penalties

CySEC slaps two entities with fines totalling , €76,500

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CySEC slaps two entities with fines totalling , €76,500

– The Cyprus Securities and Exchange Commission (CySEC) imposed fines totaling €76,500 on two entities for various violations in March.
– Treefund AIFLNP V.C.I.C. Ltd was fined €25,000 for violations related to investor protection, disclosure of changes, net asset value calculations, share acquisitions, and failure to submit reports.
– CySEC considered factors such as seriousness of violations and investor protection in determining the fine amount.
– Treefund AIFLNP V.C.I.C. Ltd had not committed similar violations before.
– AIFM Fiduserve Asset Management Ltd was fined €50,000 for violations of the Investment Services and Activities and Regulated Markets Law of 2017.
– Fines were imposed on AIFM Fiduserve Asset Management Ltd for failing to collect necessary investor information, provide required content in periodic statements, notify investors of portfolio value decreases, and disseminate fair and clear information to investors.

Government to intensify penalties, enhance firefighting measures

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Government to intensify penalties, enhance firefighting measures

On the International Day of Forests, Agriculture Minister Maria Panayiotou announced the government’s plans to submit amendments by the end of March to increase penalties for individuals causing fires. She spoke at Athalassa Park, stating that district administrations would conduct wild brush clearance by the end of May to prevent wildfires. Panayiotou emphasized the government’s focus on enhancing the forestry department’s operational readiness, infrastructure, technology, and human resources. She highlighted the introduction of technology, including drones and electromagnetic methods, for fire detection and forest surveillance, as part of the Recovery and Resilience Plan. The plan has also facilitated the acquisition of firefighting vehicles and equipment through national funds. Additionally, a coordination meeting at the Presidential Palace led to decisions on further measures for fire prevention and response, including a proposal for integrating the airborne firefighting unit into the National Guard and the reopening of the forestry college in 2025. Additional sensors for early wildfire detection are also to be installed.