The Cyprus Securities Exchange Commission (CySEC) today published the findings of its examination of the Board of Directors of Itrade Global (Cy) Ltd.

The check was performed following CySEC’s findings regarding the non-compliance of Itrade Global (Cy) Ltd with provisions of the Investment Services and Activities and Regulated Markets Law of 2017, as in force (‘the Law’), which resulted to the imposition of administrative fine on the company.

CySEC checked whether the directors are compliant with section 10(1)(a) and 10(1)(d) of the Law.

Following this, CySEC decided at the meeting dated July 29, 2024 that the Company’s Board of Directors, namely:

• Mr. Lee Ron More, Executive Director, President and Shareholder during the period 8.4.2016 until today,
• Mrs. Elif Kundakci, ex Executive Director from 31.5.2019-31.3.2021,
• Mr. Yiannakis Christofi, ex Executive Director from 8.4.2016-26.7.2021,
• Mr. Charis Charalambides, ex Independent Non Executive Director during the period 20.7.2016-22.11.2023, and
• Mrs. Tatiana Kyriakidou, ex Independent Non Executive Director during the period 20.7.2016-11.9.2023,

acted in violation of section 10(1)(a) and 10(1)(d) of the Law.

In particular, the Board did not oversee the implementation of the arrangements that ensure the effective and prudent management of the company, in a way that promoted the integrity of the market and the interest of its clients, in order to comply with the principles which are set out in section 10(1)(b) points (i) and (iv) of the Law, as required by article 10(1)(a) of the Law.

Also, the Board did not monitor and, periodically assess the effectiveness of its governance arrangements and the adequacy of its policies relating to the provision of services to clients and it did not take appropriate steps to address any deficiencies, as required by Article 10(1)(d) of the Law.

CySEC decided to impose an administrative fine of €50,000 and a ban for a period of three years to exercise management functions in CIFs on Mr. Lee Ron More, Executive Director, President and Shareholder of the company.

The regulator decided not to fine Mrs. Elif Kundakci and Mr. Yiannakis Christophi ex Executive Directors and to Mr. Charis Charalambides and Mrs. Tatiana Kyriakidou, ex Independent Non Executive Directors of the company, because of various factors relating to their capacity in the

company.