SEC chairman submits surprise resignation

THE CHAIRMAN of the Securities Exchange Commission quit suddenly yesterday amid rumours of dissent in the body over its role as a regulatory body in the stock exchange.

Frixos Soroccos, who has been chairman of the commission for the past five years, sent his resignation to Finance Minister Takis Klerides, but there was no indication of what had triggered his exit.

The resignation came as parliament yesterday discussed the role of the Commission, and observations from the body that it needed a more clearly defined role in regulation of transactions on the bourse.

The SEC does have its responsibilities outlined by law, but enforcement of any sanctions is the sole responsibility of the Stock Exchange Council.

Soroccos denied he had any personal differences with the finance minister, or that his resignation was sparked by frustration at the way the SEC works.

"I had some differences of view on what I believe should be the philosophy (of the way the SEC works) and the role of the commission which is the protection of investors," Soroccos told a television station yesterday.

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