CySEC bans two execs of PFX Financial Professional

Maria Nikolova

Evgenios Martinides and Yaroslav Martynenko have been banned from the financial services industry for 10 years and 3 years, respectively.

The Board of the Cyprus Securities and Exchange Commission (CySEC) today announced actions taken against directors of PFX Financial Professional, a company that used to operate via www.fxfinpro.com and www.finproinvest.com.

The company’s CIF authorisation has been withdrawn since October 2018. The regulator says that it has examined whether the company’s non-compliance with the Law was due to the fault, willful omission and/or negligence of:

  • Evgenios Martinides, a person who acted as CEO in the company, and
  • Yaroslav Martynenko, executive director of the company.

CySEC has determined that PFX’s non-compliance with section 28(1) of the Law, regarding the authorisation and operating condition laid down in sections 12(1), 18(2)(a) and 18(2)(j) of the Law, with sections 36(1)(a) and 114 of the Law, which resulted to the withdrawal of the company’s authorisation, was due to the fault, willful omission and negligence of Evgenios Martinides and due to the fault and negligence of Yaroslav Martynenko.

The regulator has imposed a fine of €350,000 on Evgenios Martinides and has prohibited him from exercising professional activity related to the financial sector for a period of 10 years.

The regulator also bans Yaroslav Martynenko from exercising professional activity related to the financial sector for a period of 3 years.

Back in October 2018, CySEC decided to wholly withdraw the Cyprus Investment Firm authorisation of PFX Financial Professionals Ltd due to the company’s non-compliance with Section 28(1) of the Law, as it failed to comply at all times with the authorisation and operating conditions provided for persons who effectively direct the business of a CIF, and organisational requirements). The company also failed to comply with Section 36(1)(a) of the Law (conduct of business obligations when providing investment services to clients), and Section 114 of the Law (submission of CIF financial accounts), as well as with Section 139(1) of the Law (submission of information to CySEC which are correct, complete and accurate).

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