Securities commission given full financial autonomy

The Prime Minister has granted the State Securities Commission (SSC) a mandate giving it full autonomy over its finances and staff, which will come into effect on April 8.

The funding for the SSC is currently sourced from the State coffers, and is supplemented by fees collected by the commission, including charges for licensing, stock exchange supervision and public company management, as well as other assorted legal and financial resources.

The Finance Minister pledged that State budgets for the SSC during 2009 would not be lower than the budget for 2008, while allocations from 2010 onwards would be calculated according to the previous year’s rate, with any annual increases in spending being decided in accordance with existing regulations./.

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