The Development Ministry is overhauling the rules governing debt collection agencies, scrutinising their financial standing, call-centre operations, staff training and the composition of their management teams.
A ministerial decision resets the requirements for registration and continued inclusion in the Register of Debt Information Companies, replacing earlier regulatory decisions issued in 2009 and 2012.
Among other measures, the new framework provides for annual updates to supporting documents, checks of financial statements and a requirement to provide a detailed record of the telephone infrastructure used to contact debtors.
Overall, the changes focus on six areas, with capital adequacy at the top of the agenda. Companies must have equity of at least €350,000, a requirement already in force under Law 3758/2009. What is being clarified is how compliance with this threshold will be monitored: each September, the General Secretariat of Commerce will obtain the published financial statements for the previous financial year.
Greater emphasis is also being placed on the operation of call centres. Companies will have to provide details of their recording equipment, computer networks and all the telephone numbers they use to contact debtors. This information will be included in each company’s file, giving the relevant authorities a fuller picture of its operational infrastructure.
The requirements also include documentation of employees’ training. Companies will have to submit relevant certificates for each employee, together with detailed information on the training topics covered and a description of the training process for each level of experience.
Companies must also provide a current staff list from the ERGANI information system. Where employees are made available by another company in the same group, the relevant agreements and staff lists must be submitted.
In the area of corporate governance, the decision provides for criminal-record checks to be carried out by the authorities during registration for board members or managers and legal representatives. The checks will look for final convictions for offences including fraud, extortion, embezzlement, forgery, bribery and money laundering.
The checks will also include certificates of judicial solvency to establish that the company is not bankrupt, in liquidation or under compulsory administration.
A separate section deals with the annual updating of the register. From 1 to 30 September, companies will have to renew the required supporting documents, except those obtained directly from public services. Any changes to management, legal representation or the articles of association must be reported within 30 days.
Failure to meet these obligations may lead to removal from the register, following a reasoned ministerial decision. In that case, the company will lose the right to use its registration certificate.
The sixth area of change concerns simplifying the registration process. The General Secretariat of Commerce will obtain a range of certificates on its own initiative, reducing the paperwork companies must gather themselves.
The one-off fee of €5,000 for initial registration remains in place, while companies will have 15 working days after commencing operations to submit additional supporting documents. Companies already on the register will not need to submit a new application, as their existing registration will be recognised under the new framework.
The rules apply to debt information companies covered by Law 3758/2009, not to all companies that manage claims arising from loans and credit.