Cyprus Securities and Exchange Commission reports Supreme Constitutional Court has set aside decision upholding Constantinou Bros Hotels €80,000 fine and ordered retrial

The Cyprus Securities and Exchange Commission (CySEC) published an update on a Supreme Constitutional Court (Second Instance) decision in the case Constantinou Bros Hotels Plc v. CySEC. The court set aside the Administrative Court’s first-instance ruling that had upheld CySEC’s administrative fine and ordered a re-trial of the underlying application challenging the sanction. Constantinou Bros Hotels Plc had contested CySEC’s 13 January 2014 decision imposing an administrative fine of EUR 80,000 for an alleged violation of Article 130 of the Cyprus Securities and Stock Exchange Law. The Administrative Court had upheld CySEC’s decision on 7 December 2018, but the Supreme Constitutional Court, in Appeal No. 7/2019, found that the first-instance decision failed to address a ground of appeal alleging an error in the spirit and letter of Article 130 and held the decision to be unjustified. The case will return to the Administrative Court for re-trial of Application No. 423/2014.