The Cyprus Securities and Exchange Commission (CySEC) has taken decisive action against Veles International Ltd, a Cyprus Investment Firm (CIF), and its sole direct shareholder, Dmitry Vitalyevich Bugayenko. The decision follows CySEC's assessment that Bugayenko's impact on the company was detrimental to its “sound and prudent management.”

CySEC Cracks Down on Veles International and Its Sole Shareholder

In a bid to rectify the situation, CySEC has announced a series of measures that will come into effect after a 12-month period. Bugayenko's voting rights attached to his shares in Veles International Ltd, which constitute the entirety of the CIF's share capital, will be suspended. This means he will not be able to exercise his rights as a shareholder to vote on company matters for a specified period.

Furthermore, Bugayenko, who serves as a Non-Executive Director of Veles International Ltd, and Ganna Dotsa, an Executive Director, will be prohibited from exercising management duties on the company's Board of Directors for two years. This effectively bans them from making managerial decisions for the company during this time.

CySEC Decision for Influence exercised by Mr. Dmitry Vitalyevich Bugayenko to the sound and prudent management of the Veles International Ltdhttps://t.co/1xLmqMa5EK

— CySEC (@CySEC_official) April 10, 2024

In determining the type of measures, CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term considered “the particular circumstances of the CIF, namely that Ganna Dotsa and Dmitry Bugayenko are the only non-independent directors of the CIF, following their appointment by the CIF's direct shareholder.”

In setting the twelve-month deadline for the measures, CySEC considered the need to ensure that “the funds and financial instruments are ultimately returned to the investors.”

CySEC's Decision Aims to Protect Investors

The decision to restrict Bugayenko and Dotsa's roles and influence within Veles International Ltd is part of CySEC's ongoing efforts to ensure the integrity and stability of the investment services sector in Cyprus. CySEC aims to protect investors and maintain confidence in the market by taking these measures, prioritizing cross-border activities and CFD risk mitigation.

In the most recent regulatory action, the Cypriot market watchdog penalized Notesco Financial Services Ltd. for a possible violation of the Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term on markets in financial instruments. The regulated company agreed to a settlement of €100,000 with the institution.

Simultaneously, CySEC settled with another locally regulated company, Noteris Services Ltd. It has agreed to pay €50,000 for potential violations of investment services laws.