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Blockchain technology, has come to prominence since the creation of Bitcoin back in 2009. In sum, Blockchain is a decentralized, distributed ledger system that stores and records information in blocks.

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The new partners are Andrea Newton, Eleni Neoptolemou and Ioanna Leonidou.

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The European Data Protection Board recently issued guidelines regarding requirements of Virtual Voice Assistants (VVA) to be GDPR compliant (the Guidelines).


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On 10 June 2021 the European Banking Authority (EBA) published its revised Guidelines on major incident reporting under the Payment Service Directive (PSD2).

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The ‘Ever Given’, the containership that blocked the Suez Canal in March 2021, is now finally on its way after being detained for over 3 months. However, legal issues in relation to the incident are expected to drag on.

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CySEC has published a Directive on ‘the Register of Providers of Services Regarding Crypto Assets’, under powers conferred by Law 188(I)/2007 on ‘Prevention and Suppression of Money Laundering and Terrorist Financing’.

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This article briefly examines legal opportunities for the protection of trade secrets against their unlawful acquisition, use and disclosure in Cyprus.

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Last call for applications for trainees for 2021 – 2022. The deadline for applications is July 30, 2021.

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Harris Kyriakides is pleased to collaborate for the fourth consecutive year with the University of Oxford Internship Office, offering summer internships to Oxford University law students in Cyprus.

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We are accepting 2021-2022 training contract applications with the view to begin the recruitment process this summer.

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The EU Enforcement Atlas Project is a project funded by the European Commission and initiated by the Centre of European Constitutional Law (Athens, Greece) and the European Union International of the Judicial Officers (UIHJ), aiming to provide information on enforcement procedures in the EU member states.

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In our Cyprus Tax Litigation Case Law Bulletin for 2020, you may find a summary of important tax litigation decisions of the Administrative Court and the Supreme Court in Cyprus that were issued in 2020.

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A recent report published by the World Bank advised against investment in LNG, branding its role in shipping decarbonisation as limited. LNG provides ready solutions to existing IMO emissions regulations and features several advocates. 

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In December 2020 Cyprus launched an unsuccessful tender for re-establishment of the Cyprus/Greece ferry connection.  A new tender on more viable terms is on the cards, which could further address concerns raised by the Larnaca authorities.

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In a recent judgment of the Cyprus Supreme Court in Centaur Trust Group Ltd and xxx Papaprodromou, Civil Application No. 109/2021, the Court affirmed the jurisdiction of the Cyprus Courts to issue search orders (Anton Piller orders) in aid of winding up petitions of Cyprus companies based on oppression on the minority or on just and equitable grounds.

 

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The Supreme Court of Cyprus announced today that it has approved the adoption of new civil procedure rules that will be applicable in civil litigation in Cyprus.

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In our Compensations booklet for 2020 you may find a summary of all rulings issued by Cypriot courts in 2020, in which compensations were awarded for damages resulting from any form of accident.

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Due to the prolonged effects of the pandemic on the economy, it was considered that the present conditions require the promotion of the measure of granting loans with government guarantees.

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This article reviews the announcement of the European Data Protection Board on the transfer of personal data on the basis of legal obligations deriving from international agreements.

 

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The Cyprus Ministry for shipping is preparing a new strategic vision for Cyprus shipping sector that will determine the future of the maritime industry.

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This article briefly discusses the imposition of an administrative fine by the Cyprus Data Protection Commissioner on the Board of Registered Realtors for failure to meet data subject request.

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The judgement creditor, as defined under Order 40 r. 8 of the Civil Procedure Rules, who claims to be entitled to execution of a Court judgement may, even after ten (10) years have lapsed from the date of issuance of the Court judgement.

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Whistleblower Directive, adopted in 2019, introduces the minimum standards for a high level protection of persons reporting breaches of Union law.

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In its recent case law xxx Eustratiou and Alpha Bank Limited, Appeal No. 314/2013, dated 20/04/2021 the Supreme Court provided guidance on different legal questions that may arise in the context of a banking case through the Defence of the Defendant.

 

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With the increased use of social media and developing targeting techniques offered by social media providers, the European Data Protection Board (EDPB) has updated its guidelines on the targeting of social media users issued in 2020.

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The Transfer and Mortgage of Property Law (Amending) Law of 2021 (Ν. 98(I)/2021) (the Law) was published in the government Gazette on 07.05.2021 in an effort to provide financial assistance and relief to borrowers who have been significantly affected by the COVID-19 pandemic and consequently, are unable to comply with their repayment obligations.


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The present article examines the suggested issuance of a "Digital Green Certificate" by the European Community and addresses certain data protection concerns regarding the issuance of such certificates.

 

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The measures imposed by the government of the Republic of Cyprus for tackling the effects of the COVID-19 pandemic have caused sudden and extensive changes to the day-to-day operation of many businesses.

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The Tenders Review Authority (TRA) was established in 2003 and it is now governed by the Review procedure Procedures in the Field of Public Procurement Law of 2010. 

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A team of lawyers who specialise on insurance law have established a union, under the name of Forum of Insurance Lawyers  – FIL.

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This article briefly describes if and how Brexit has impacted the recognition and enforcement of UK judgements in Cyprus.

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The enactment of the 5th Anti Money Laundering Directive via amendment of Law 188(I)/2007 constitutes the introduction of mandatory crypto assets regulation in Cyprus.

 

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Cyberattacks bear risk for shipping companies in terms of contractual liability, third party liability, and regulator violations.

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When a person refuses to submit to DNA testing under a Court order, the Court is entitled only to take the refusal on record to draw an adverse inference therefrom.

 

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The free movement of families within the European Union has brought the need for ways of enforcing maintenance payments across international borders into focus.

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The much-expected UK whiplash reforms introduce a new procedure for claims concerning soft tissue injuries from Road Traffic Accidents (RTAs). 

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Supreme Court of Cyprus decided not to order the return of a child to his habitual residence although there was an abduction in term of the Convention on the Civil Aspects of International Child Abduction.
 

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UK Supreme Court overturned a Court of Appeal and Admiralty Court judgment involving collision outside a narrow channel. 

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Unpreceded for the Cypriot Courts is the decision of the Supreme Court of Cyprus (the Courtwhich was issued on 16th of February 2021 (the Case).

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Article 10 of the General Data Protection Regulation (GDPR) specifically limits the processing of personal data relating to criminal convictions and offences or related security measures.

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On July 16, 2020, the Court of Justice of the European Union (the CJEU) in the case of Data Protection Commissioner v Facebook Ireland Ltd and Maximillian Schrems (the Schrems Case) issued a landmark ruling invalidating EU-US Privacy Shield.

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Newly published Directive 09/2021 sets out the Tax Department’s process of determination of whether foreclosed property proceeds are taxed as Income or Capital Gains.

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The Quincecare duty is applied in United Kingdom since case Barclays Bank plc v Quincecare [1992] 4 All ER 363, issued back in 1992.

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The Fast Track Business Activation mechanism was approved by the Council of Ministers on 3rd of September 2020.

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Norwich Pharmacal Orders (NPOs) are frequently issued against banks. The conflict between bank secrecy and orders for disclosure of information is inevitable.

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Cyprus introduced tax cuts in January to incentivise shipping companies towards energy efficiency and use of alternative fuel, ultimately aiming for Green House Gases reduction.

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Decarbonising shipping is essential, expensive, and complicated. Regulation is key to achieving the task, and which regulation prevails will determine shipping companies’ strategies for decades to come

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CySEC has published circular C417, which is addressed to Cyprus Investment Firms, and contains guidance on investment in crypto-assets.

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Due to significance of the violations under GPDR, the Commissioner considered that imposition of a fine to the financial institution is appropriate in the situation.

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The issuance of a charging order comprises an alternative means of enforcement which is accompanied by an order for sale of the charged asset under the Law on Charging Orders of 1992 (31 (Ι)/1992) (the Charging Order Law).

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Due to the prolonged effects of the pandemic on the economy, it was considered that the present conditions require the promotion of the measure of granting loans with government guarantees.

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On November 26, 2020, Belgian Data Protection Authority (DPA) and DNS Belgium, the organization managing the “.be” domain, signed a cooperation agreement. 

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The need to combat sexism and discrimination between genders which constitute de facto violations of human rights and fundamental liberties has led to the voting of the Law on Combatting Sexism and Sexism Spreading via Internet.

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The Right of Access to Public Information Law of 2017 (184(I)/2017) (the Law) has entered into force on the 22nd of December 2020. 

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As part of the new measures of support to businesses and self-employed persons which have recently been announced by the Government of the Republic of Cyprus for the purpose of mitigating the financial impacts of the COVID-19 pandemic.

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As the second phase of the pandemic started to affect our country and the implementation of additional measures by the Cypriot Government to end it, the need for a new moratorium to protect certain categories of debtors arose.

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On 17.12.2020, the Parliament adopted the amendment of the Transfer and Mortgage of Property. 

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IMO 2020 introduced a 0.5% Sulphur cap on bunkers to ships operating outside Emission Control Areas.

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What is IVF treatment
The first reported birth of a child conceived by ‘in Vitro’ fertilization (IVF) was in 1978.

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The 2009 Motor Insurance Directive is paramount for materialising the fundamental right of freedom of movement for European citizens across the EU.

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P&I Clubs invariably provide insurance cover for infectious diseases. COVID-19 related cover encompasses crew illness and deviation to ensure treatment, whereas the extent of quarantine cover varies between the individual rules.

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The Commissioner of Personal Data Protection has answered in a recent announcement frequently asked questions about preventive measures for covid-19.

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Business Interruption (BI) insurance policies are normally triggered by physical damage/loss.

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General Data Protection Regulation (GDPR) governs the collection of data related to people in the EU and it imposes obligations on EU countries but is applicable to any and all organisations that target or collect data on EU persons.

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The Cyprus Tenders Review Authority and its pivotal role in safeguarding justice and transparency in Cyprus public procurement tenders.

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We are delighted to have been invited by the Careers Service, University of Oxford to participate in their Summer Internship Programme in 2021 as a gold standard international internship host.

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The right to be forgotten provided under Article 17 of the General Data Protection Regulation (GDPR) was found by the Swedish Data Protection Authority (DPA) to be violated by the famous search result giant Google.

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The rapid advances in artificial intelligence and other technology aspects have elevated the importance of securing, licensing and selling intellectual property.

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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.

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Harris Kyriakides LLC is excited to welcome six new trainee associates for its 2020-2021 training programme.

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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.

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The Republic of Cyprus extradites its first citizen to the United States.

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Harris Kyriakides participates in the public consultation of the Cyprus Commission for the Protection of Competition on the 2021 Protection of Competition Law and Leniency Programme Regulations.

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The European Commission refers Cyprus to the EU Court of Justice. 

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We set out below the most important decisions adopted in 2019 by the Commission for Protection of Competition.

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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.

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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.

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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).

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On 05/06/2020, the Parliament adopted the amendment of the Finance Leasing Law of 2016 (72(I)/2016) (the "Law") with 29 votes in favor, 14 against and 2 abstentions. 

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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.

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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.

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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.

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The Cyprus Supreme Court confirms the ability to serve criminal indictments and issue arrest warrant against Russian residents for criminal matters.

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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.

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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.

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Fundamental aspects of the blockchain technology seem to be incompatible with the data protection regulation. Before its widespread adoption and implementation these aspects shall be considered.

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Our Senior Associate Mrs Eleni Neoptolemou writes on the use of technology and artificial intelligence in the legal world in InBusinessNews.com.

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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.

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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.

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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.

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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).

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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.

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As the novel coronavirus (COVID-19) outbreak continues to evolve, we believe that it is important to reassure  our valued clients that we are prepared for any contingency. 

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Article

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).

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Taxfactspost

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.

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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”.

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Insurance

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.  

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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.

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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.

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