Commission for the Protection of Competition launches public consultation on priority criteria

13 June 2024

The Competition Protection Committee is initiating a public consultation to establish criteria for prioritising its duties and powers as defined by the 2022 Competition Protection Law. This initiative aims to enhance transparency and effectiveness in the Committee's operations by setting clear guidelines that will direct its actions. The consultation process involves soliciting feedback from the public to ensure that the criteria reflect a balanced consideration of various factors including public interest, market impact, and resource allocation. The Committee's ultimate goal is to foster a competitive market environment that benefits consumers and the economy.

EU Council adopts conclusions on the Commission's annual report on the application of the EU Charter of Fundamental Rights

31 May 2024

The significance of effective legal protection and access to justice is underscored in the EU Council’s conclusions, vital for upholding and enforcing the rights enshrined in both the Charter and EU legislation.

Cyprus implements restrictions on Apostille for documents involving sanctioned companies or companies with Russian interests

10 April 2024

Cyprus is a signatory to and has ratified the Convention Abolishing the Requirement of Legalization for Foreign Public Documents (the Hague Convention of 5 October 1961). Under this Convention, legal public documents issued by the Government of Cyprus require an "Apostille" seal to be recognised as legal in foreign countries. The Apostille seal eliminates the need for further legalisation and has proven to be instrumental for the purpose of allowing Cyprus companies to participate efficiently in international transactions.

Cyprus Department of Registrar of Companies issues practice direction on the final solution of the Register of Beneficial Owners

07 March 2024

The Department of Registrar of Companies in Cyprus has recently issued a practice direction, providing detailed information on the entries that Cyprus entities need to make for complying with the final database solution that accommodates the Cyprus Register of Beneficial Owners (the Register). This guidance comes in the form of a manual and provides information aiming to assist the user in filing the relevant beneficial owner information onto the final solution system that has been developed to facilitate the collection of data for the Register.

EU Commission revises Market Definition Notice for competition cases

23 February 2024

On 8 February 2024, the European Commission adopted a revised Market Definition Notice, reflecting new market realities and developments in the Commission’s case practice and EU case law.  

Cyprus Register of Beneficial Owners – Final deadline and return of fines

13 February 2024

Further to the recent turbulence which arose as a result of the lapse of the deadline for the submission of details of the beneficial owners of companies with the Cyprus Register of Beneficial Owners (the Cyprus UBO Register), the Cyprus Registrar of Companies has issued guidance pursuant to which it provides a final extension of the deadline for the submission of the details of the beneficial owners to the final solution of the electronic Cyprus UBO Register and it decides the repayment of the fines imposed due to the late filings.

Cyprus Administrative Court recognises rights of affected parties to be heard before the Tender Review Authority

09 January 2024

In a welcome and much anticipated interpretation of Cyprus law, the Cyprus Administrative Court has clarified that in proceedings before the Tender Review Authority (the TRA) where the remedies sought include the grant of an order for rendering ineffective a signed contract between the contracting authority and a successful tenderer, such successful tenderer has the right to participate and be heard in the course of the TRA proceedings.

Cyprus prepares for widespread local government reform

29 June 2023

One year ahead of the implementation of a widespread local government reform in Cyprus, various streams of work are already running in parallel so that the municipal legislation is ready to support the new structure.

Cyprus publishes draft legislation for transposing DAC6

07 April 2020

The Republic of Cyprus has published draft legislation to transpose Directive 2018/822/EU on mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (DAC6).