

Supervisory authorities. The Bank of Greece supervises credit institutions, payment institutions, e money institutions, insurance and reinsurance activities, and microcredit providers. The Hellenic Capital Market Commission supervises investment firms, investment services provided by banks, fund managers for UCITS and AIFs, crowdfunding service providers and, under the new EU regime, crypto asset service providers. The Hellenic Financial Intelligence Unit receives suspicious transaction reports under the AML framework.

Licensing and conduct. Investment services are governed by MiFID II as transposed in Greece through Law 4514 of 2018, together with detailed Hellenic Capital Market Commission decisions. Payment services are governed by PSD2 implemented by Law 4537 of 2018. UCITS managers are governed by Law 4099 of 2012 and AIF managers by Law 4209 of 2013. Insurance distribution is governed by Law 4583 of 2018. Microfinance providers are governed by Law 4701 of 2020. Each regime sets authorization triggers, capital requirements, governance, conduct of business and reporting obligations.

Anti money laundering. Law 4557 of 2018 sets the core AML and CTF duties for obliged entities including banks, investment firms, payment providers, fund managers, crypto service providers and more. Firms must conduct risk assessments, KYC due diligence, ongoing monitoring, screen against sanctions, train staff and report suspicious activity to the Hellenic FIU.

Data protection. GDPR applies directly, with Greek implementation and enforcement under Law 4624 of 2019. Financial service providers must have a lawful basis for processing, maintain records of processing, enter into processor agreements, perform DPIAs where required and notify data breaches to the Hellenic Data Protection Authority and affected individuals when thresholds are met.

Digital operational resilience. The DORA framework Regulation EU 2022-2554 has applied since January 2025. It imposes ICT risk management, incident reporting, testing and third party risk requirements on most financial entities, including banks, investment firms, payment institutions, fund managers and critical ICT providers. Firms operating in Arta must align their policies, contracts and incident playbooks accordingly.

Crowdfunding. The European Crowdfunding Service Providers Regulation EU 2020-1503 applies. Providers that operate platforms for lending based or investment based crowdfunding must be authorized by the Hellenic Capital Market Commission and comply with disclosure, governance, conflict management, investor categorization and key investment information sheet requirements.

Crypto assets. Regulation EU 2023-1114 MiCA is phasing in. Asset referenced and e money tokens face rules already in effect, and crypto asset service providers must seek authorization and comply with conduct, prudential and safeguarding obligations during the transition period. Greece previously required crypto service providers to register with the Hellenic Capital Market Commission under AML rules. Firms in Arta should plan for the shift to full MiCA authorization and updated disclosures.

NPL servicing and restructuring. Loan servicing companies are governed by Law 4354 of 2015 and related acts. Transactions involving non performing loans, servicing mandates and borrower communications are subject to specific conduct rules and consumer protections.

Consumer protection and marketing. Law 2251 of 1994 governs consumer protection, including distance marketing, unfair commercial practices and transparency of contract terms. The Bank of Greece and the Hellenic Capital Market Commission both enforce product governance and marketing standards for the sectors they supervise. The Hellenic Financial Ombudsman provides out of court dispute resolution for banking and investment disputes.

Depositor and investor protection. The Hellenic Deposit and Investment Guarantee Fund TEKE protects eligible bank deposits up to 100,000 euros per depositor per bank and provides limited investor compensation for investment firm failures subject to conditions. Firms must inform customers about coverage and exclusions.

Local practice in Arta. There is no separate Arta specific rulebook. Firms and individuals interact with local branches of banks, cooperative banks and investment intermediaries, the Arta Chamber of Commerce and Industry for business formalities, and the Court of First Instance of Arta for litigation. Company registrations are handled through the General Commercial Registry GEMI. Tax matters are overseen by the Independent Authority for Public Revenue. Greek is the official language for filings and court proceedings, though bilingual documentation is common in cross border matters.

Frequently Asked Questions

Which authorities regulate financial services affecting Arta

The Bank of Greece supervises banks, payment and e money institutions, insurance and microfinance. The Hellenic Capital Market Commission supervises investment firms, fund managers, crowdfunding providers and most capital markets activity. The Hellenic FIU handles AML reporting. Local courts in Arta handle civil and commercial disputes that arise within their jurisdiction.

Do I need authorization to give investment advice in Greece

Yes in most cases. Providing investment advice on financial instruments as a business triggers MiFID II authorization as an investment firm or coverage under a bank or investment firm. There are limited intra group or incidental exemptions, but they are narrow. A legal review of your business model and client base is essential before starting.

How long does a license application take

Timelines vary by license type and completeness of the file. As a general guide, straightforward MiFID II investment firm or PSD2 payment institution applications can take several months from submission to decision. Pre filing meetings, thorough policies and tested governance shorten elapsed time. Complex models, outsourcing chains and cross border features tend to extend timelines.

Can an EU firm passport into Greece to serve clients in Arta

Yes. EU authorized firms may passport services or establish branches under MiFID II, PSD2, UCITS and AIFMD. The home authority notifies the Bank of Greece or the Hellenic Capital Market Commission as applicable. Marketing to retail clients or opening a local branch introduces additional requirements, and Greek language disclosures are often expected for retail communications.

What AML obligations apply to small firms and fintechs

All obliged entities regardless of size must conduct risk based KYC, monitor transactions, report suspicious activity, and maintain AML training and records under Law 4557 of 2018. Proportionality applies to the depth of measures, but not to the obligation itself. If you use agents or distributors in Arta, you remain responsible for oversight and controls.

How are crypto asset services regulated right now

Greece has required crypto service providers to register with the Hellenic Capital Market Commission for AML purposes. With MiCA entering into force, providers must transition to full authorization and comply with prudential, conduct and safeguarding rules. There is a transitional period set at EU level, and firms should prepare revised disclosures, custody arrangements and complaint handling to meet MiCA standards.

What rules apply to marketing financial products to consumers in Arta

Marketing must be fair, clear and not misleading, consistent with product governance and suitability or appropriateness obligations. Distance marketing and online onboarding trigger additional disclosures and cooling off rights under Greek consumer law. For investment promotions, MiFID II and Hellenic Capital Market Commission guidance apply. For payments and e money, PSD2 transparency rules apply. Always consider Greek language versions for retail audiences.

What should I expect during a supervisory inspection

Authorities typically request governance documents, policies, customer files, complaints logs, AML records, outsourcing contracts and ICT incident registers. They may conduct interviews with management and compliance. Findings often result in remedial action plans, and serious breaches may lead to fines or license restrictions. Keeping robust records and a clear compliance calendar greatly improves outcomes.

How are customer complaints resolved

Firms must operate an internal complaint process with clear timelines and written responses. If unresolved, customers may escalate to the Hellenic Financial Ombudsman for banking and investment disputes or to the Hellenic Consumers Ombudsman for broader consumer issues. Litigation before the Arta courts remains available, but out of court mediation can be faster and less costly.

Are deposits in Arta bank branches protected

Yes. Eligible deposits held with Greek banks are covered by the Hellenic Deposit and Investment Guarantee Fund TEKE up to 100,000 euros per depositor per bank. The coverage is national, so it applies equally to accounts opened in Arta. Certain deposits and products are excluded, so customers should review eligibility and limits.

Additional Resources

Bank of Greece. Primary supervisor for banks, payment and e money institutions, insurance and microfinance, and issuer of key circulars and executive acts.

Hellenic Capital Market Commission. Supervisor for investment services, fund managers, crowdfunding providers and crypto asset service providers.

Hellenic Financial Intelligence Unit. Recipient of suspicious transaction reports and issuer of AML guidance and typologies.

Hellenic Deposit and Investment Guarantee Fund TEKE. Deposit and investment compensation scheme for eligible customers.

Hellenic Financial Ombudsman. Out of court dispute resolution for banking and investment services.

Hellenic Consumers Ombudsman. Mediation for consumer disputes, including distance marketing and unfair terms cases.

General Commercial Registry GEMI. Company formation, filings and corporate records for Greek entities.

Independent Authority for Public Revenue. Tax registrations, VAT and operational tax matters for financial institutions and intermediaries.

Arta Chamber of Commerce and Industry. Local business support, certificates and practical guidance for establishing operations in Arta.

Arta Bar Association. Directory for local lawyers with financial regulatory and litigation experience.

Next Steps

Define your business model and target clients. Map each activity against the Greek and EU authorization triggers to confirm whether you need a license, a passport, or no authorization. Identify whether you will serve retail, professional or eligible counterparties in Arta and across Greece.

Engage specialist counsel early. Request a regulatory scoping memo that covers licensing options, timeline, capital, governance, senior management fit and proper criteria, and policy needs. Ask for a clear list of required documents and certifications.

Prepare core compliance artefacts. Draft the compliance manual, AML-CTF policy, conflicts of interest policy, product governance framework, complaints handling procedure, outsourcing policy, ICT risk and DORA playbooks, incident response plan, business continuity and data protection policies. Align customer disclosures and contracts with Greek consumer and sector rules.

Plan the authorization pathway. Schedule a pre filing meeting with the relevant authority, finalize financial projections and capital, appoint key function holders, and assemble application forms, questionnaires and supporting evidence. Build a realistic submission and go live timeline.

Set up operational infrastructure in Arta. Choose premises if a local presence is required, register with GEMI, arrange local banking and payroll, and establish recordkeeping and reporting workflows. Ensure Greek language capability for customer facing documentation and complaints handling.

Implement training and testing. Train staff on AML-CTF, conduct rules, data protection and operational resilience. Test your transaction monitoring, incident reporting and complaints processes before launch. Establish a compliance calendar with reporting deadlines to the Bank of Greece and the Hellenic Capital Market Commission.

Address crypto and crowdfunding specifics if relevant. For crypto asset services, assess MiCA readiness and transitional options. For crowdfunding, prepare investor key information sheets, risk disclosures and conflict management aligned with the European rulebook.

Document customer redress paths. Embed clear complaint channels, escalation to the Hellenic Financial Ombudsman where applicable, and settlement authority. This reduces litigation risk in the Arta courts and supports supervisory expectations.

Revisit your plan regularly. Regulatory change is continuous. Monitor updates from the Bank of Greece and the Hellenic Capital Market Commission, and schedule periodic policy reviews, internal audits and board reporting.

If you need tailored advice, contact a lawyer who focuses on financial services regulation in Greece and has experience working with firms operating in Arta. Bring a concise description of your services, organizational chart, draft policies if available and your target launch date to accelerate the initial assessment.