Financial Services category powered by

CySEC opens investigation into Ayers Alliance Financial Group

The Cyprus Securities and Exchange Commission (CySEC) has opened an investigation into the investment firm Ayers Alliance Financial Group Ltd over alleged violations of the law in relation to its business operations.

Once the investigation is completed, and if a decision for an administrative sanction is taken, a relevant announcement will be published on CySEC’s website, it said.

“Ayers Alliance Financial Group Ltd is currently under examination by CySEC for the voluntary renunciation of its authorisation to operate as an investment firm,” the Commission said. “Pending the outcome of the examination of this application and the CySEC investigation, the CIF (Cyprus Investment Firm) will remain under the supervision of CySEC, and CySEC has reminded the CIF of its obligation to continue to comply with the provisions of the applicable legislation.”

Details of the imposition of a previous sanction against Ayers Alliance Financial Group Ltd by CySEC in April 2023 is listed here.

CySEC noted that Ayers Alliance Financial Group Ltd has appointed Panos Eliades as Administrator to the Group. “Administrators are generally appointed by the Board of Directors of a company to investigate its business and financial affairs. The Regulator is not involved in this process,” it said.

It further clarified that, as the regulator, it does not have restitution powers to compensate investors and therefore does not investigate or respond to individual complaints, although it does take complaints that have been submitted to CySEC into consideration during the performance of its supervisory mandate.

Any further updates will be provided through its website in due course, CySEC concluded.

Read More

Victor Trokoudes: I think Eurobank Greece has found a company that is able to innovate quickly
CySEC roundtable: Technologies, legislation the biggest challenges facing European markets
EIB Vice President in Cyprus for contacts
Artemis Credit Bureau to launch corporate ESG certification platform in March
€365m profit reported in Hellenic Bank Group financial results for 2023
Bank of Cyprus Group generated profit after tax of €487m in 2023
The current Central Bank Governor has been tried and tested
Consulco’s London Credit Fund surpasses target returns
Competition watchdog greenlights Eurobank-Hellenic deal
Annita Pavlou: "Bank of Cyprus leads the way in shaping a sustainable future"