The Cyprus Securities and Exchange Commission (CySEC) has just announced that it has fined the company Cyprint Plc and its former Director due to Insider Dealing.
Cyprint Plc has to pay a total administrative fine of €10.000 and Mr Christakis Christodoulou, Executive Director at the time, €5.000.
The complete text of the regulator’s decision can be seen below:
10 December 2018
CYSEC Board Decision
Announcement date: 10.12.2018
Board decision date: 10.09.2018
Regarding: Cyprint Plc, Mr Christakis Christodoulou (Director)
Legislation: The Insider Dealing and Market Manipulation (Market Abuse) Law
Subject: Fines
The Board of the Cyprus Securities Exchange Commission (‘CySEC’) wishes to inform the public that it has investigated the compliance of Cyprint Plc (‘the Company’) with the Insider Dealing and Market Manipulation (Market Abuse) Law (‘the Law’) and, after finding that Cyprint Plc acted on two (2) instances, and particularly on 25.6.2013 and on 2.6.2014, in violation of article 11(1)(a) of the Law due to non-publication, on those dates, of inside information which directly concerned the Company, decided at the meeting dated 10th September 2018, as follows:
-
- The imposition of a total administrative fine of €10.000 to the Company for the violation of article 11(1)(a) of the Law on 25.6.2013 and on 2.6.2014.
- The imposition of a total administrative fine of €5.000 to Mr Christakis Christodoulou, Executive Director at the time, as the Company’s violation of article 11(1)(a) of the Law on 25.6.2013 and on 2.6.2014, was due to his fault and negligence.
- Company’s violation of article 11(1)(a) of the Law, was not due to the fault, intentional omission and negligence of the remaining Members of the Board of Directors of the Company at the time.