Sanction 10589

The HCMC's BoD decided to impose a total fine of €150,000 on Mr Ioannis Exarchos for the infringement of the provisions of article 8 (paragraph 1) of Greek law 3606/2007 (from November 2013 until 2.1.2018), and of article 69 [paragraph 6(a)] of Greek law 4514/2018 (from 3.1.2018 until March 2020), because he and the company FERRYHILL CAPITAL PARTNERS (Mr Ioannis Exarchos is the sole shareholder and legal representative of the abovementioned company) provided on a professional basis the investment service of receiving and transmitting orders on units in collective investment undertakings, as well as the investment service of portfolio management, without the required authorisation by the Hellenic Capital Market Commission. In addition, a fine of € 40,000 was imposed on Mr Dimitrios Aravanis for the infringement of the provisions of article 8 (paragraph 1) of Greek law 3606/2007 (from April 2014 until July 2017), because he provided on a professional basis the investment service of receiving and transmitting orders on units in collective investment undertaking, without the required authorisation by the Hellenic Capital Market Commission.