Investment Services Firms were established in Greece in 1997, following the adoption of the relevant Law 2396/96`which implemented EU Directive ISD 93/22.

Following the relative amendment of the Association's statutes in the 17th of January 2006 Extraordinary General Assembly, Investment Services Firms are now eligible to become members of the Association.

  • Investment Services Firms’ main activity involves clients’ portfolio management under mandate. Managed Portfolios are kept with licensed custodians which, under Greek Law, are exclusively banking institutions.
  • Clients include private investors, companies, pension funds or open and closed end funds, which are managed by delegation under Art. 7 of Law 3283/2004 (Art. 5g of EU Directive 2001/107). Apart from portfolio management services, the activities Investment Services Firms also include, underwriting, consulting and advisory services. Law 2396/96 and a number of regulatory decisions issued by the Capital Market Commission govern the licensing procedure as well as operations for carrying out investment services in Greece. Companies are also subject to laws relative to money laundering and market manipulation.
  • The main purpose of an Investment Services Firm is the prudent, professional portfolio management for account of clients in accordance with their investment profile and risk appetite. Companies may not guarantee the performance of portfolio management to their customers.
  • Investment Services Firms are required to employ personnel certified by the Capital Market Commission, in order to better serve and protect the interests of their customers. They are also required to have appropriate Internal Audit Department and procedures, and to comply with the mandatory Code of Conduct regarding the conduct of their business.
Their activities are regulated and monitored by the Capital Market Commission.

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