Best Securities Lawyers in Vouliagmeni

About Securities Law in Vouliagmeni, Greece

Securities law in Vouliagmeni operates under Greek national legislation and European Union rules. Although Vouliagmeni is a coastal suburb of Athens, the same framework applies as in the rest of Greece. Public offerings, private placements, stock exchange activity, investment services, fund management, and disclosure obligations are primarily supervised by the Hellenic Capital Market Commission and rely on EU regulations such as the Prospectus Regulation, the Market Abuse Regulation, and MiFID II. The Athens Stock Exchange and its market infrastructure handle listings, trading, clearing, and settlement for Greek securities.

Whether you are investing, raising capital, advising clients, or managing a company, your activities are shaped by a blend of Greek law, EU regulations, regulatory guidelines, and market rules. A local lawyer familiar with the Greek market and regulators can help you navigate the requirements, timelines, and documentation needed to comply.

Why You May Need a Lawyer

Capital raising and offerings. A lawyer can assess whether your fundraising requires a prospectus, whether an exemption applies, and how to structure a private placement to qualified or limited investors while complying with advertising and documentation rules.

Investment firm licensing and compliance. Firms providing portfolio management, brokerage, investment advice, or order execution may require authorization under MiFID II. Counsel can assist with licensing, passporting, governance, best execution, suitability, and reporting obligations.

Insider information and market abuse. If you handle price sensitive information or are subject to an investigation, you will need advice on disclosure of inside information, insider lists, closed periods, and communication protocols to avoid unlawful disclosure or manipulation.

Mergers, acquisitions, and major stakes. Acquiring significant holdings in listed companies triggers notification and possibly mandatory bid requirements. A lawyer ensures correct filings, timing, and pricing rules are followed.

Fund formation and distribution. Establishing or marketing UCITS or AIFs in Greece involves authorization, passporting, KID preparation, disclosures, and ongoing reporting. Legal support helps align fund documentation and distribution strategies with local requirements.

Employee equity and convertible instruments. Implementing stock option plans, warrants, convertibles, or SAFE type instruments requires corporate approvals, tax analysis, and securities law compliance to avoid unauthorized public offerings.

Disclosure, corporate governance, and shareholder meetings. Listed issuers must follow strict governance, internal control, related party transaction, and periodic disclosure rules. Legal guidance helps boards and management stay compliant.

Crowdfunding and fintech. Platforms and project owners must comply with EU crowdfunding rules and Greek law. Counsel can help with licensing, investor limits, marketing, and consumer protections.

Cross border transactions. Cross listings, international offerings, or offshore fund distribution raise multi jurisdictional issues that require coordination with local and EU rules and regulators.

Tax, AML, and sanctions. Transactions often implicate withholding taxes, financial transaction taxes, anti money laundering checks, and EU sanctions compliance. Lawyers coordinate with tax advisers and compliance teams to reduce risk.

Local Laws Overview

Prospectus and offerings. Public offerings and admissions to trading are governed by the EU Prospectus Regulation. In Greece, the Hellenic Capital Market Commission reviews and approves prospectuses unless passported from another EU state. Private placement exemptions exist for offers to qualified investors and other limited offers, but marketing content and transfer restrictions must be carefully managed.

Transparency of major shareholdings. Greek law requires investors in listed companies to notify the issuer and the Hellenic Capital Market Commission when crossing specified voting rights thresholds. This includes both upward and downward crossings and extends to certain derivatives and concerted action. Timely disclosure is critical to avoid penalties.

Market abuse and disclosure of inside information. The EU Market Abuse Regulation applies in Greece. Issuers must promptly disclose inside information unless a lawful delay is documented. Insider lists, closed period trading rules for persons discharging managerial responsibilities, and restrictions on market manipulation and unlawful disclosure apply.

Takeover bids and squeeze out or sell out. The Greek Takeover Bids Law implements the EU Takeover Directive. Crossing control thresholds set by law can trigger a mandatory bid to all shareholders at an equitable price. Subject to conditions, majority owners may exercise squeeze out rights, and minority owners may have sell out rights following a successful bid.

MiFID II investment services. Law implementing MiFID II regulates investment firms, tied agents, and market operators. It sets rules on authorization, governance, conduct of business, conflicts of interest, client categorization, best execution, inducements, product governance, and reporting.

Funds and asset management. UCITS and AIF managers operate under national laws aligned with EU UCITS and AIFMD frameworks. Authorization, depository arrangements, risk management, valuation, marketing notifications, and investor disclosures are key compliance areas.

Corporate governance for listed issuers. Greek corporate governance rules require independent directors, board committees, a robust internal control system, related party transaction oversight, and a corporate governance statement. Issuers must adopt and explain compliance with a recognized governance code.

Market infrastructure. Trades in listed shares settle through the Athens Exchange Group infrastructure, including the central counterparty and central securities depository, following EU CSDR standards on settlement discipline and record keeping.

AML and KYC. Greek anti money laundering rules align with EU directives. Investment service providers, crowdfunding platforms, and fund managers must apply risk based customer due diligence, ongoing monitoring, and reporting of suspicious activity.

Tax considerations. Greek tax law applies withholding on dividends and interest, and a financial transaction tax currently applies to sales of shares listed on the Athens Stock Exchange. Capital gains may be taxable. Specific rates and exemptions can change and depend on investor status and double tax treaties, so a tax adviser should be consulted.

Data protection. Investor onboarding, shareholder lists, and marketing must comply with the EU General Data Protection Regulation, including lawful basis, transparency, retention, and data security requirements.

Frequently Asked Questions

What qualifies as a security in Greece

Securities generally include shares, bonds, warrants, depositary receipts, units in collective investment undertakings, and certain transferable derivatives. The legal classification determines which rules apply to issuance, marketing, and trading.

Who regulates securities activity affecting Vouliagmeni

The Hellenic Capital Market Commission supervises public offerings, listed issuers, investment firms, and market abuse. The Athens Stock Exchange Group operates market infrastructure. The Bank of Greece supervises credit institutions and some financial stability matters. ESMA issues EU level guidance.

Do I need a prospectus to raise capital

A prospectus is required for a public offer to the general investing public or for admission to trading on a regulated market unless an exemption applies. Private placements to qualified investors or limited investor groups may be exempt, subject to strict conditions on communication and resale.

How do private placement exemptions work

Exemptions typically limit the type or number of offerees, investment amounts, or require qualified investor status. Even when exempt, rules on fair disclosure, anti money laundering, and advertising still apply, and offering documents should include appropriate risk and transfer legends.

What are my obligations if I buy a significant stake in a listed company

You must notify the issuer and the Hellenic Capital Market Commission when crossing major shareholding thresholds specified by law. Crossing control thresholds can also trigger a mandatory takeover bid. Timing and content of notifications are strictly regulated.

How is insider trading treated in Greece

Using or disclosing inside information to trade or recommend trading is prohibited. Issuers must protect inside information, maintain insider lists, and disclose inside information to the market unless a lawful delay is justified and documented. Violations can lead to administrative and criminal penalties.

Can foreign investors participate in Greek offerings

Yes, subject to EU and Greek rules on public offers, prospectus approvals, and cross border marketing. For professional or qualified investors, passporting and exemptions may simplify access. Sanctions, AML, and tax requirements still apply.

What licenses are needed to provide investment services

Firms that execute orders, deal on own account, advise on investments, underwrite, or manage portfolios generally require authorization under MiFID II, along with capital, governance, and reporting arrangements. Certain ancillary activities may be exempt or require registration.

What taxes apply to securities transactions

Greece applies withholding tax to dividends and interest and a financial transaction tax on sales of shares listed on the Athens Stock Exchange. Capital gains may also be taxable depending on the investor and the instrument. Seek specific tax advice for rates, exemptions, and treaty relief.

Can Greek companies offer employee stock options

Yes. Equity plans require proper corporate approvals, clear plan documents, and compliance with securities, employment, and tax rules. For listed issuers, disclosure and insider trading restrictions must be addressed, along with grant timing and black out periods.

Additional Resources

Hellenic Capital Market Commission. National regulator for securities, market abuse, offerings, investment firms, and fund supervision.

Athens Exchange Group. Includes the Athens Stock Exchange, the central counterparty, and the central securities depository for trading, clearing, and settlement.

Bank of Greece. Central bank and supervisor for credit institutions and parts of the financial system that interact with securities markets.

European Securities and Markets Authority. EU body that issues guidance and maintains registers relevant to prospectuses, credit rating agencies, and market infrastructure.

Ministry of Finance. Issues policy and legislative initiatives affecting capital markets.

General Commercial Registry GEMI. Registry for corporate filings, articles of association, and corporate changes that underpin securities issuance.

Independent Authority for Public Revenue AADE. Tax authority for withholding, transaction taxes, and investor tax matters.

Hellenic Fund and Asset Management Association. Industry body for fund managers operating in Greece.

Next Steps

Clarify your objective. Identify whether you are investing, raising capital, seeking authorization, acquiring a stake, or resolving a compliance issue. Your goal drives the legal path, timeline, and documents.

Gather key information. Prepare corporate documents, cap table, recent financials, term sheets, existing shareholder agreements, marketing materials, and any communications that may be considered an offer.

Identify regulatory touchpoints. Determine if a prospectus, takeover filing, transparency notification, or MiFID authorization is needed. Early mapping avoids delays and sanctions.

Consult qualified local counsel. Choose a lawyer experienced in Greek and EU securities law and familiar with the Athens Exchange and the Hellenic Capital Market Commission. Ask about similar transactions, expected timelines, and fees.

Coordinate with other advisers. Align legal work with tax, accounting, and compliance inputs, especially for cross border or fund related matters.

Plan execution and disclosures. Prepare offering documents, investor communications, board and shareholder approvals, and disclosure calendars. Establish insider information handling and record keeping protocols.

Implement monitoring. After closing, monitor ongoing obligations such as periodic reporting, major shareholding notifications, governance updates, and AML reviews.

Important note. This guide provides general information and is not legal advice. Laws and regulatory practice change. Consult a qualified lawyer for advice tailored to your situation in Vouliagmeni and the wider Greek market.