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28 November 2017
On October 18 2017 the Supreme Court issued its decision in Marfin Investment Group SA Holdings v Cyprus Securities and Exchange Commission.(1) The case concerned the Cyprus Securities and Exchange Commission's imposition of a €100,000 fine on Marfin in 2008 for buying shares in Marfin Popular Bank Plc on the Athens Stock Exchange during a closed period, which had contravened Article 13 of the Insider Dealing and Market Manipulation (Market Abuse) Law 2005 and the Code of Conduct for Advisers and Related Persons issued thereunder.
In 2011 the Supreme Court, in its primary jurisdiction, rejected Marfin's initial appeal and upheld CySEC's decision to impose a fine on the grounds that Marfin had admitted the infringement in the proceedings before CySEC and was therefore unable to challenge the legality of the fine.
Marfin filed an appeal against the first-instance court's ruling on the following grounds:
In its appellate jurisdiction, the Supreme Court again dismissed Marfin's appeal and upheld the fine on the grounds that:
The Supreme Court's decision confirms its essential role in the regulatory process.
For further information on this topic please contact Chrysanthos Christoforou at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email (email@example.com). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.
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