The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court (Second Instance) dismissed an appeal and upheld a prior judgment ratifying CySEC’s 28 April 2014 decision to impose a total administrative fine of EUR 705,000 on Andreas Vgenopoulos, then non-executive chairman of Marfin Popular Bank Public Co Ltd. The fine related to breaches of the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law concerning statements in the bank’s half-yearly financial report for the period ending 30 June 2010 and annual financial report for the year ending 31 December 2010, and breaches of the Public Offer and Prospectus Law regarding prospectuses dated 28 May 2010, 1 September 2010, 21 December 2010 and 19 May 2011 that he had signed. The Administrative Court had previously ratified CySEC’s decision on 31 August 2020 following an application filed in 2014, and the appeal was brought by Panayiotis Armamento as liquidator of the inherited property of the deceased Andreas Vgenopoulos; the Supreme Constitutional Court found the Administrative Court’s conclusions correct and reiterated that responsibility for a prospectus rests with the persons signing it.
Cyprus Securities and Exchange Commission 2025-07-01
Cyprus Securities and Exchange Commission’s EUR 705,000 fine against Andreas Vgenopoulos upheld by Supreme Constitutional Court
The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court upheld a prior judgment affirming CySEC's decision to impose a EUR 705,000 fine on Andreas Vgenopoulos, former non-executive chairman of Marfin Popular Bank, for breaches of transparency and prospectus laws related to financial reports and prospectuses he signed in 2010 and 2011. The appeal was dismissed, confirming the Administrative Court's earlier ruling.