Thursday June 6 2024
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Cyprus
The Cyprus Stock Exchange (CSE) published an announcement stating that the Stock Exchange Council has decided to implement a policy of penalties on companies that fail to comply with their ongoing obligations to submit and publish financial information and to notify the meetings of their Board of Directors.
Regarding the provisions for the Regulated and the Emerging Companies Markets, the Stock Exchange Council has decided that in case of violation, it will consider imposing fines ranging from €100 to €5,000. The amount of the penalties will be determined depending on the type of violation by the companies and the time of delay, considering the issuer’s positions/opinions.
The imposition of the above fines for failure to comply with ongoing obligations as stated will take effect with the companies’ obligation to submit and publish their Half-Yearly Financial Information for the year 2024 and will continue with the financial results going forward.
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