CySEC announced settlement with insurance company for possible market abuse violations 

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The Cyprus Securities and Exchange Commission («CySEC») has announced that a settlement has been reached with an insurance company based in Cyprus for possible violation of the Market Abuse legislation.

In accordance with the CySEC’s decision:

CySEC, under article 37(4) of the Cyprus Securities and Exchange Commission Law of 2009, has the power to reach a settlement for any violation or possible violation, act or omission for which there is reasonable ground to believe that it took place in violation of the provisions of CySEC’s supervised legislation.

A settlement has been reached with Cosmos Insurance Public Company Limited («the Company») for possible violations of The Insider Dealing and Market Manipulation (Market Abuse) Law of 2005 as was in force («L. 116(Ι)/2005») and of Regulation (EU) No 2016/596 on Market Abuse («the Regulation»). In particular, the possible violations that arose, following an investigation by CySEC, concern the period 1.1.2016 – 28.4.2017 and the assessment of the Company’s compliance with:

  1. article 11(1)(a) of the L. 116(Ι)/2005 in relation to the issuers’ obligations as to the publication of inside information, and
  2. Article 15 of the Regulation in relation to the prohibition of market manipulation.

The settlement reached with the Company, for the possible violations, is for the amount of €30.000. The Company has paid the amount of €30.000.

It is noted that all amounts payable from settlement agreements are considered revenue (income) of the Treasury of the Republic and do not constitute income of the CySEC.

Source: CySEC

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