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.
We set out below the most important decisions adopted in 2019 by the Commission for Protection of Competition.
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 European Commission (Commission) published on 24 June 2020, just over two years of its entry into application, the first evaluation report on the General Data Protection Regulation (GDPR).
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.
In light of the coronavirus pandemic, the Cyprus government activated the provisions of an outdated law, providing the Minister of Health with the power to issue decrees determining, inter alia, the ways and reasons Cypriot citizens may commute.
The Cyprus Supreme Court confirms the ability to serve criminal indictments and issue arrest warrant against Russian residents for criminal matters.
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.
Our Senior Associate Mrs Eleni Neoptolemou writes on the use of technology and artificial intelligence in the legal world in InBusinessNews.com.
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.
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 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.
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.
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”.
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.
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.
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 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 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.
The EU Succession Regulation (EU Regulation 650/2012, also known as the Brussels IV) governs cross-border issues of succession within the European Union.
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.
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.
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.
On 14 November 2018, the Supreme Court of Cyprus issued its decision in Metaquotes software ltd v xxxxx Dababou Civil Appeal No. E234/2016.
Every organised society is governed by a set of rules of law, that its members are bound to follow. At the same time, given that our legal system follows the rules of common law.
Article 30 of the 4th European Directive (EU) 2015/849 on the prevention of the use of the financial system.
It is our great pleasure to announce that we have signed a Memorandum of Cooperation with the School of Law, of the University of Nottingham.