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Regulators Regulatory Sanctions

CySec fined Bank of Cyprus and Members of its Board and General Manager in the relevant period 

17 Oct 2016 by OneStopBrokers
CySEC

The Board of the Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform the public that it has investigated the compliance of:

  • Bank of Cyprus Public Company Ltd, its Board of Director Members’ and its General Manager with the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law of 2007, as in force,
  • Bank of Cyprus Public Company Ltd (‘the Company’) with the Insider Dealing and Market Manipulation (Market Abuse) Law of 2005, as in force,

regarding the valuation of Goodwill of Uniastrum Bank in:

  • the Half-Yearly Financial Report of the Company for the period ended 30.6.2012, and
  • the interim consolidated financial statements of the Company for the period ended 30.9.2012,

and, on its meeting dated 26th September 2016, CySEC identified the existence of violations and imposed administrative fines as follows:

A.1. A total administrative fine of €25.000 to Bank of Cyprus Public Company Ltd,

A.2. Members of the Board of Directors of Bank of Cyprus Public Company Ltd in the relevant period:

boc-members-1

A.3. An administrative fine of €70.000 to the General Manager of the Financial Management and Strategy Division, Mr. Christis Hadjimitsis.

Full details/justification of the CySEC’s decision are/is available in the Greek text of the announcement.

Source: CySec – decision-summary-10-17-2016-for-the-imposition-of-fines-to-bank-of-cyprus

 

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