Cyprus Regulator Lifts Two-Year Ban on Broker's Director as “New Facts Emerge”

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.

CySEC Decision for Influence exercised by Dmitry Vitalyevich Bugayenko to the sound and prudent management of the CIF Veles International Ltd – Termination of measureshttps://t.co/W3FU7bIIMK

— CySEC – Cyprus Securities and Exchange Commission (@CySEC_official) February 16, 2026

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.

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