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SEC: Fine of €100k to ASP

20/04/2010 15:21
The Cyprus Securities and Exchange Commission Board decided to impose an administrative fine for the amount of €100.000 to Advantage Capital Holding Plc (ex Aspis Holdings Public Company Ltd).

According to the announcement, “the Cyprus Securities and Exchange Commission Board informs the investors that during its board meeting dated 4 January 2010, decided to impose an administrative fine for the amount of €100.000 to the company Advantage Capital Holding Plc (ex Aspis Holdings Public Company Ltd) (‘the Company’) for violation of article 32(3) of the Cyprus Securities and Exchange Commission Law of 2009 (‘the Law’) because the company did not comply with the request of the investigating officers to collect information, and specifically it did not submit the requested information by the officers during the exercise of their duties”.

In addition, the Commission decided to impose a daily fine to the Company for the amount of €800, for every day of continuing not to comply with the request of the investigating officers to collect information, starting 15 April 2010.

In determining the above decision, the Commission took into consideration the seriousness that the law maker attributes in violations of this kind, which is reflected by the maximum administrative sanction imposed for violations of the article 32 of the Law, at article 32(5) of the same Law, which is up to €350.000 and/or daily fine of up to €850.

It also took into account the importance attributed to the effective exercise of the supervisory and regulatory duties of the Commission assigned by the Law, among which is the carrying out of inspections which should not be hindered.

SEC stressed the emphasis given to the timely, fully and accurate submission of information to the Commission as failure to submit information affects the Commission’s ability to carry out inspections necessary to ensure the smooth operation of the capital market and the investors’ protection.

Finally, the Commission took into account the fact that the Company is listed in the Cyprus Stock Exchange Main Market, with important presence in the Cyprus market, and it was expected to show good cooperation and respond immediately to its Regulatory Authority and the seriousness, and the need, to acquire the requested information for the purposes of performing/completing the case under investigation.