Best Financial Services Regulation Lawyers in Thivais

About Financial Services Regulation Law in Thivais, Greece

Financial services in Thivais operate under national Greek law and European Union frameworks. There is no separate local regime for Thivais - firms and individuals in the Thivais area are subject to the same rules that apply across Greece. Supervision and enforcement are primarily handled by the Bank of Greece for banking, payments, electronic money, insurance undertakings and credit servicers, and by the Hellenic Capital Market Commission for investment services, funds, public offerings, market conduct and most securities markets activity. Greece is part of the Eurozone, so the European Central Bank - through the Single Supervisory Mechanism - directly supervises significant credit institutions, with the Bank of Greece supervising less significant institutions. EU regulations and directives such as MiFID II, PSD2, AML directives, UCITS, AIFMD, Solvency II, GDPR and DORA apply, complemented by Greek implementing legislation.

The regulatory perimeter covers a wide range of activities - deposit taking, lending and card issuance, payment initiation and account information services, issuing electronic money, foreign exchange services, investment advice and portfolio management, brokerage and order execution, custody and safekeeping, fund management, insurance distribution and claims handling, credit servicing and microfinance. Consumer protection, anti-money laundering and counter-terrorist financing, data protection and cybersecurity obligations cut across most of these activities.

Residents and businesses in Thivais typically interact with regulated firms through bank branches, fintech apps, investment platforms, insurers and brokers headquartered in Athens or elsewhere, but the obligations and protections are the same regardless of location. Where a physical presence is opened in Thivais - such as a bank branch, payment agent outlet or insurance intermediary office - municipal permits and general commercial rules also apply, in addition to the sector-specific license and conduct rules.

Why You May Need a Lawyer

Regulatory rules are technical and change frequently. A lawyer with financial services expertise can help you identify whether your activities are regulated, obtain or vary licenses, structure cross-border operations and maintain compliance. Typical situations where legal help is valuable include launching a fintech product or payment service, setting up an investment firm or fund manager, distributing insurance products, outsourcing or using cloud services, passporting services into or out of Greece, marketing financial products to retail clients, drafting client terms and disclosures, responding to an investigation or on-site inspection, managing data and cybersecurity incidents, complying with AML and sanctions requirements, handling consumer complaints and alternative dispute resolution, buying or selling a regulated business, and defending administrative fines or challenging supervisory measures in court.

Even in apparently straightforward matters - for example using an EU license to offer services in Greece, appointing tied agents, or performing remote customer onboarding - there are local notifications, language and disclosure requirements, and conduct standards that can trigger liability if overlooked. Early legal input can reduce risk and cost.

Local Laws Overview

Greek financial regulation is anchored in EU law. Key frameworks and authorities relevant to activities in Thivais include the Bank of Greece for banks, payment institutions, electronic money institutions, insurance undertakings, insurance intermediaries, credit and loan servicers and microfinance providers, and the Hellenic Capital Market Commission for investment firms, market operators, fund managers, public offerings, prospectuses, market abuse enforcement and investment product marketing. Significant banks are supervised by the European Central Bank through the Single Supervisory Mechanism, with the Bank of Greece handling day-to-day supervision for less significant institutions. The Independent Authority Against Money Laundering serves as the national Financial Intelligence Unit and enforcement authority for AML matters. The Hellenic Data Protection Authority oversees data protection and GDPR compliance for financial entities.

Licensing and passporting apply EU-wide. Investment firms and fund managers rely on MiFID II and AIFMD-UCITS passporting. Payment institutions and electronic money institutions use PSD2 passporting. Insurance distributors are subject to product oversight, professional qualifications and conduct rules under Solvency II related frameworks and Greek implementing acts. Microfinance providers operate under a specific Greek regime that requires authorization and imposes consumer safeguards. Credit servicing companies that manage non-performing loans require authorization by the Bank of Greece under Greek law governing loan servicing and securitization.

Conduct and consumer protection rules are strict. Greek consumer law requires clear, fair and non-misleading information, plain language in disclosures and contract terms, and usually a Greek-language version for consumer-facing materials. Pre-contractual information must be comprehensive for products such as consumer credit, mortgage credit, insurance policies, investment services and packaged investment products. Marketing and financial promotions must be fair and balanced and not disguise risks. Distance and digital sales trigger additional obligations on identification, withdrawal rights and recordkeeping.

AML-CFT compliance is comprehensive. Obliged entities must perform risk-based customer due diligence, verify identity using reliable sources, monitor for suspicious activity, keep records, screen against sanctions and politically exposed person lists, and file suspicious transaction reports to the Independent Authority Against Money Laundering. Remote onboarding is permitted under specific safeguards. Senior management and the AML compliance officer carry personal accountability for failures.

Data protection and operational resilience are front and center. GDPR and Greek law require a lawful basis for processing, purpose limitation, data minimization, robust security and data subject rights handling. Financial entities must manage outsourcing and cloud risks consistent with European Banking Authority guidelines and maintain incident reporting and resilience frameworks under the Digital Operational Resilience Act - including ICT risk management, testing, third-party risk oversight and major incident notifications. Cyber incidents can trigger parallel duties to financial regulators, the Data Protection Authority and potentially the National Cybersecurity Authority.

Investor and depositor protection schemes apply. Deposits are protected up to 100,000 euro per depositor per institution through the Hellenic Deposit and Investment Guarantee Fund. Clients of investment firms may be entitled to compensation up to statutory limits through the investors compensation scheme for investment firms. Alternative dispute resolution is available through the Hellenic Financial Ombudsman for many banking and investment disputes, in addition to the Greek Consumer Ombudsman for general consumer issues.

Corporate governance and fitness and probity standards are enforced. Directors and key function holders must meet integrity and experience criteria. Regulated entities must maintain adequate capital, risk management and internal control frameworks and follow remuneration and conflicts of interest rules. Breaches can lead to public censures, fines, business restrictions or license withdrawal, and serious cases can be referred for criminal prosecution.

Frequently Asked Questions

What counts as a regulated activity in Greece?

Common regulated activities include accepting deposits, lending to the public, issuing cards or e-money, operating payment accounts, payment initiation or account information services, currency exchange services on a professional basis, dealing or broking in financial instruments, portfolio management, investment advice, underwriting or placing securities, custody and safekeeping, collective portfolio management of UCITS or AIFs, insurance underwriting and distribution, credit servicing for non-performing loans and offering microfinance. If you do any of these by way of business in Thivais or elsewhere in Greece, you likely need authorization or an EU passport.

Can I offer financial services in Thivais using an EU license from another country?

Yes, passporting is available under PSD2 for payments, MiFID II for investment services, UCITS and AIFMD for fund management and distribution, and Solvency II related frameworks for insurance distribution. You must follow the notification process through your home regulator and comply with Greek conduct, consumer and marketing rules. Some activities still require a Greek branch or local agent appointment for effective delivery and client servicing.

Do I need Greek-language documents for consumers?

Consumer protection law expects clear and comprehensible information for retail clients, typically in Greek. For products such as consumer credit, mortgages, insurance policies and most investment services, pre-contractual information and key terms should be available in Greek. Bilingual documents are common, with the Greek version prevailing in case of conflict.

How are crypto-asset services treated?

EU rules on crypto-assets are being applied across member states, with national competent authorities designated to supervise crypto-asset service providers. In Greece, supervision is aligned with the financial market framework and depends on the nature of the service and asset. If you intend to operate a crypto service in or into Greece, expect authorization, prudential, conduct, AML and consumer disclosure obligations. The exact process and authority can vary by service type, so obtain specific legal advice before marketing or onboarding clients in Thivais.

What are the main AML obligations for a small financial business?

You must conduct risk-based customer due diligence, verify and record customer identity, understand beneficial ownership, monitor transactions, screen against sanctions and politically exposed person lists, keep records for at least the statutory retention period, appoint an AML compliance officer, train staff and submit suspicious activity reports to the Independent Authority Against Money Laundering. Policies should be tailored to your business model and must be reviewed regularly.

What happens during a regulatory inspection?

Supervisors may request policies, client files, transaction samples, governance and risk documentation, outsourcing records, IT and cybersecurity evidence and staff interviews. They assess compliance with licensing scope, prudential requirements, conduct standards, AML and data protection. Findings are graded and can result in remedial actions, deadlines, administrative fines or, in serious cases, restrictions or license withdrawal. Timely, well-documented responses and remediation plans are essential.

How do I market financial products in Greece?

All communications must be fair, clear and not misleading. Risk disclosures must be proportionate and prominent. For investment products, ensure consistency with prospectuses or KIDs where applicable. For insurance, comply with distribution disclosures and demands-and-needs tests. For consumer credit or mortgages, advertise representative examples and APRs as required. Online and social media promotions are subject to the same standards. Keep records of approvals and distribution targeting.

Is outsourcing to cloud providers allowed?

Yes, but you must comply with European Banking Authority outsourcing guidelines and DORA. That includes due diligence on providers, written contracts with access and audit rights, data location and security controls, incident reporting, exit strategies and concentration risk assessment. Material outsourcing arrangements often require notification to the competent authority and must be reflected in your risk management framework.

How are client funds and assets protected?

Banks protect deposits, which are covered by the Hellenic Deposit and Investment Guarantee Fund up to 100,000 euro per depositor per bank. Investment firms must segregate client assets and are subject to custody and safeguarding rules, with access to the investors compensation scheme up to statutory limits where applicable. Payment institutions and electronic money institutions must safeguard client funds through segregation or insurance-guarantee mechanisms.

What if I have a dispute with my bank or investment firm?

Start by filing a written complaint with the firm. They must respond within prescribed timeframes. If unresolved, you can escalate to the Hellenic Financial Ombudsman for mediation, or pursue claims through the courts. For conduct breaches, you can also report matters to the relevant supervisor. Keep all documentation, communications and evidence of loss.

Additional Resources

Bank of Greece - supervisory authority for banks, payments, electronic money, insurance, credit servicers, microfinance and AML oversight within its remit. Hellenic Capital Market Commission - supervisory authority for investment firms, funds, public offerings and market conduct. Independent Authority Against Money Laundering - national FIU for suspicious activity reporting and AML enforcement. Hellenic Data Protection Authority - GDPR and data protection enforcement. Hellenic Deposit and Investment Guarantee Fund - deposit guarantee and investor compensation scheme administration. Hellenic Financial Ombudsman - alternative dispute resolution for banking and investment disputes. General Secretariat for Consumers - consumer protection policy and enforcement. European supervisory authorities - EBA, ESMA and EIOPA issue guidelines that apply in Greece. Bank of Greece FinTech Innovation Hub - contact point for innovators seeking regulatory feedback.

Next Steps

Clarify your business model and map activities to the regulatory perimeter - list the services you will offer in Thivais and across Greece, target clients, distribution channels, outsourcing and technology stack. Gather key documents - corporate documents, ownership and governance charts, business plan, financial projections, draft client terms and disclosures, AML and risk policies, IT and outsourcing summaries. Seek an initial legal assessment - confirm licensing needs, passporting options, applicable conduct obligations, timeline and costs. Engage with supervisors where appropriate - consider using the Bank of Greece FinTech Innovation Hub or pre-application meetings to validate expectations. Build a compliance roadmap - address licensing, capital, governance, staffing, AML, data protection, operational resilience and reporting. Prepare Greek-language client materials and customer service capability for retail-facing products. Do not ignore deadlines or information requests - missed timelines can lead to fines or application rejection. If you face an investigation or enforcement action - secure counsel immediately, preserve documents, coordinate communications and consider remediation steps that can mitigate penalties.

This guide provides general information for the Thivais area. It is not legal advice. For tailored advice on your specific situation, consult a lawyer who specializes in Greek and EU financial services regulation.