The Cyprus Securities and Exchange Commission (CySEC) announced that it has imposed fines on Tung San Tat Clement, owner of Ayers Alliance Financial Group Ltd.

At a meeting held on September 1, 2023, the regulatory board found that Tung San Tat Clement failed to comply with the provisions of Section 32(3) of the Cyprus Securities and Exchange Commission Law of 2009, as he did not fulfill his obligation to provide timely, complete, and accurate information within the prescribed period amidst CySEC's investigation into Ayers Alliance Financial Group Ltd.

CySEC decided to impose the following penalties:

• An administrative fine of €10,000 on Tung San Tat Clement.
• An administrative fine of €850 per day for continued refusal to comply with the above requirements, effective immediately.

Earlier in 2023, CySEC ordered Ayers to cease certain activities:

The CySEC board determined that CIF Ayers Alliance Financial Group Limited violated Section 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017, as the company consistently failed to comply with the authorization conditions set out in Section 17(8) of the law, specifically the conditions regarding the authorization of client asset safeguarding, product governance obligations, and inducements as stipulated in Section 5(2) of Directive DI87-01, concerning the deposit of client financial instruments with third parties.