Cyprus Financial Regulatory Authority The Cyprus Securities and Exchange Commission (CSC) has announced that it would like to inform the public about the issuance of the decision on 16 January 2024, by the Cyprus Administrative Court, regarding the following joint Applications:
(a) No. 1833/2017, Giorgos Miltiados v. EKK, and
(b) No. 1834/2017, Pantelis Joakim v. EKK (“Joint Applications”).
Giorgos Miltiados and Ioakeim Pantelis filed the joint appeals against the decision of the Greek Cypriot Greek Cypriot Council, dated February 6, 2017, to impose an administrative fine of 25,000 euros on each of them, since as executive advisors of the company Pegase Capital Ltd until March 2016 it did not conduct periodic evaluations of the effectiveness of the policies, regulations and procedures established by the company, for compliance with the obligations based on the Investment Services and Activities and Regulated Markets Law of 2007 (L. 144(I)/2007) and Directive DI144-2007-02 regarding the professional conduct of CIFs (see Announcement of ΕKK dated 19 October 2017).
Pegase Capital Ltd was a CIF whose license was revoked following its express resignation. Pegase Capital provided investment services through the domains interactiveoption.com, interactive-option.com, hellobrokers.com, mtxplus.com and pegasecapital.com.
During the period when these individuals were executive directors, the CySEC had identified violations of the company, for which on 12.10.2015, the regulatory authority imposed an administrative fine of 300,000 euros and then, due to a lack of satisfactory measures to comply with the identified weaknesses, CySEC suspended the company’s operating license, suspecting a possible continuation of non-compliance.
The Administrative Court of Cyprus, in its decision of 16 January 2024, rejected the Joint Applications and upheld the decision of the Greek Greek Cycladic Societydated February 6, 2017, imposing sanctions on the applicants, rejecting all claims, in particular those related to a mistake of fact, violation of the principle of equality, unjustified decision, violation of the right to a fair trial, violation of the principle of impartiality and incorrect composition.