The Cyprus Securities and Exchange Commission (CySEC) announced that the country's Administrative Court upheld the decision to impose an administrative fine on Vladimiros Germanos, the former Chief Financial Officer (CFO) of CommexFX.

In 2017, CySEC decided to impose a total administrative fine of €20,000 on several individuals, including Vladimiros Germanos. Specifically, Germanos was fined for the following two violations:

1. As the company's CFO, he was held responsible for negligence and failure to ensure the company's compliance with Article 28(1) of the Investment Services and Activities and Regulated Markets Law of 2007 (‘L.144(I)/2007’).

2. He failed to ensure the correctness, completeness, and accuracy of the data and information disclosed to CySEC, violating Article 139 of the ‘L.144(I)/2007’.

Germanos appealed against the above decision under case number 1044/2014. On March 28, 2024, the Administrative Court dismissed all appeals, especially the allegations concerning the improper composition and structure of CySEC, and upheld the fine imposed on Germanos.

Currently, Vladimiros Germanos serves as the CFO of the Cypriot pharmaceutical company AVVA Pharmaceuticals.