The Supreme Court has accepted an appeal lodged by the Bank of Cyprus against a decision of the Administrative Court dated May 27, 2022. This ruling had validated the administrative decision of the Cyprus Securities and Exchange Commission dated April 28, 2014, which imposed an administrative fine of €950,000 on the Bank.

Specifically, the Supreme Court’s decision upholds the appeal regarding the Administrative Court's confirmation of the Commission's 2014 decision to impose the fine.

The initial action by the Commission, on February 4, 2013, found that the Bank had committed several violations of various legislations related to its investment in Greek Government Bonds.

The Supreme Court observed a breach of the objective aspect of the principle of impartiality by the Commission, particularly due to the involvement of its President. Consequently, the appeal reasons related to this aspect succeed, as stated in the decision.

As per the ruling, the appeal is successful, and as a result, the decision of the Administrative Court dated May 27, 2022, is set aside, leading to the annulment of the Commission’s decision dated April 28, 2014.