Insider Economy Pending fines before CySEC amounted to €14.1 million in 2017

Pending fines before CySEC amounted to €14.1 million in 2017

A total of €14.1 million of fines were pending before the Cyprus Securities & Exchange Commission by end of 2017, while that amount was €11.93 by end of 2016.

The Securities and Exchange Commission has clarified that these unpaid fines to the Republic of Cyprus had been imposed on supervised entities after April 30, 2004.

The fines are not capital market revenue but rather revenue of the Republic of Cyprus. And that most of the unpaid fines are pending before the court for collection.

The figures were presented in CySEC’s 2020 budget which mainly focuses on investment in technology aiming to improve the supervisory body’s performance in the coming years.

Specifically, there is a provision for the purchase of computer equipment, software and services worth €608,400.

There is also a provision of €427,428 to go towards healthcare, and also includes a 1.85% Gesy (General Health Plan) contribution for two months. Plus a 2.90% contribution for ten months on total earnings, according to a circular letter sent from the Treasury Department.

There is also a provision designed to cover the health care of employees and their dependents, as well as life insurance for them. The Commission contributes the full amount provided by the collective agreement and staff contribute additional amounts not covered by the plan on the basis of limits or exemptions.

Read more:

Top Stories

Larnaca Airport reopens Tuesday with flights to Athens, Sofia, Tel Aviv

  Larnaca Airport reopens on Tuesday with five arrivals and five departures to and from Athens, Sofia and Tel Aviv as Cyprus takes a further...

Two women in custody in €1.3 m forged payment orders case

  Two women, an accountant and an assistant accountant at a Limassol firm, were remanded in custody for eight days on Saturday as police investigate...

Anastasiades: Aggressive Turkey should be stripped of EU candidate status

  Ιf Turkey doesn't dial down its aggression in the Eastern Mediterranean, it should lose its status as a candidate for EU accession, President Nicos...

Suspected burglar arrested, valuables found

  A burglary suspect first attempted to avoid arrest but later informed police about a hiding place where they found jewellery and watches. Police said that...

86.5% of Cyprus’ coronavirus cases have recovered (infographics)

  A total of 808 of Cyprus' 958 coronavirus cases -- or 86.5% have recovered according to the latest update released by the Health Ministry...


Poulles (Υoung kolokassi)

Either you thrash the coriander seeds in a mortar, without making them into dust, or you gradually crush them in a blender. Remove the edges...

Pork cooked in wine

Crush the coriander seeds in a pestle and mortar or pulse-blend in a blender, taking care not to over-grind. Put the meat in bowl (not...

Lefkaritikos tavas – O ‘protinos’

Wash and dry the meat and rice separately. In a ‘tava’ (oven proof deep clay pot) first put a layer of five-six pieces of meat...

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...