The Cyprus Securities and Exchange Commission (CySEC) announced that the Administrative Court (First Instance) annulled CySEC’s 13 January 2014 decision imposing an administrative fine of €80,000 on Constantinou Bros Hotels Plc for a breach of Article 130 of the Cyprus Securities and Stock Exchange Law. The case was retried following a 30 May 2024 decision of the Supreme Constitutional Court (Second Instance). In its new decision of 18 December 2024, the Administrative Court concluded that the scope of Article 130, which incorporates Article 65(1) of Directive 2001/34/EC, was irrelevant to the violation identified in CySEC’s 2014 decision, and that Article 65(1) as amended by Article 17 of Directive 2004/109/EC applies only to the obligation to provide information to security holders.
Cyprus Securities and Exchange Commission 2025-03-07
Cyprus Securities and Exchange Commission reports Administrative Court annulment of €80,000 fine on Constantinou Bros Hotels
The Cyprus Securities and Exchange Commission announced that the Administrative Court annulled its 2014 decision to fine Constantinou Bros Hotels Plc €80,000 for breaching Article 130 of the Cyprus Securities and Stock Exchange Law. The court found that Article 130, incorporating Article 65(1) of Directive 2001/34/EC, was irrelevant to the violation, as it pertains only to information obligations to security holders.