Cyprus SEC rules against Marfin, imposes CYP10k fine

The Cyprus Securities & Exchange Commission has ruled that the public offer document submitted by Piraeus Bank seeking control of Marfin Popular Bank is valid and has called on Marfin to stop all attempts to promote its public tender bids seeking control of Bank of Cyprus and Piraeus Bank.

The SEC ruled that Marfin acted in clear violation of Cyprus M&A rules but because it views that the actions of Marfin were not in bad faith, it imposed a fine of CYP 10.000 or EUR 17.000 on Marfin, which is now supposed to recall its takeover process and await the outcome of the Piraeus bid, after which it will be able to submit an offer.