Court dismisses Constantinos Mylonas’ Application against CySEC’s Penalty Decision

The Cyprus Securities and Exchange Commission (‘CySEC’) would like to inform the public that the Administrative Court has issued a decision on 9th December 2019 in the Application No. 1044/2014, Constantinos Mylonas v. Cyprus Securities and Exchange Commission.

Mr Mylonas, via the Application, contested CySECs decision of 24th April 2014 to impose on him an administrative fine of a total of €90.000 for violating article 40(1) of the Transparency Requirements (Securities Admitted to Trading on a Regulated Market) Law of 2007, in regard to a statement in the half-yearly report of Cyprus Popular Bank Public Co Ltd for the period ending on 30.06.2010 and the annual economic report for the period ending 31.12.2010.

The Administrative Court, according to the decision of 9th December 2019, dismissed the Application as the Applicant failed to establish a ground for dismissal justifying Court‘s intervention to the CySEC’s finding, which was deemed reasonably permissible, the result of proper investigation and fully justified.