Insider Business CySEC slaps sanctions, fine on executive directors of PFX Financial Professional

CySEC slaps sanctions, fine on executive directors of PFX Financial Professional

The Cyprus Securities and Exchange Commission (CySEC) said on Wednesday that it has imposed sanctions and an administrative fine on the executive directors of PFX Financial Professional, (‘the Company’).

CySEC’s withdrawal of the Company’s licence, and today’s action is a result of the investigation into the Company which found that its non-compliance with the Investment Services and Activities and Regulated Markets Law of 2007 was due to the fault, willful omission and negligence of the Company’s executive directors.

Specifically, it was found that the breaches in compliance included inadequately addressing concerns with the conduct of business obligations when providing investment services to clients, and failing to correctly and properly submit financial accounts and other information required by CySEC in a complete and accurate manner.

This was was primarily due to:

  • The fault, willful omission and negligence of Evgenios Martinides, who acted as CEO of the Company during the relevant period; and,
  • The fault and negligence of Yaroslav Martynenko, executive director of the Company during the relevant period.

As a result, CySEC has imposed an administrative fine of €350,000 on Martinides and has banned the individual from exercising professional activity relating to the financial sector for a period of ten years. CySEC has bannedMartynenko from exercising professional activity related to the financial sector for a period of three years.

CySEC decided not to impose an administrative fine on the individual taking into consideration among other things, his degree of cooperation with CySEC and his efforts to address the issues the company was facing.

This decision is based on the findings of CySEC’s investigation into the Company’s activities and has taken into account among other factors the seriousness attributed to such infringements. CySEC is committed to enforcing the highest standards of governance for regulated companies in Cyprus.

Demetra Kalogerou, Chair of the CySEC, said: There is no place in Cyprus for individuals who wish to conduct business without adhering to the rules and regulations in place to protect investors and uphold the standards of a robust financial market.”

Further details of CySEC’s decision is available on its website in Greek.

 

Top Stories

Just three Covid-19 patients at Famagusta Hospital

  There are currently only three coronavirus patients at Famagusta General Hospital, which is the referral hospital for Covid-19, CNA reports. Their condition is described as...

Child allowance paid to 50,695 families

  Child allowance has been paid to 50,695 families who have received a total of €29 million, the Labour Ministry has announced. It said that an allowance...

Third British scientist warns over rush to lift lockdown

  A third member of a scientific advisory body to the British government has warned that it is too soon to lift the COVID-19 lockdown...

Unrest flares in U.S. cities despite arrest of Minneapolis policeman

The white former Minneapolis police officer shown in video footage using his knee to pin an unarmed black man's neck to the street was...

MPs set to approve tougher penalties to crack down on traffic offenders

  Traffic offenders will need to dig deep into their pockets under long-awaited tougher penalties set to be approved by the House of Representatives by...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...