The Cyprus Securities and Exchange Commission has imposedsanctions on the Board of Directors of Ayers Alliance Financial Group Limited.The decision follows a review of the board’s compliance with the InvestmentServices and Activities and Regulated Markets Law.Earlier, thefirm voluntarily surrendered its Cyprus Investment Firm license amidchallenges, including difficulties in processing customer payouts. As a result,it is no longer authorized to provide investment services under CySECregulations.Governance Failures Lead to Director SanctionsCySEC found that the board failed to establish and overseearrangements to ensure the company was managed effectively and prudently. Theregulator noted that required governance measures were not applied at the endof 2021, affecting the integrity of the market and client interests. You may find it interesting at FinanceMagnates.com: “FacingDifficulties”: CySEC Investigates CIF That Struggles with Client Funds Returns.The measures target key board members, including ExecutiveDirector Tung Sun Tat Clement, CEO Brian Nicolas Gay, and General ManagerWissam Sabbah, as well as independent directors Niels Ramin Vahman and VasilikiPourgoura.CySEC Imposes Fines, Bans ExecutivesThe sanctions include fines and bans from holding managementpositions in Cyprus Investment Firms. The Executive Director and Shareholderreceived the highest penalty, including a fine and a long-term ban. Otherexecutive and independent directors were also banned, with some receivingadditional fines.CySEC said the measures were imposed to enforce governancestandards within investment firms. The regulator added that full details andjustification are available in the Greek version of the announcement. Nojudicial review was requested, and no ruling has been issued.Harborx Rebranded as Ayers Alliance Financial GroupEarlier, Harborx Ltd, a Cyprus Investment Firm, wasacquired by Ayers Alliance Global Holdings and rebranded as Ayers AllianceFinancial Group. The firm then offered investment and wealth managementservices under the new brand, marking Ayers Alliance’s expansion into theEuropean market. Harborx’s former team is reported to have moved to acryptocurrency exchange project supported by institutional investors.Harborx was acquired and rebranded as Ayers Alliance,providing investment and wealth management services.This article was written by Tareq Sikder at www.financemagnates.com.