The Cyprus Securities and Exchange Commission (CySEC), the financial regulator of Cyprus, has announced that it wishes to inform the public of the ruling issued by the Administrative Court of Cyprus on 16 January 2024 on the following joint application:

• 1833 / 2017, Giorgos Miltiadous v. CySEC
• 1834 / 2017, Pantelis Ioakeim v. CySEC ("Joint Application")

Giorgos Miltiadous and Pantelis Ioakeim filed a joint application in response to CySEC's decision on February 6, 2017 to impose an administrative fine of €25,000 on each of them, as they were executive directors of Pegase Capital Ltd before March 2016 and did not regularly evaluate the effectiveness of the policy;

As executive directors of Pegase Capital Ltd before March 2016, they did not regularly assess the effectiveness of the Company's policies, regulations and procedures to comply with the Investment Services and Activities and Regulated Markets Act 2007 (L. 144 (I) / 2007) and the provisions of Directive DI144-2007-02 relating to the professional conduct of CIF (see CySEC Notice of 19 October 2017).。

Pegase Capital Ltd, a CIF, had its license revoked following its explicit resignation。Pegase Capital via interactiveoption.com, interactive-option.com, hellobrokers.com, mtxplus.com and pegasecapital.Com domain name provides investment services。

While these individuals were executive directors, CySEC uncovered the company's violations, for which the regulator imposed an administrative fine of €300,000 on the company on 12 October 2015.。Subsequently, in the absence of satisfactory compliance measures to address the weaknesses identified, CySEC suspended the company's business license, suspecting that the company might continue to violate.。

In its decision of 16 January 2024, the Administrative Court of Cyprus rejected the joint application, upheld the CySEC ruling of 6 February 2017, imposed sanctions on the applicant and rejected all complaints, in particular those relating to errors of fact, violation of the principle of equality, unreasonable rulings, violation of the right to a fair hearing, violation of the principle of impartiality and improper composition.。