CySEC Slaps Over $450,000 Fines on Bank of Cyprus and its Officers

The Cyprus Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has slapped Bank of Cyprus Public Company Ltd and its general manager, as well as a number of its officers, with massive fines in excess of €435,000 ($478,000) in connection with possessing inside information and other infringements.

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The administrative fines were imposed after CySEC concluded its investigation into violations made by the Bank of Cyprus Public Company Ltd, its board of director members and its general manager due their responsibility or negligence. According to a CySEC announcement, the ruling is related to the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.

The penalties also relate to the banks' violation of reporting requirements, insider dealings, publishing misleading and incomplete statements and Market Manipulation (Market Abuse) Law of 2005.

In addition to an administrative fine of €25.000 to the Bank of Cyprus Public Company Ltd, CySEC penalised the General Manager of the Financial Management and Strategy Division, Christis Hadjimitsis, with a fine of €70.000.

A number of senior officers were included in the penalties list. Among them, Andreas Artemi, non-executive chairman of the Board and Yiannis Kypri, CEO and Executive Director and deputy CEO Yiannis Pechlivanides, each were fined €70,000.

The commission also imposed an administrative fine amounting €50,000 on the chairman of company’s audit committee Stavros Constantinides. Furthermore, a panel of non-executive directors including Costas Severis, Georgios Georgiades and Irini Caramanou were each fined €30,000.