Collective Investment Schemes were established in Greece in 1972. National Bank of Greece and Commercial Bank of Greece created the first 2 Mutual Funds. The elaboration of the necessary legislative framework had been completed earlier by virtue of legislative decree 608/1970.

From 1970 to 1989, the development of Collective Investments Schemes was limited.  As the development of the market started in 1989 with a series of legislative and structural modernisation in the greek Capital Market and Financial System and  the modernisation of the legislative framework governing the operation of Collective Investment companies, by virtue of Law 1969/91, which brought the Greek legislation in line with the community regulations (directive 85/611). As a result, since 1990, a large number of Mutual Fund Management Companies and Investment Trust Companies were established by Banks and Insurance Companies.

Today, the legal framework for Mutual Fund Management Companies is set forth by Law 4099/2012.

Law 4099/2012 implemented into the Greek legislation:

  • Directive 2009/65/EC (UCITS IV)
  • Their activities are regulated and monitored by the Capital Market Commission.  

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