The Cyprus Securities and Exchange Commission (CySEC) has recently taken several enforcement decisions, imposing fines and bans on directors, penalising a company for late reporting, and approving the voluntary renouncement of an investment management authorisation.

On July 21, 2025, CySEC decided to impose 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 set by CySEC circular C691.

The regulator said the fine was imposed due to non-compliance with its reporting requirements, which aim to ensure transparency and proper monitoring of investment firms.

CySEC further reviewed the compliance of the board of directors of Ayers Alliance Financial Group Limited at its meeting on August 25, 2025.

The commission found that the board, including Tung Sun Tat Clement, Brian Nicolas Gay, Wissam Sabbah, Niels Ramin Vahman, and Vasiliki Pourgoura, failed to define, oversee, and take responsibility for arrangements ensuring the effective and prudent management of the firm.

“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, CySEC imposed an administrative fine of €150,000 on Tung Sun Tat Clement and banned him from holding management functions in investment firms for ten years.

Brian Nicolas Gay and Wissam Sabbah were each fined €75,000 and banned for five years from exercising management functions in investment firms.

Niels Ramin Vahman and Vasiliki Pourgoura, both independent non-executive directors, were banned from management roles in investment firms for five years each.

The regulator stated that these measures reflect the serious responsibility of board members to ensure proper governance and oversight in investment companies.

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 commission said this decision followed the company’s express request to renounce its authorisation voluntarily.