A new bill has effected some changes in the operation of the Athens Stock Exchange as follows:

- the price of those securities listed on the Athens Stock Exchange will be fixed by the underwriters. Moreover, the frame of responsibility of the underwriters vis-a-vis those participating in a public subscription is fixed.
- the limits and the requirements of private placements coinciding with the public subscription are determined.
- companies whose shares are listed on the Athens Stock Exchange are required to be audited up to the last fiscal year for which annual and unified financial statements have been published. For those companies whose shares are listed the same will be audited by priority so that uncontrolled fiscal years may not exceed two.
- Issues pertaining to market-making are regulated.
- For other ordinary transactions the electronic demand and supply have replaced the previous system.

Athanassios Vamvoukos, Bahas, Gramatidis & Associates, Athens, Greece

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