CySEC fines Vgenopoulos for closed period trades

The Cyprus Securities and Exchange Commission decided to impose fines on Board members of Marfin Popular Bank Public Co Ltd, Messrs. Andreas Vgenopoulos, Eleftherios Hiliadakis and Kyriakos Mageiras for trading during the closed period. The trades violate articles 8 and 10 of Directive 5/2005 of the Securities and Exchange Commission.
The SEC imposed an administrative fine of CYP40,000 each for trades made in the closed period and without prior permission.
The Commission also decided to impose an administrative fine on Neoclis Lysandrou, Vice Chairman of Marfin Popular Bank Public Co Ltd for violating articles 8 and 10 of Directive 5/2005, since he allowed Messrs. Andreas Vgenopoulos, Eleftherios Hiliadakis and Kyriakos Mageiras to sell Company’s shares during a closed period, which is one of the categories of the prohibited period, pursuant to 8(2)(a) of KPD 447/2005, without being an emergency.