CySEC Issues Fines, Bans, and Authorisation Withdrawal in Series of Enforcement Actions

The Cyprus Securities and Exchange Commission (CySEC) has taken a series of enforcement decisions in recent weeks, issuing fines, imposing bans on directors, penalising a company for delayed reporting, and approving the voluntary renouncement of an investment management authorisation.

On July 21, 2025, CySEC announced that it had imposed an administrative fine of €1,300 on the investment firm Conotoxia Ltd for failing to submit its first-quarter 2025 QST-CIF Form within the deadline established by CySEC circular C691. The regulator explained that the fine was levied due to non-compliance with its reporting obligations, which are designed to safeguard transparency and allow for proper monitoring of investment firms.

The commission also reviewed the governance practices of the board of directors of Ayers Alliance Financial Group Limited during its meeting on August 25, 2025. The board members under review included Tung Sun Tat Clement, Brian Nicolas Gay, Wissam Sabbah, Niels Ramin Vahman, and Vasiliki Pourgoura. CySEC concluded that the board had failed to define, oversee, and assume responsibility for arrangements that would ensure the effective and prudent management of the company.

“At the material time, the principle of governance arrangements was not applied, and the board did not promote the integrity of the market or the interests of its clients,” the regulator said.

As a result of these findings, CySEC imposed an administrative fine of €150,000 on Tung Sun Tat Clement and issued a ten-year ban preventing him from holding management functions in investment firms. Both Brian Nicolas Gay and Wissam Sabbah were each fined €75,000 and received five-year bans from exercising management responsibilities in investment companies. Meanwhile, Niels Ramin Vahman and Vasiliki Pourgoura, both serving as independent non-executive directors, were banned from management roles in investment firms for a period of five years each.

According to the regulator, these measures underscore the serious responsibility of board members in ensuring proper governance and oversight within investment entities.

In a separate decision on September 8, 2025, CySEC approved the withdrawal of the Alternative Investment Fund Manager and UCITS Management Company authorisation of OneWorld Plus Management Limited. The regulator clarified that this move followed the company’s explicit request to renounce its authorisation voluntarily.

Through these actions, CySEC has reaffirmed its stance on compliance, governance, and accountability across Cyprus’s investment sector.

By fLEXI tEAM