The Cyprus Securities Exchange Commission (CySEC) today announced the imposition of fines and bans on the Board of Directors of Ayers Alliance Financial Group Limited.

The penalties have been determined after the regulator examined the compliance of the Board of Directors of the company with section 10(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017, as in force (‘the Law’).

The Ayers directors affected by the regulatory decision are:

• Mr. Tung Sun Tat Clement, Executive Director and Shareholder, from 15.11.2012 until today,
• Mr. Brian Nicolas Gay, Executive Director, from 21.6.2018 – 31.5.2024,
• Mr. Wissam Sabbah, Executive Director, from 21.1.2013 – 8.8.2023,
• Mr. Niels Ramin Vahman, Independent Non-Executive Director, from 7.7.2014 –7.2.2023 and
• Mrs Vasiliki Pourgoura, Independent Non-Executive Director, from 7.7.2014 – 3.2.2023.

CySEC determined that the above-mentioned directors acted in violation of section 10(1)(a) of the Law. The Ayers Board did not define and oversee and it did not take the responsibility regarding the implementation of the arrangements that ensure the effective and prudent management of the investment firm, in a way that promoted the integrity of the market and the interest of its clients.

Specifically, at the material time (at 31.12.2021), the principle of governance arrangements, which is set out in section 10(1)(b)(ii) of the Law, was not applied.

CySEC decided to impose an administrative fine of €150,000 and a 10-year ban from exercising management functions in CIFs on Mr. Tung Sun Tat Clement, Executive Director and Shareholder of the firm.

Mr. Brian Nicolas Gay, Executive Director and CEO of the CIF, will have to pay an administrative fine of €75,000. He is banned for a period of five years from exercising management functions in CIFs.

Mr. Wissam Sabbah, Executive Director and General Manager of the CIF, must pay an administrative fine of €75,000. He is banned for a period of five years from exercising management functions in CIFs.

CySEC imposed impose a ban from exercising management functions in CIFs for a period of five years on Mr. Niels Ramin Vahman, Independent Non-Executive Director of the CIF.

Mrs Vasiliki Pourgoura, Independent Non-Executive Director of the CIF, is banned from exercising management functions in CIFs for a period of five years.

In September 2023, CySEC imposed a fine on the owner of Ayers, Mr. Tung San Tat Clement. Earlier in 2023, CySEC ordered Ayers to stop certain activities.