CySec announced fines for executive directors
The Board of the Cyprus Securities and Exchange Commission (CySec) has issued today an announcement to inform the public that, at its meeting held on 6 February 2017, it reached the decision that Mr. Michel Pierre Salomon Teman, Mr. Pantelis Ioakim, Mr. Giorgos Miltiadous, Mrs Alexandra Aspri and Mr. Stavros Petrakides have not complied with paragraph 9(1) of CySec Directive DI144-2007-01 of 2012 for the Authorisation and Operating Conditions of CIFs (‘the Directive’) since, as directors of Pegase Capital Ltd (‘the Company’), they did not periodically assess the effectiveness of the policies, arrangements and procedures implemented by the Company for complying with obligations provided in the Investment Services and Activities and Regulated Markets Law of 2007, as in force (‘the Law’), and in Directive DI144-2007-02 of 2012 (see CySEC’s Decision dated 27.11.2015).
For the above non-compliance with paragraph 9(1) of the Directive, CySEC reached the following decisions:
1. To impose of an administrative fine of:
1.1. €150,000 on Mr. Michel Pierre Salomon Teman, executive director and shareholder with a qualifying holding in the Company during the relevant period;
1.2. €25,000 on Mr. Pantelis Ioakim, executive director of the Company until 17 March 2016;
1.3. €25,000 on Mr. Giorgos Miltiadous, executive director of the Company until 17 March 2016.
2. Not to impose an administrative fine on Mrs Alexandra Aspri and Mr. Stavros Petrakides, non-executive directors of the Company until 19 February 2016.
Pursuant to section 127(2)(d) of the Law, CySec decided to prohibit Mr. Michel Pierre Salomon Teman from exercising professional activity related to the financial sector for a period of five (5) years, to June 2022.
Source: CySec – Decision for the imposition of administrative fines