Nearly two years after tightening its grip on Veles International Ltd, the Cyprus Securities and Exchange Commission (CySEC) has moved to end its oversight measures.

The regulator concluded that new evidence showed Dmitry Vitalyevich Bugayenko, the firm’s sole shareholder, no longer posed a risk to the company’s effective management. This decision clears Bugayenko of the earlier accusations that his influence undermined the governance of the Cyprus Investment Firm (CIF).

Background of the Decision

CySEC’s latest ruling, announced on Monday, followed a board decision made a week earlier on February 9. The action reverses measures first imposed in 2024 and later amended in June the same year.

Notably, those sanctions suspended Bugayenko’s voting rights and temporarily barred him from management activities in the company.

The move aimed to restore confidence in the broker’s management structure and protect investor interests while CySEC conducted further monitoring.

Related: CySEC Bans Broker Directors for 2 Years

According to CySEC, recently uncovered facts changed its assessment of the situation at Veles International. Upon reviewing the updated information, the watchdog determined that Bugayenko’s participation no longer hinders the firm’s governance.

As a result, CySEC terminated all measures related to him and confirmed that the company can now operate without those restrictions.

CySEC Steps Up Disclosure Standards

The termination of these measures came as Cyprus tightens its rules on how financial firms share information with the European Union. The latest development aims to make it easier for regulators and investors to access details about how firms operate.

As recently announced by the watchdog, large investment firms and asset managers will be required to submit more of their core disclosures to a central EU database over the next few years.

CySEC said that it has amended its Financial Conglomerates Directive to connect Cyprus to the European Single Access Point, the EU’s new online platform for financial and sustainability data.

This article was written by Jared Kirui at www.financemagnates.com.Retail FXRead More

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