Coronavirus pandemic or not, the Cyprus Securities and Exchange Commission (CSEC) last year imposed administrative fines exceeding €3 million, Philenews reported on Friday.
The €3.19 million fines went out for non-compliance with articles on market abuse. And €2.02 million of which was slapped on Cypriot investment companies, it added.
In particular, the total amount of fines imposed by the CSEC between 2013 and 2020 was €30 million. However, the state only collected €10 million with pending collection cases now standing before district courts.
At the same time, the Audit Office of the Republic has urged the Commission to intensify its efforts to collect administrative penalty fees.