Cyprus financial regulator CySEC has announced that the country’s Administrative Court has upheld the decision of CySEC to impose an administrative fine on Vladimiros Germanos, dating back to his time as the Chief Financial Officer (CFO) of now-defunct Retail FX and CFDs broker CommexFX.

The case referred to a decision of CySEC back in 2017 to impose, among other persons, on Vladimiros Germanos, then CFO CommexFX Ltd, a total administrative fine of €20,000:

1. for fault and negligence, as the Chief Financial Officer of the Company, for the Company’s non-compliance with article 28(1) of the Investment Services and Activities and Regulated Markets Law of 2007 (‘L.144(I)/2007’), and

2. for non-compliance with article 139 of the L.144(I)/2007 as he did not ensure the correctness, completeness, and accuracy of the data and information disclosed to CySEC.

Mr. Germanos filed the Appeal No. 1044/2014 against the above decision dated 13.2.2017, and the Administrative Court, with its decision dated 28.3.2024, after rejecting all of the claims that were presented, and particularly regarding non-proper composition and structure of CySEC, upheld the decision of CySEC to impose an administrative fine on Mr. Germanos, as noted above.

Vladimiros Germanos today serves as CFO of pharma company AVVA Pharmaceuticals in Cyprus.