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Administrative fines to 5 companies

19/03/2014 14:33
The Cyprus Securities and Exchange Commission imposed administrative fines to five companies for violating article 10(1) of the Transparency Requirements Law 2007. Specifically, for the fact that they failed to release their half-yearly financial report for the first half of 2012 in accordance with Article 37 (1) of that Law within the prescribed time limit of the law, that is, until June 30, 2012

SAFS Holdings was imposed a fine of €1600, Firstdelos Group €1600, Empire Capital Investments €2400, Stario Portfolio Investments €2900 and Laser Investment Group €4400.

To determine the administrative fine, the Commission took into account the gravity given to ensure that the persons covered by the Law fully comply with its provisions.

It also took into account the seriousness given to the requirement for timely disclosure of the Financial Report, which promotes transparency and contributes to the smooth operation of the stock market and the actual time of the delay.

For SAFS Holdings Public Ltd, Firstdelos Group Plc, Empire Capital Investments Public Ltd and Laser Investment Group Plc, it was taken into consideration the fact that they have not committed a similar offense in the past.

For Stario Portfolio Investments Public Company Ltd, SEC took into account the fact that it had also disclosed with a delay its Interim Financial Report for the period ended June 30, 2011.