The Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of a fine on Mr. Tung San Tat Clement, owner of Ayers Alliance Financial Group Ltd.

At a meeting held on September 1, 2023, the Board of the regulator determined that Mr. Tung San Tat Clement does not comply with Article 32(3) of the Cyprus Securities and Exchange Commission Law of 2009, as applicable, since he did not comply with the obligation to provide timely, complete and accurate information to a request for collection of information addressed to him around June 2023 in the context of an investigation conducted by CySEC for Ayers Alliance Financial Group Ltd within the stipulated period.

CySEC decided to impose:

1. an administrative fine of €10,000 on Tung San Tat Clement, and
2. a daily administrative fine of €850 for each day of continued refusal to comply with said request, with immediate effect.

Earlier in 2023, CySEC ordered Ayers to stop certain activities.

The Board of CySEC established a violation by CIF Ayers Alliance Financial Group Limited of Article 22(1) of The Investment Services and Activities and Regulated Markets Law of 2017, due to the company’s non-compliance with the authorisation condition set in Article 17(8) of the Law at all times, as specified in paragraph 5(2) of the CySEC Directive DI87-01 for the Safeguarding of Client Assets, Product Governance Obligations and Inducements, concerning the deposit of clients’ financial instruments with a third party.