The Cyprus watchdog alleged that CPB and Commerzbank acted “in concert to manipulate the market” regarding CPB’s shares in April and May 2011.
CySEC imposed a €650,000 fine to Commerzbank AG for the violations. The Cyprus securities regulator decided not to impose a fine on CPB because it is s under special administration since 2013 and did not want to further burden on former depositors, bond holders and shareholders.
CySEC Chair Demetra Kalogerou, commented:
This investigation formed part of CySEC’s extensive investigation into CPB’s activities and role in the run up to the financial crisis and subsequent bail-in of the Cyprus banking sector in 2013. with this decision CySec has finally completed all the investigations concernig that period of time.
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