CySEC prohibits Crowd Tech sole shareholder from exercising his management duties
The Cyprus Securities and Exchange Commission (CySEC) today issued a statement regarding the management of Cyprus investment firm (CIF) Crowd Tech Ltd.
Crowd Tech Ltd, formerly known as MPF Global Markets Ltd, operates the domain trade360.com.
The Board of CySEC says that, at its meetings held on November 28, 2022 and January 9, 2023, it decided that, the influence exercised by Mr. Petros Zachariades, as sole shareholder of Crowd Tech, is prejudicial to the sound and prudent management of the CIF.
CySEC, in accordance with the power vested under article 11(3) of L. 87(I)/2017, decided to take the following measures, which shall come into force after five months, in order to end that situation:
- The suspension of the exercise of the voting rights attached to the shares of the CIF, held by Mr. Zachariades and
The prohibition to Mr. Zachariades to exercise management duties to the Board of Directors of the CIF.
Let’s recall that, in October 2022, CySEC announced a settlement with Crowd Tech. The settlement concerned possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – L.87(I)/2017 and of the Regulation (EU) 600/2014 on markets in financial instruments.