Cyprus financial regulator CySEC has announced that it has taken various actions against a number of Executive and Non-Executive Directors of Exelcius Prime Ltd, which previously operated the 1Market online trading brand, at websites 1market.eu and 1market.hu targeting the Hungarian market. Exelcius Prime had its CySEC license suspended back in 2022.

Following the imposition of a fairly large (by CySEC standards) administrative fine to the Company in 2024 , CySEC said that it has examined the compliance of the Company’s Board of Directors. Following this, CySEC decided that the Company’s Board of Directors, namely:

• Andreas Katsantonis, Executive Director for the period 2.2.2016-30.11.2022,
• Melina Theodorou, Executive Director for the period 6.5.2020-28.6.2022,
• Simon Anthony Fox, Non-Executive Director and Shareholder for the period 26.1.2021 until today,
• Christos Domazou, Independent Non-Executive Director for the period 12.4.2022-29.6.2022,
• Marinos Gialeli, Independent Non-Executive Director for the period 20.10.2017-1.7.2022,

at the material time (1.1.2021-3.8.2022), acted in violation of of the Law, because:

• It 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.
• It 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, for the violation of sections of the Law by the Company’s Board of Directors, decided:

1. To impose to Andreas Katsantonis, ex Executive Director of the Company, an administrative fine of €75,000 and a ban for a period of three (3) years to exercise management functions in CIFs.

2. To impose to Melina Theodorou, ex Executive Director of the Company, an administrative fine of €25,000 and a ban for a period of three (3) years to exercise management functions in CIFs.

3. To impose to Simon Anthony Fox, Non-Executive Director and Shareholder of the Company, an administrative fine of €25,000 and a ban for a period of three (3) years to exercise management functions in CIFs.

4. Not to impose to Mr. Christos Domazos and Mr. Marino Gialeli ex Independent Non-Executive Directors of the Company, an administrative fine or measure, taking into account various factors relating to their capacity in the Company.