The Securities & Exchange Commission announced that during its meeting of the 21 January 2002, amongst others, the following decisions were taken:
1. L. Atteshlis Shipping Ltd.
The Commission decided to impose an administrative penalty on the company L. Atteshlis Shipping Ltd. of CYP 10.000, in line with its authority through article 38 of SEC legislation. According to the Commission’s decision, L. Atteshlis Shipping Ltd. acted in breach of article 57(1), 59 and 69 of CSE legislation of 1993-2001, Regulation 81, of section VI of CSE regulations 1995-2001 and article 23 of the law concerning Privileged Information 36(1)/1999.
The reasons which led the Commission to the above decision resulted from the fact that the said company acted against its obligations for provision of information to investors and announcements to the SEC and also made misleading statements concerning agreements for the acquisition of various other companies.
2. Louis Cruise Lines Ltd.
The Commission decided to impose administrative penalties of CYP 5.000 on Louis Cruise Lines Ltd., in line with its authority through article 38 of SEC legislation, for breach of regulation 81 and in extent paragraph 9 of section VI of CSE regulations of 1995-2001.
The reasons which led the Commission to the above decision resulted from the fact that whilst the company Royal Olympic Cruise Lines Ltd., subsidiary of Louis Cruise Lines Ltd., had announced its financial results for the third three-month period of 2001 to the NASDAQ, Louis Cruise Lines Ltd. did not make a relevant announcement concerning the said results to the CSE.
3. Marketrends Capital Market Ltd.
The Commission decided, in line with its authority through article 38 of SEC legislation, to impose an administrative penalty of CYP 7.500 on the CSE Member Marketrends Capital Market Ltd. for breach of article 35 and 68 of CSE legislation of 1993-2001 and Regulations 21(1), 21(2)(b) and 27 of CSE regulations of 1995-2001. The said breaches concern financial obligations of stockbrokers of the Member, the necessary bookkeeping and accounts and statements concerning the value of its net capital.
1. L. Atteshlis Shipping Ltd.
The Commission decided to impose an administrative penalty on the company L. Atteshlis Shipping Ltd. of CYP 10.000, in line with its authority through article 38 of SEC legislation. According to the Commission’s decision, L. Atteshlis Shipping Ltd. acted in breach of article 57(1), 59 and 69 of CSE legislation of 1993-2001, Regulation 81, of section VI of CSE regulations 1995-2001 and article 23 of the law concerning Privileged Information 36(1)/1999.
The reasons which led the Commission to the above decision resulted from the fact that the said company acted against its obligations for provision of information to investors and announcements to the SEC and also made misleading statements concerning agreements for the acquisition of various other companies.
2. Louis Cruise Lines Ltd.
The Commission decided to impose administrative penalties of CYP 5.000 on Louis Cruise Lines Ltd., in line with its authority through article 38 of SEC legislation, for breach of regulation 81 and in extent paragraph 9 of section VI of CSE regulations of 1995-2001.
The reasons which led the Commission to the above decision resulted from the fact that whilst the company Royal Olympic Cruise Lines Ltd., subsidiary of Louis Cruise Lines Ltd., had announced its financial results for the third three-month period of 2001 to the NASDAQ, Louis Cruise Lines Ltd. did not make a relevant announcement concerning the said results to the CSE.
3. Marketrends Capital Market Ltd.
The Commission decided, in line with its authority through article 38 of SEC legislation, to impose an administrative penalty of CYP 7.500 on the CSE Member Marketrends Capital Market Ltd. for breach of article 35 and 68 of CSE legislation of 1993-2001 and Regulations 21(1), 21(2)(b) and 27 of CSE regulations of 1995-2001. The said breaches concern financial obligations of stockbrokers of the Member, the necessary bookkeeping and accounts and statements concerning the value of its net capital.