The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court (Second Instance) has dismissed Demetris Playbell’s appeal and upheld CySEC’s 28 April 2014 decision imposing a €10,000 administrative fine for a breach of section 20(4) of the Public Offer and Prospectus Law. The fine related to Mr Playbell’s role as one of the signatories of the 1 September 2010 prospectus for Cyprus Popular Bank Public Co Ltd’s Employees’ Provident Fund public offer of shares to fund members. The Court found no basis to intervene in the first-instance ruling, concluding that CySEC followed the applicable legal procedure and sufficiently justified the fine, and therefore its decision was lawful. The Court also upheld CySEC’s counter-appeal, ruling that the Administrative Court’s reference to CySEC bearing a share of responsibility to the investing public for insufficient or misleading prospectus content was incorrect.
Cyprus Securities and Exchange Commission 2025-02-03
Cyprus Securities and Exchange Commission wins Supreme Constitutional Court ruling upholding €10,000 prospectus-law fine and backing its counter-appeal
The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court dismissed Demetris Playbell’s appeal, upholding CySEC’s €10,000 fine for a breach of the Public Offer and Prospectus Law. The Court confirmed CySEC's legal procedure and justification for the fine, also supporting CySEC's counter-appeal against the Administrative Court's assertion of shared responsibility for prospectus content.