{"id":13406,"date":"2024-05-28T14:00:53","date_gmt":"2024-05-28T11:00:53","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=13406"},"modified":"2024-05-28T14:00:53","modified_gmt":"2024-05-28T11:00:53","slug":"cysec-issues-decisions-on-firm-license-withdrawals-public-takeover-exemption","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=13406","title":{"rendered":"CySEC issues decisions on firm license withdrawals, public takeover exemption"},"content":{"rendered":"
<\/div>\n

The Cyprus Securities and Exchange Commission (CySEC) <\/strong>recently announced a number of decisions pertaining to firms operating on the island, including the withdrawal of license authorisation. <\/p>\n

On Monday, CySEC stated that pursuant to section 38 of the Undertakings for Collective Investment Law, it decided to withdraw the UCITS licence of Ganita Global Gateways UCITS V.C.I.C Platform PLC<\/strong>, \u201cdue to the company\u2019s decision to expressly renounce it\u201d.<\/p>\n

Also on Monday<\/strong>, the commission announced that, at its meeting on May 20, 2024, it decided, upon the request of Marios Koutsokoumnis and the persons acting in concert with him, to grant an exemption pursuant to the provisions of Article 15(1)(j) of the Public Takeover Bids Law of 2007 as amended. <\/p>\n

This exemption pertains to the obligation to make a public takeover bid to the shareholders of Minerva Insurance Company Public Limited<\/strong>, which will result from the gradual acquisition of shares by Marios Koutsokoumnis in the company. <\/p>\n

The total percentage of share capital and voting rights of the company to be held by Marios Koutsokoumnis and the persons acting in concert with him shall not exceed 58.64 per cent. <\/p>\n

This restriction is subject to specific conditions. Firstly, the gradual acquisition of additional shares must ensure that the company continues to meet the dispersal criteria of the Alternative Market on which its shares are traded.<\/p>\n

Secondly, the acquisition of additional shares must be completed within 12 months. This starts from an initial base of 50.7945 per cent of the total shares and voting rights held by Marios Koutsokoumnis and the persons acting in concert with him. <\/p>\n

During this period, neither Koutsokoumnis nor the persons acting in concert with him may dispose of any shares of the company.<\/p>\n

Lastly, if Koutsokoumnis or the persons acting in concert with him do dispose of any shares of the company, the exemption ceases to apply to any further acquisition of the company\u2019s shares.<\/p>\n

This decision by CySEC ensures compliance with regulatory requirements while allowing for the controlled acquisition of shares in Minerva Insurance Company Public Limited.<\/p>\n

Elsewhere, CySEC announced that pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm authorisation with Number 096\/08 of Oval Money (Europe) Ltd<\/strong>, due to the \u201ccompany\u2019s decision to expressly renounce it\u201d.<\/p>\n

Finally, the commission also announced that pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05, to withdraw the Cyprus Investment Firm authorisation with Number 185\/12 of Forextime Ltd<\/strong>, \u201cdue to the company\u2019s decision to expressly renounce it\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

CySEC recently announced decisions to withdraw licenses from Ganita Global Gateways UCITS V.C.I.C Platform PLC, Oval Money (Europe) Ltd, and Forextime Ltd.<\/p>\n","protected":false},"author":3,"featured_media":13407,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[7817,5936,1776,1173,5732,10905,3,11434,2092,5193,201,11436,7818,2753,2796,5679,7074,11435,34,1346,2628,2871,1812,1806,3798,8114,4354,2343,4568],"class_list":["post-13406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-acquisition","tag-article","tag-compliance","tag-concert","tag-conditions","tag-criteria","tag-cyprus","tag-cyprus-securities-and-exchange-commission","tag-cysec","tag-decisions","tag-europe","tag-exemption","tag-insurance","tag-investment","tag-issues","tag-law","tag-licence","tag-license-withdrawal","tag-markets","tag-meeting","tag-money","tag-request","tag-rights","tag-services","tag-shares","tag-takeover","tag-undertakings","tag-voting","tag-withdrawal"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\nCySEC issues decisions on firm license withdrawals, public takeover exemption<\/title>\n<meta name=\"description\" content=\"license withdrawal. 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