The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court (Second Instance) dismissed its appeal and upheld the annulment of an administrative fine imposed on Stavros Hadjikyriakos. The case relates to CySEC’s 13 February 2017 decision to fine Mr Hadjikyriakos, then Executive Director of the Board of CommexFX Ltd, a total of EUR 45,000 for breaches of Article 139 of the Investment Services and Activities and Regulated Markets Law of 2007 and paragraph 9(1) of Directive DI144-2007-01 of 2012 on the authorisation and operating conditions of Cyprus Investment Firms. The Administrative Court annulled CySEC’s fine in its 30 April 2020 decision on the basis that CySEC’s Board composition at the relevant time was unlawful, and the Supreme Constitutional Court’s 26 March 2025 ruling upheld that conclusion, finding that the Council of Ministers’ appointment of one CySEC Board member was improper and that the appointment was invalid.
Cyprus Securities and Exchange Commission 2025-07-17
Cyprus Securities and Exchange Commission appeal dismissed as Supreme Constitutional Court upholds annulment of EUR 45,000 fine
The Cyprus Securities and Exchange Commission's appeal was dismissed by the Supreme Constitutional Court, which upheld the annulment of a EUR 45,000 fine against Stavros Hadjikyriakos. The fine, originally imposed for breaches of investment law, was annulled due to the unlawful composition of CySEC's Board at the time. The court found the appointment of a CySEC Board member by the Council of Ministers to be improper and invalid.