CySEC fines executive directors of PFX Financial

CySEC has imposed an administrative fine of EUR €350,000 on Mr. Martinides and has banned the individual from exercising professional activity relating to the financial sector for a period of ten years. CySEC has banned Mr. Martynenko from exercising professional activity related to the financial sector for a period of three years.

CySEC decided not to impose an administrative fine on the individual taking into consideration among other things, his degree of cooperation with CySEC and his efforts to address the issues the company was facing. This decision is based on the findings of CySEC’s investigation into the Company’s activities and has taken into account among other factors the seriousness attributed to such infringements. CySEC is committed to enforcing the highest standards of governance
for regulated companies in Cyprus.