The Cyprus Securities and Exchange Commission (CySEC) this week announced a further extension to its decision to prohibit Igor Gutinskiy, the sole director of the Cyprus Investment Firm (CIF) Otkritie Broker Ltd, from exercising management duties on the company’s board of directors.

CySEC had originally imposed a two-year prohibition on Gutinskiy, which was set to take effect after six months.

This follows earlier announcements on April 12, 2023, October 23, 2023, April 8, 2024, and October 2, 2024, regarding this decision.

At its meeting on September 29, 2025, CySEC decided to grant an additional six-month extension to the entry into force of the said prohibition, pushing the start date back until April 11, 2026.

This decision follows a previous CySEC decision dated March 24, 2025, by which an additional six-month extension had already been granted after the expiry of the previous extension.