The Cyprus Securities and Exchange Commission has imposed sanctions on the Board of Directors of Ayers Alliance Financial Group Limited. The decision follows a review of the board’s compliance with the Investment Services and Activities and Regulated Markets Law.

Earlier, the firm voluntarily surrendered its Cyprus Investment Firm license amid challenges, including difficulties in processing customer payouts. As a result, it is no longer authorized to provide investment services under CySEC regulations.

Governance Failures Lead to Director Sanctions

CySEC found that the board failed to establish and oversee arrangements to ensure the company was managed effectively and prudently. The regulator noted that required governance measures were not applied at the end of 2021, affecting the integrity of the market and client interests.

The measures target key board members, including Executive Director Tung Sun Tat Clement, CEO Brian Nicolas Gay, and General Manager Wissam Sabbah, as well as independent directors Niels Ramin Vahman and Vasiliki Pourgoura.

CySEC Imposes Fines, Bans Executives

The sanctions include fines and bans from holding management positions in Cyprus Investment Firms. The Executive Director and Shareholder received the highest penalty, including a fine and a long-term ban. Other executive and independent directors were also banned, with some receiving additional fines.

CySEC said the measures were imposed to enforce governance standards within investment firms. The regulator added that full details and justification are available in the Greek version of the announcement. No judicial review was requested, and no ruling has been issued.