CySEC Hits Exelcius Prime Directors with Fines and Bans Over Governance Failures

The Cyprus Securities and Exchange Commission (CySEC) has taken decisive action against Exelcius Prime Ltd and its Board of Directors for systemic failures in corporate governance, client protection, and regulatory compliance. On 14 July 2025, CySEC determined that several board members acted in breach of the Investment Services and Activities and Regulated Markets Law, failing to ensure effective management and oversight of the company’s operations between 1 January 2021 and 3 August 2022.

Former Executive Director Andreas Katsantonis was fined €75,000 and banned from holding management positions in CIFs for three years. Ex-Executive Director Melina Theodorou and Non-Executive Director Simon Anthony Fox received fines of €25,000 each and equivalent bans. Independent Non-Executive Directors Christos Domazou and Marinos Gialeli were not sanctioned due to limited involvement.

These penalties follow a prior CySEC decision from 4 March 2024, announced 7 August 2024, where Exelcius Prime Ltd itself was fined a total of €740,000 for multiple breaches, including providing unauthorized investment advice, failing to maintain adequate governance structures, and not implementing sufficient policies for client protection. Specific failures included inadequate board oversight, poor monitoring of investment products, unmanaged conflicts of interest, misleading client communications, and procedural breaches in establishing a branch in the Czech Republic.

Together, the 2024 company fines and 2025 director sanctions highlight CySEC’s intensified focus on accountability at both corporate and individual levels. The regulator underscores that directors are personally responsible for ensuring proper governance, client safeguards, and adherence to the law.