Cyprus Securities and Exchange Commission | BOARD DECISIONS
BOARD DECISIONS
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PUBLIC INFORMATION BOARD DECISIONS
BOARD DECISIONS
Announcement Date: 25 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: XFR Financial Ltd
Legislation: The Investment Services and Activities and Regulated Markets Laws, Directive DI 144-2007-01 of 2012, Directive DI 144-2007-02 of 2012
Subject: Fine €225.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Bank of Cyprus Public Company Ltd
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law, the Insider Dealing and Market Manipulation (Market Abuse) Law
Subject: Total fine € 25.000
Judicial Review: YES (24 Oct. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Andreas Artemi (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 70.000
Judicial Review: YES (08 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Yiannis Kypri (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 70.000
Judicial Review: YES (20 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Yiannis Pechlivanides (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 70.000
Judicial Review: YES (14 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Stavros Constantinides (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 50.000
Judicial Review: YES (08 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Costas Severis (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 30.000
Judicial Review: YES (08 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Georgios Georgiades (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 30.000
Judicial Review: YES (08 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mrs. Irini Caramanou (Director Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 30.000
Judicial Review: YES (17 Oct. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 17 Oct. 2016 Board Decision Date: 26 Sep. 2016
Regarding: Mr. Christis Hadjimitsis (General Manager Bank of Cyprus Public Company Ltd)
Legislation: The Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 70.000
Judicial Review: YES (20 Dec. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 04 Oct. 2016 Board Decision Date: 05 Sep. 2016
Regarding: Mr. Danny Rothman (or Mr. Daniel Rubinstein)
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Fine €100.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 03 Oct. 2016 Board Decision Date: 19 Sep. 2016
Regarding: Teos Corporate Services Ltd
Legislation: The Law Regulating Companies Providing Administrative Services and Related Matters
Subject: Fine €5.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 30 Sep. 2016 Board Decision Date: 05 Sep. 2016
Regarding: IQ Option Europe Ltd
Legislation: The Investment Services and Activities and Regulated Markets Laws, Directive DI 144-2007-01 of 2012, Directive DI 144-2007-02 of 2012
Subject: Fine €180.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 30 Sep. 2016 Board Decision Date: 05 Sep. 2016
Regarding: OptionRally Financial Services Ltd
Legislation: The Investment Services and Activities and Regulated Markets Laws, Directive DI 144-2007-01 of 2012, Directive DI 144-2007-02 of 2012
Subject: Fine €138.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Sep. 2016 Board Decision Date: 26 Sep. 2016
Regarding: AirFinance Pro Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Continuance of suspension of CIF licence
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Sep. 2016 Board Decision Date: 05 Sep. 2016
Regarding: Best Choice FBC Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Continuance of suspension of CIF license
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 21 Sep. 2016 Board Decision Date: 12 Sep. 2016
Regarding: UBFS Invest powered by Moneychoice Brokers Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Continuance of Suspension and commencement of proceedings for the possible withdrawal of the CIF license
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 21 Sep. 2016 Board Decision Date: 16 Mar. 2015, 01 Aug. 2016
Regarding: Cyprus Popular Bank Public Co Ltd
Legislation: Insider Dealing and Market Manipulation (Market Abuse) Law, Directive DI116-2005-03
Subject: Violation
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 21 Sep. 2016 Board Decision Date: 16 Mar. 2015, 01 Aug. 2016
Regarding: Mr Efthimios Mpouloutas
Legislation: Insider Dealing and Market Manipulation (Market Abuse) Law, Directive DI116-2005-03
Subject: Total fine € 70.000
Judicial Review: YES (25 Nov. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 21 Sep. 2016 Board Decision Date: 16 Mar. 2015, 01 Aug. 2016
Regarding: Mr Christos Stylianides
Legislation: Insider Dealing and Market Manipulation (Market Abuse) Law, Directive DI116-2005-03
Subject: Fine € 50.000
Judicial Review: YES (25 Nov. 2016) NO Judicial Review Ruling: Pending Pending
Announcement Date: 09 Sep. 2016 Board Decision Date: 11 Jul. 2016
Regarding: Atlas Capital Financial Services Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Continuance of Suspension and commencement of proceedings for the possible withdrawal of the CIF license
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 09 Sep. 2016 Board Decision Date: 05 Sep. 2016
Regarding: AFI Development Plc (In Greek)
Legislation: The Takeover Bids Law
Subject: Extension to the exception from a mandatory obligation to submit a takeover bid
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 19 Aug. 2016 Board Decision Date: 01 Aug. 2016
Regarding: HF Markets (Europe) Ltd
Legislation: The Investment Services and Activities and Regulated Markets Laws, Directive DI 144-2007-01 of 2012, Directive DI 144-2007-02 of 2012
Subject: Fine €105.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 16 Aug. 2016 Board Decision Date: 05 Aug. 2016
Regarding: MANRICH FUND LIMITED, BIGAN WEALTH FUND LTD, GAINMORE FUND LTD και EBIT FUND LTD
Legislation: The Alternative Investment Funds Law
Subject: Non compliance of International Collective Investment Schemes with the conditions regarding their operation as Alternative Investment Funds with Limited Number of Persons
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 10 Aug. 2016 Board Decision Date: 25 Jul. 2016
Regarding: M&L Invest Union Markets Ltd
Legislation: Regulation (EU) No. 680/2014, Directive DI144-2014-14 of the Cyprus Securities and Exchange Commission
Subject: Fine €2.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 10 Aug. 2016 Board Decision Date: 05 Aug. 2016
Regarding: AFI Development Plc (In Greek)
Legislation: The Takeover Bids Law
Subject: Exception from a mandatory obligation to submit a takeover bid
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 09 Aug. 2016 Board Decision Date: 08 Aug. 2016
Regarding: Mutual Trust Limited
Legislation: The Law regulating Companies providing Administrative Services and Related Matters of 2012
Subject: Continuance of suspension of ASP license
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 09 Aug. 2016 Board Decision Date: 01 Aug. 2016
Regarding: UBFS Invest powered by Moneychoice Brokers Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Continuance of suspension of CIF license
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 09 Aug. 2016 Board Decision Date: 25 Jul. 2016
Regarding: Best Choice FBC Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Suspension of CIF licence
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jul. 2016 Board Decision Date: 25 Jul. 2016
Regarding: AirFinance Pro Ltd
Legislation: The Investment Services and Activities and Regulated Markets Law
Subject: Continuance of suspension of CIF licence
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 08 Jul. 2016 Board Decision Date: 06 Jun. 2016
Regarding: B.O. Tradefinancials Ltd
Legislation: The Investment Services and Activities and Regulated Markets Laws, Directive DI 144-2007-01 of 2012, Directive DI 144- 2007-02 of 2012
Subject: Total Fine €138.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: Charilaos Apostolides Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine € 7.300
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: Cyprint Plc
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine € 7.300
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: Karkotis Manufacturing & Trading Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine € 7.300
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: L.P. Transbeton Public Ltd
Legislation: Ο περί των Προϋποθέσεων Διαφάνειας (Κινητές Αξίες προς Διαπραγμάτευση σε Ρυθμιζόμενη Αγορά) Νόμος
Subject: Συνολικό πρόστιμο € 6.300
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: Sea Star Capital Plc
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine € 1.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: Modestou Sound & Vision Public Company Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 06 Jul. 2016 Board Decision Date: 13 Jun. 2016
Regarding: Agroton Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €1.000
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Karkotis Manufacturing & Trading Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total Fine €13.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Firstdelos Group Plc
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine €13.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Ceilfloor Public Company Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine €13.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Phil. Andreou Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine €13.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Charilaos Apostolides Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine €13.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Cyprint Plc
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Total fine €13.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: L.P. Transbeton Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €12.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Karaolis Group Public Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €12.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: KDM Shipping Public Ltd
Legislation: he Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €3.750
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Elma Holding Public Company Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €3.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Jupiter Portfolio Investments Public Company Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €2.500
Judicial Review: YES () NO Judicial Review Ruling:
Announcement Date: 29 Jun. 2016 Board Decision Date: 07 Mar. 2016
Regarding: Liberty Life Insurance Public Company Ltd
Legislation: The Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law
Subject: Fine €2.500
Judicial Review: YES () NO Judicial Review Ruling:
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