Home / CY AIF Law of 2018 / PART V SUPERVISION AND PENALTIES / Chapter 2: Criminal Provisions and Administrative Penalties / [120] Administrative penalties.

120. Administrative penalties.

In case of infringement of the provisions of this Law or a directive of the Securities and Exchange Commission, the following shall apply:

(a) the Securities and Exchange Commission may impose, to any infringer, an administrative penalty not exceeding three hundred and fifty thousand euro (€350.000) and, in case of repetition of the infringement an administrative fine not exceeding seven hundred thousand euro (€700.000), depending on the gravity of the infringement∙

(b) where it is established that the person responsible for the infringement has obtained profit as a result of the infringement, or has allowed another person to obtain profit as a result of the infringement, the Securities and Exchange Commission may impose an administrative penalty of up to double the amount the said person gained by the infringement∙

(c) the Securities and Exchange Commission, at its discretion and in any way it considers suitable as the case may be, shall disclose to the public any measure or penalty it imposes in accordance with this Law, to an AIF marketing its units in the Republic, as well as any person engaged in AIF activity in the Republic:

It is provided that, the measure or penalty is not published, in cases where such publication may jeopardise the stability of financial markets or may put the interests of investors at risk or cause disproportionate damage to the parties involved∙

(d) in case of non-payment of an administrative fine, measures shall be taken for its receipt in accordance with the provisions of the Securities and Exchange Commission Law∙

(e) in case an administrative fine is imposed, the Securities and Exchange Commission may also impose the administrative fine of paragraph (a) to-

• a legal person∙

• a member of the board of directors, an executive or official or any other person, where it is established that the infringement is due to its own fault, willful omission or negligence.