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SEC imposes fine of €6k to Ocean

01/07/2010 14:50
The Cyprus Securities and Exchange Commission decided to impose an administrative fine of total €6 thousand for violating article of the Transparency Requirements Law 2007. According to the announcement, “In its revised annual report for the year ended December 31, 2008: the revised annual financial statements, which are comprised of the revised consolidated accounts, have not been prepared pursuant to the Companies’ Law and pursuant to all principles of the International Accounting Standards/International Financial Reporting Standards, and the revised annual financial statements do not include the annual accounts of the parent company, which are prepared in accordance with the Companies’ Law”.

The Commission decided to impose to the Company an administrative fine of €5,000 for violating article 9(4)(c)(1) of the same Law.

“In order to determine the administrative fine for the violation of article 9(4)(c)(1) , the Commission took into account the gravity that the SEC gives in securing that the persons covered by the Law comply fully with its provisions and the importance that the SEC gives in the obligation to prepare Annual Financial Statements on the basis of the Law N.190(O)/2007 framework and specifically pursuant to the provisions of the International Financial Reporting Standards, which promote transparency in relation to the financial condition and the issuer’s results, which secures the proper operation of the market”, the announcement said.

It also took into account the gravity that the SEC gives in securing that the persons covered by the Law comply fully with its provisions and the seriousness that the Commission gives in the obligation to prepare a fully-completed Annual Report, which allows investors to evaluate better the financial condition and the results of the issuer.