Cypriot financial regulator CySEC has announced that the country’s Administrative Court has upheld the Cypriot Securities and Exchange Commission’s decision to impose an administrative fine on Vladimiros Germanos, dating back to his time as Chief Financial Officer (CFO) of the now defunct Retail FX and CFDs broker CommexFX.
The case concerned a 2017 decision by the Greek Securities and Exchange Commission to impose, among others, on Vladimiros Germanos, then CFO CommexFX Ltd, a total administrative fine of €20,000:
1. for culpability and negligence, as the Company’s Financial Director, for the Company’s non-compliance with article 28 paragraph 1 of the Investment Services and Activities and Regulated Markets Law of 2007 (‘N.144(Ι)/2007’), and
2. for non-compliance with article 139 of Law 144(Ι)/2007 as it did not ensure the correctness, completeness and accuracy of the data and information disclosed to Cymru.
Mr. Germanos appealed No. 1044/2014 against the decision of 13.2.2017 and the Administrative Court with its decision of 28.3.2024, after rejecting all the requests that were made and in particular regarding incorrect composition. and structure of the Greek Cycladic Society, ratified the Greek Cycladic Society’s decision to impose an administrative fine on Mr. Germanos, as mentioned above.
Vladimir Germanos currently serves as CFO of the pharmaceutical company AVVA Pharmaceuticals in Cyprus.