On 12 November 2018, the European Parliament published the 6th AML Directive (AMLD6), bringing into force further rules against money laundering, which Member States are required to transpose into national law by 3 December 2020.
Our Partner Dr Nicolas Kyriakides will be presenting on 21 October 2020, 16:00-18:00, the research seminar titled 'The American Rocket Docket System: A model for active case management for countries facing delays in justice' at the fourth research seminar series organized by the Department of Law at the University of Cyprus.
Find more information here.
We are happy to announce that Harris Kyriakides, has joined as a Legal Sponsor the NPL Investing & Management Summit taking place online on October 21-22. Find out more details at https://www.ddc-financial.com/2-part-npl-summit-greece.
Producers and media companies are invited to utilise the Cyprus landscape and infrastructure and enjoy a variety of legal, corporate and tax incentives for filming in Cyprus under the new Cyprus Filming Scheme.
Our partner Dr Nicolas Kyriakides, Co-Director of the Procedural Law Unit at the University of Nicosia (https://www.unic.ac.cy/school-of-law/plu/), will be co-presenting a paper in the upcoming Frontiers in Civil Justice conference, on 16-17 November 2020 (https://www.unic.ac.cy/frontiers-in-civil-justice/).
Our Associate Mr Christos Stroppos will be presenting on 16 September 2020, 16:00-18:00, the research seminar titled 'The Autonomy of EU Legal Order' at the fourth research seminar series organized by the Department of Law at the University of Cyprus. Find more information at here.
On 13 July 2020 the Commissioner for Personal Data Protection announced that she will soon commence investigations on private companies in order to evaluate whether the General Data Protection Regulation (EU) 2016/679 is properly applied.
Our Associate Mr Christos Stroppos contributed to the Commercial Law Review as a co-author of a brief overview on the legal framework regulating the provision of electronic money services in the Republic of Cyprus.
The current challenges journalists are facing while conducting police or a judicial reporting, the criminological terminology used, the profile of the "criminal" at the recording of the crime, and how the mentality of journalism will change to address prisoners and ex-prisoners, were discussed in the context of an online event organised by the Association of Prisoners and Ex-Prisoners Rights Protection (the Association).
On 02/08/2019, the Parliament has passed the Transfer and Mortgage of Property (Amending) (No. 4) Law of 2019, however, the President of the Republic of Cyprus has referred the law to the Supreme Court to determine its compatibility with Constitution.
Pursuant to a new Procedural Regulation (no. 2/2020) issued by the Supreme Court on May 13, 2020 and having effect as of June 5, 2020, all procedural timeframes in relation to filings of pleadings or applications or for the performance or processing of any procedural step, are reinstated and the suspension adopted due to the pandemic of Covid-19 is abolished.
On 8 May, 2020, the Supreme Court of Cyprus delivered its much-awaited judgement in the context of the appeal 68/19 (Appeal), granting leave for the submission of an application for the issuance of a Certiorari, a prerogative writ.
In light of the coronavirus pandemic, the Cyprus government activated the provisions of an outdated law, providing the Minister of Health with the power to issue decrees determining, inter alia, the ways and reasons Cypriot citizens may commute.
Advertising self-regulation is an extremely important practice that incentivizes advertising bodies to hold themselves responsible and remain compliant with the requirements set forth by national legislation.
The Deputy Minister to the President for Research, Innovation and Digital Policy, announced the introduction of electronic signatures, digitalising the interaction of citizens with public authorities, pushing Cyprus a step forward to implement the EU digital single market.
Harris Kyriakides LLC contributes the Cyprus chapter in the International Comparative Legal Guide to: Drug & Medical Device Litigation 2020. The guide provides a practical cross border insight into drug and medical device litigation.
In light of the urgent need to take measures to prevent the spread of the Covid-19 coronavirus, and in compliance with the relevant directions that were issued by the Medical Services of the Ministry of Health, the Supreme Court has proceeded to the regulation of the temporary suspension or adjudication and or promotion of a series of cases in all Courts.
In an effort to mitigate the economic impacts of Covid-19, the European Commission (the Commission) has published guidelines to ensure EU passenger rights- whether they travel by air, bus, rail, ship, or coach, are known to passengers and are applied in a coherent manner across the European Union (the EU).
The imposition of strict restrictive measures to prevent the spread of coronavirus Covid - 19 highlighted the necessity to fill in the legislative vacuum concerning the possibility to hold a meeting of a collective (multi-member) administrative body through the use of electronic media (teleconferencing).
Following the decision taken by the Council of Ministers on the operation of the public sector to prevent the spread of virus amid COVID-19 dated 15 March 2020, the Civil Registrar and Migration Department (CRMD) has made an announcement informing that the department shall be operated with a limited number of security personnel to handle emergency cases only.
In the course of the last months, two Judges of the Cyprus Administrative Court have issued conflicting decisions concerning the regulation promulgated by the Cyprus Pharmacy Board on the operation hours of pharmacies in Cyprus during the summer period.
On 24 July 2019 the European Commission issued new guidelines geared towards access of third party nationals and corporations in the EU public procurement area, as part of a package of initiatives aiming to ensure fair competition, high quality and a level playing field in public procurement markets, regardless of origin of bidders.
On 11th December 2019 the European Commission presented the European Green Deal to transform the European Union into a fair and prosperous society, with a modern, resource-efficient and competitive economy.
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).
The escalation of the COVID-19 pandemic and the emergency situation created in the public health sector, which severely harms the citizens and the wider society, has led to concussions in the global and national economy.
Under the Value Added Tax (Amending) Law of 2020 (L.24(I)/2020), the right of suspension of the obligation of payment of the VAT is conferred to the persons registered in the VAT Registry, whose specified taxation periods end on the 29th of February 2020, the 31st of March 2020 and the 30th of April 2020.
The House of Representatives has approved on 27/3/2020 the Financial Support Program in response to the financial impact of the coronavirus and in particular the decision for non-payment of the increased contribution to GESY for a period of three months, i.e. April–June. In July, the rates will return to those announced in March 2020.
Governments, public and private organisations throughout Europe are taking measures to try to contain and mitigate COVID-19 and its consequences including processing sensitive personal data. However, they should still keep GDPR and its obligations in mind in the time of COVID-19.
The outbreak of coronavirus (COVID- 19) has created a new reality, and its impact cannot be foreseen due to its uniqueness and lack of historical data. This evolving situation developed by coronavirus raises concerns about the impact on global economy, markets’ volatility and the consequences on the insurance sector.
In the course of the measures taken by the Cyprus Government to support the companies/businesses that are affected by the restricting measures imposed to prevent the spread of the Coronavirus, the Department of Registrar of Companies and Official Receiver (DRCOR) is announcing the following:
As the novel coronavirus (COVID-19) outbreak continues to evolve, Cyprus authorities adopted different measures in order to prevent the spread of the coronavirus (COVID-19) and to strengthen the economy. The measures affected, among others banking and other institutions active in the banking sector.
The European Data Protection Board (the EDPB) has been actively cooperating with the National Supervisory Authorities in an effort to implement a more harmonized approach regarding standard contractual clauses (SCCs) for contracts between controllers and processors used internationally.
On 15 March 2020, the Council of Ministers held an extraordinary meeting and decided on the measures to be taken for the protection of employees and businesses, in view of the emergency situation created as a result of the spread of coronavirus (COVID-19).
In the light of the measures announced by the Cyprus government to curb the spread of the novel coronavirus (COVID-19), the governmental departments of the Republic of Cyprus have issued the following statement.
The outbreak and rapid spread of the COVID-19 has roiled markets and disrupted business, threatening the global and local economies. In an attempt to support local businesses to overcome the crisis related to the effect of COVID-19, Cyprus Government have announced a number of TAX measures, which are yet to be finalized and submitted for the Parliament’s approval within this week.
In light of the need to take measures to prevent the spread of the Covid-19 coronavirus, a meeting of the President and Members of the Supreme Court was held on 16.3.2020 at the Supreme Court, in the presence of the Minister of Justice and Public Order, the Attorney General, and the President of the Cyprus Bar Association.
In view of the worldwide spread of COVID-19, which the World Health Organisation has classified as a pandemic, the Cyprus Government has issued a number of migration measures for travellers arriving in the Republic of Cyprus.
Moneyval published on 12 February 2020 Cyprus’ comprehensive assessment of the effectiveness of anti-money laundering and countering the financing of terrorism (AML/CFT) system and its level of compliance with the Recommendations of the Financial Action Task Force (FATF).
We are pleased to share our 2020 guide on Cyprus Tax Facts and Figures. This comprehensive and easy-to-use publication is aiming to provide complete, valid and updated information to Cyprus companies and individuals based on the cypriot legislation and tax practices.
Harris Kyriakides LLC contributes the Cyprus chapter in the International Comparative Legal Guide to: Environment & Climate Change Law 2020. The guide provides a practical cross border insight into Environment and Climate Change Law.
The House of Representatives of the Republic of Cyprus has amended the Transfer and Mortgage of Property Law of 1965 (9/65) (the Law) in 2015, through the introduction of Part VIB of the Law, seeking to protect “Trapped buyers”.
Harris Kyriakides LLC contributes the Cyprus chapter in LexisNexis® Company and Foreign Investment Law Guide’s 2020. The guide showcases a detailed review and analysis on Company & Foreign Investment practices around the world.
IFRS 17 Insurance Contract (International Financial Reporting Standards) is the new accounting standards for insurance contracts. IFRS 17 was introduced on May 2017 by International Accounting Standards Board (IASB) and it is a profound development on setting out a common global accounting standard on measurement, recognition of profit and loss, presentation and disclosure of insurance contracts.
On 24 January 2020 the House of Representatives of the Republic of Cyprus has passed an amendment to the Rent Control Law of 1983 (the “Law”) that aims to make the eviction procedure easier and quicker.
The Cyprus Department of Registrar of Companies and Official Receiver announced on 18th December 2019, that the imposition of a charge on the late submission of forms, as set out in the Companies Law, is postponed from the 18th December 2019 until the 21st April 2020.
Last week, the partner of our firm Dr Nicolas Kyriakides, participated in a panel discussion at the event organised by the @LarnacaandFamagustaBarAssociation and the @larnacabarassociation on the occasion of the publication of the book Despina Hadjidimitri-Kara with title “Lectures on Civil Procedure”.
The Cyprus Commission for the Protection of Competition rejected allegations of abuse of dominance regarding an exclusive dealing agreement for the supply of hairdressing salon products. Our Senior Associate Dr. Panagiotis Tsangaris comments on the decision in Concurrences.
On October 11th, 2019, the Commissioner for personal data protection announced the results of an assessment conducted on the level of compliance with the provisions of the Regulation (EU) 2016/679 and the Law 125(I)/2018 in the Public Sector.
The party who is affected by an administrative act can seek temporary protection from the Administrative Court through an application for provisional injunction to stay the enforcement of that administrative act until the Administrative Court decides the lawfulness of the said administrative act.
On 25 July 2019 the Council of Ministers has decided a number of amendments to the Cyprus Citizenship Programme, which aims to exclude politically exposed persons from the right to apply for the acquisition of the Cyprus citizenship.
On 30th July 2019 the Greek Data Protection Authority has published an important decision on consent declarations concerning the processing of employees’ data. Our GDPR discusses the guidance issued by the Greek Data Protection Authority and its possible ramifications for Cyprus businesses.
On 31 July 2018, the Cyprus Parliament enacted Law 124(I)/2018 Alternative Investments Funds Law of Cyprus (the AIF law) which allowed for the establishment of a new investment vehicle called Registered Alternative Investment Funds (RAIF).
On 12 February 2019, the European Data Protection Board (EDPB) adopted its first opinion (the Opinion) on an administrative arrangement, which provides a new mechanism for the transfer of personal data between European Union (EU) financial supervisory authorities and securities agencies and their non-EU counterparts.
Succession in Cyprus is governed by two main pieces of national legislation, namely the Wills and Succession Law (Cap. 195) and of the Administration of Deceased’s Estate Law (Cap. 189). In addition, as a member of the European Union, Cyprus applies European law on succession matters, such as the EU Succession Regulation (650/2012).
Institutions are occasionally prohibited from suing sovereign governments without their consent on the basis of the soverign immunity doctrine. Harris Kyriakides LLC summarises the Cyprus position on the matter in the 2019 Sovereign Immunity edition of #Lexology. You can read the Cyprus chapter here.
A report published by the European Commission on the General Data Protection Regulation which is adopted with a common EU approach to the protection of personal data, directly applicable in the Member-States shows that it has achieved many of its objectives but needs more work.
The United Kingdom is currently in the process of exiting the European Union through an unprecedented, extensive and uncertain procedure. We touch upon the key areas of Cyprus law which may be affected from the UK withdrawal from the European Union.
Cyprus has enacted a new law on the Registration and Regulation of the Services of Sworn Translators, which establishes the Registry of Sworn Translators and regulates official translations and related certifications.
In the Compensations booklet below, you may find a summary of all rulings issued by the Cypriot courts in 2018, in which compensations were awarded for damages resulting from any form of accident. The purpose of this report is to give an indication of the amount of compensation given for various accident cases.
We welcome applications from talented, highly motivated and committed graduates who are seeking an excellent working environment, challenging experiences and opportunities by joining our 2019-2020 trainee programme.
The European Data Protection Board published an opinion on the interplay between the EU Directive on Privacy and Electronic Communications and the General Data Protection Regulation to generally clarify whether the processing of personal data triggers the material scope of both the GDPR and the ePrivacy Directive.
The European Court of Justice delivered a judgment to clarify the question of defining judicial authority competent to issue a European Arrest Warrant, and ruled on the sufficient guarantee of independence required to be regarded as such under EU law.
Following an audit carried out in the insurance sector, the Commissioner for Personal Data Protection (the Commissioner) published her findings about the improvements to be made and accomplished before the end of June.
Recent European legislation is giving reputable bankrupt entrepreneurs a second chance and makes it easier for viable enterprises in financial difficulties to access preventive restructuring frameworks at an early stage to prevent insolvency.
The proposal, as submitted by the Commission, seeks to amend the Motor Insurance Directive (2009/103/EC) in five specific areas: (i) insolvency of the insurer; (ii) claims history; (iii) risks due to uninsured driving; (iv) minimum amounts of cover; and (v) scope of the Directive.
Companies are increasingly using marketing to promote their products and services not only to their existing customers but also to potential ones. This is the purpose of the electronic marketing, to target individuals using digital methods, such as text messages or emails.