Cyprus watchdog delays management ban on CIF director until 2027

The Cyprus Securities and Exchange Commission (CySEC) announced on Wednesday that it has extended the start date of the management prohibition on Otkritie Broker Ltd’s sole director Igor Gutinskiy, delaying its entry into force until April 11, 2027.

The decision, taken at the CySEC board meeting on March 30, 2026, follows previous announcements made across numerous dates between 2023-2025.

The original measure prohibited Gutinskiy from exercising management duties at the board of directors of Otkritie Broker Ltd for two years, with effect six months after the initial decision.

CySEC’s latest ruling grants a further twelve-month extension to the entry into force of the prohibition, delaying it until April 11, 2027.

Background on original decision

In terms of the original decision, taken during a CySEC board meeting on March 1, 2023, the commission determined that the influence exercised by Otkritie FC Bank as an indirect shareholder of Otkritie Broker Ltd was prejudicial to the sound and prudent management of the Cyprus investment firm (CIF).

Under article 11(3) of the Investment Services and Activities and Regulated Markets Law (L. 87(I)/2017), CySEC implemented measures set to take effect six months later.

These included the suspension of voting rights attached to the shares of the CIF held by Otkritie Broker JSC, the sole direct shareholder and 100 per cent subsidiary of Otkritie FC Bank.

Additionally, CySEC issued a prohibition for Igor Gutinskiy, the sole director of the CIF, from exercising management duties at its board of directors for two years.