The Cyprus Securities and Exchange Commission announced that the Supreme Constitutional Court (Second Instance) has dismissed an appeal by the Provident Fund of the Employees of the Cyprus Popular Bank Public Co Ltd and its subsidiaries, leaving in place CySEC’s EUR 50,000 administrative fine for a violation of section 19, as specified in section 21(1)(c), of the Insider Dealing and Market Manipulation (Market Abuse) Law (L.116(I)/2005). The fine was imposed by CySEC on 28 April 2014 and challenged through Application No. 1090/2014. The Administrative Court (First Instance) upheld CySEC’s decision on 23 July 2020, after which the Applicants filed Appeal No. 139/20; the Supreme Constitutional Court’s 19 May 2025 decision upheld the Administrative Court ruling.
Cyprus Securities and Exchange Commission 2025-06-12
Cyprus Securities and Exchange Commission EUR 50,000 market abuse fine upheld by Supreme Constitutional Court
The Cyprus Securities and Exchange Commission (CySEC) announced that the Supreme Constitutional Court has dismissed an appeal by the Provident Fund of the Employees of the Cyprus Popular Bank, upholding CySEC's EUR 50,000 fine for violating the Insider Dealing and Market Manipulation Law. The fine, imposed in April 2014, was previously upheld by the Administrative Court in July 2020.