The Cyprus Securities and Exchange Commission published an update on a Supreme Constitutional Court second-instance ruling that dismissed an appeal by four former Cyprus Popular Bank Public Co Ltd directors, leaving in place CySEC’s 28 April 2014 decision to impose administrative fines for breaches of transparency and prospectus requirements. The fines concerned violations of the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law relating to 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 violations of the Public Offer and Prospectus Law relating to prospectuses dated 28 May 2010, 1 September 2010, 21 December 2010 and 19 May 2011 signed by Efthimios Mbouloutas, Eleftherios Chiliadakis and Panayiotis Kounni, but not Markos Forou. The Administrative Court had upheld CySEC’s decision on 30 November 2020, and the Supreme Constitutional Court confirmed, among other points, that allegations of partiality were not proven and that prospectus approval does not exempt signatories from their legal obligations.
Cyprus Securities and Exchange Commission 2025-11-10
Cyprus Securities and Exchange Commission reports Supreme Constitutional Court dismissal of appeal against fines on former Cyprus Popular Bank directors
The Cyprus Securities and Exchange Commission announced that the Supreme Constitutional Court upheld its decision to fine four former directors of Cyprus Popular Bank for breaches of transparency and prospectus requirements. The ruling confirmed the Administrative Court's decision, dismissing allegations of partiality, and affirmed that prospectus approval does not exempt signatories from legal obligations. The violations pertained to financial reports and prospectuses from 2010 and 2011.