The Cyprus Securities and Exchange Commission imposed a €10.000 fine to a natural person
The Cyprus Securities and Exchange Commission (CySec) has issued today an announcement to inform public that at its meeting held on 6 February 2017, decided to impose an administrative fine of €10.000 to Mr. Emmanuel Ayoun for non compliance with section 139(2) of the Investment Services and Activities and Regulated Markets Law of 2007, as in force, as he provided false and/or misleading details to CySec in his personal questionnaire which was submitted to CySec for his appointment in a CIF.
Furthermore, CySec, pursuant to section 127(2)(d) of the Law, decided to prohibit Mr Ayoun for a period of five (5) years from exercising professional activity related to the financial
sector.
Source: CySec – Decision 07-27-2017
The section 139(2) refers to: The provision of false, or misleading information or details or documents or forms, or the withholding of material information from any application or notification submitted to the Commission, or within any other process provided for in this Law and the directives issued pursuant to this Law, as well as Regulation (EC) No 1287/2006, in addition to constituting a violation subject to an administrative fine as stated in section 141, it also constitutes a criminal offence punishable pursuant to section 140, without prejudice to section 25.
