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In circumstances where a monetary arbitral award is issued against a Cyprus company, the issue arises as to whether the arbitral award would need to be recognised and enforced before the Cyprus Courts prior to the presentation of a petition for liquidation of the judgment debtor.

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Harris Kyriakides is pleased to sponsor and participate in the 14th Nicosia Economic Congress for the third consecutive year, taking place on Tuesday, 9 April 2024. For the 14th year in a row, the Nicosia Economic Congress is being organised to outline the prevailing state of the Cyprus economy, critical government policies that will shape the economic field in upcoming years, and the most advantageous opportunities for Cypriot businesses, as well as the best ways to address them.

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Discover your career possibilities with Harris Kyriakides - We invite you to join us at Cyprus' most prominent career fairs, where our team will be present to discuss how your skills and aspirations align with our dynamic organisation.

Let's connect, explore, and unlock your professional potential together.

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Each year, this day serves as a powerful reminder of the progress made towards gender equality whilst also highlighting the work that still needs to be done.

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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.

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We're thrilled to share that Harris Kyriakides is collaborating for the eleventh consecutive year with the University of Oxford and The Careers Service at the University of Oxford.

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Cyprus Parliament unanimously passed the “Lifting of Encumbrance /Memo” on occupied assets.

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In the complex interplay of politics and power, lobbying stands as a critical, yet often misunderstood, mechanism shaping legislation and reform across the globe. From the halls of the European Union, where financial lobbyists have influenced policies following major crises, to the pioneering transparency efforts in Cyprus with entities like Zenox Public Affairs, lobbying serves as a powerful tool for legislative transformation and civic education.

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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.  

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The President of the Republic of Cyprus, announced on 21 February 2024, the decision of the Council of Ministers to abolish the annual levy of Euro 350, which was payable by all companies registered in Cyprus to the Registrar of Companies.

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In an effort to protect the interests of purchasers of immovable property, the amended Sale of Land (Specific Performance) Law (132(I)/2023) (the Law) came into force on 12 December 2023. Essentially, the Law simplifies the procedure for specific performance, ensuring that the upon fulfilling their contractual obligations, the property will be transferred to the purchaser.

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Following the strategic update by the European Insurance and Occupational Pensions Authority (EIOPA) regarding the Supervisory Convergence Plan for 2024, it is important to reflect on the impact of the Insurance Distribution Directive (IDD).

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Harris Kyriakides offers a comprehensive set of solutions for Anti-Money Laundering (AML) compliance, ensuring a seamless journey through the ever-changing regulatory landscape. Our team of legal and compliance experts provides practical AML Compliance advice on audits, manuals, policies, training, and more. With a proactive, personalised approach, our team tailors our compliance service to your unique business needs, minimising risk and maximising profits whether within or outside the EU.

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The School of Law of the University of Nicosia has just published its Annual Review for 2023. 

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In a significant move towards enhancing digital operational resilience in the European Union’s financial sector, the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA), also known as the three European Supervisory Authorities (ESAs), have jointly published the first set of final draft technical standards under the Digital Operational Resilience Act (DORA). On 27 December 2022, DORA was published in the Official Journal of the European Union and entered into force on 16 January 2023 and it will apply from 17 January 2025. DORA outlines obligations to be met by financial services firms in the EU to bolster their cyber risk management and operational resilience.

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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.

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On 20 December 2023, the House of Representatives passed a pivotal legislative amendment, Law Number 167(I) of 2023, bringing significant changes to the legal framework governing the Motor Vehicles' Third Party Liability Insurance Laws of 2000-2021.

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FIFA has issued the CAS & Football Annual Report 2023, a detailed overview of the CAS appeals against FIFA decisions as well as of other important issues related to CAS for the period between 1 January 2023 and 31 December 2023.

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On 21 December 2023, the European Insurance and Occupational Pensions Authority (EIOPA), in a significant update to its strategic plan, unveiled its Supervisory Convergence Plan for 2024, marking a pivotal step toward fostering a cohesive supervisory culture across the European Union (EU). The initial news item regarding the initiative can be explored here.

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European Union lawmakers approved new voluntary standards for companies issuing green bonds, opening up new opportunities for issuers and investors to tackle greenwashing.

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In response to the evolving challenges of money laundering and the financing of terrorism, the Council of the European Union and the European Parliament announced a significant milestone on 17 January 2024, shaping the future of the European Union's Anti-Money Laundering (AML) framework.

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Cyprus Parliament modifies the Transfer and Mortgage of Property Law Ν. 9/1965 in order to suspend the foreclosure process in cases where mortgagors apply to the Mortgage to Rent scheme.

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In a long-anticipated move aimed at attracting and retaining highly skilled employees of Companies of Foreign Interests, Cyprus amends the Civil Registry Law 141(I)/2002.

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Each year, on the same significant date, we observe Data Protection Day, commemorating the anniversary of the opening for signature of Convention 108, a pivotal global agreement on data protection.

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The European Union has implemented its 12th package of financial sanctions against the Russian Federation, effective immediately as of 18 December 2023. This latest set of measures significantly impacts businesses with ties to Russia and includes amendments to existing regulations (EU) 833/2014 and (EU) 269/2014 through Regulations (EU) 2023/2878 and (EU) 2023/2875.

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Distributed ledger technology has propelled crypto-assets into a central position within financial markets. These digital representations of value hold immense potential benefits for various market participants, particularly retail crypto-asset holders. The streamlined capital-raising processes and enhanced competition associated with crypto-assets could revolutionise financing, especially for small and medium-sized enterprises (SMEs). The innovative aspects extend to faster and more efficient cross-border payments when crypto-assets are used as a means of payment.

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In a globalised marketplace, Cyprus businesses aiming to expand operations across borders require a comprehensive approach to safeguard Cyprus trademarks and intellectual property rights in multiple jurisdictions. Simply put, the protection offered to intellectual property within Cyprus' national borders may prove inadequate for safeguarding a Cyprus business's brand integrity and intellectual assets in its operations outside Cyprus. Therefore, it is crucial for Cyprus businesses to extend their Cyprus trademarks and intellectual property protection into multiple jurisdictions where they currently operate or plan to operate in the future.

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The implementation of eJustice represents a monumental shift in Cyprus's civil justice system, moving away from conventional paper-based procedures towards a modern online platform.

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In a global effort to enhance transparency and combat money laundering and terrorist financing, jurisdictions around the world are implementing measures to identify and record beneficial ownership of entities.

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On the 13th of December 2023, after months of intense negotiations between the European Commission (EC), European Parliament (EP) and EU governments (Council) on sweeping reforms to EU rules on anti-money laundering and countering the financing of terrorism (AML/CFT) reached a provisional agreement on creating a new European authority for countering money laundering and financing of terrorism (AMLA). The centrepiece of the anti-money laundering package, which aims to protect EU citizens and the EU's financial system against money laundering and terrorist financing.

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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.

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The Cyprus Bar Association has just published the December 2023 Issue of Nomiko Vima. In this issue, our partner Nicolas Kyriakides and Georgia Onoufriou talk about the law regulating lobbying in Cyprus which will enter into force in early 2024 and compare lobbying regulations in the US, the UK, the EU, Germany, France, Greece, and Cyprus.

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In the text below, reference is made to the bills voted by the House of Representatives regarding the protection of the borrowers and the mortgagors.

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The present news item deals with the European Directive’s objectives, its intended functions, its status within Cyprus Law and whether the Directive has been incorporated into the national legal framework.  

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FIFA Circular No. 1867 signifies significant amendments aimed at bolstering the enforcement of settlement agreements in financial disputes. These changes primarily seek to empower the FIFA Disciplinary Committee in effectively upholding these agreements, ensuring enhanced compliance and swift resolution.

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Harris Kyriakides proudly supports the third Annual Symposium of Procedural Law Unit.

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The landscape of public decision-making processes is undergoing a seismic shift with the initiation of the Lobbyists Register by the Independent Authority Against Corruption. This pivotal step, effective from Monday, November 27, marked a significant leap towards fostering transparency and curbing corrupt practices within the corridors of power.

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A warm welcome to the students from Oxford University, who joined our remote winter micro-internship scheme. At Harris Kyriakides, interns have the opportunity to collaborate, share knowledge and participate in projects designed to help them reach their full potential.

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The recent Law on remote work, passed by the Cyprus Parliament on 16/11/2023, regulates the rights and obligations of both employees and employers in the context of telecommuting.

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We thank the Association of Personal Injury Lawyers (APIL) for inviting us to the 8th annual APIL International Injuries Conference 2023.

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FIFA has today published the third edition of the Commentary on the Regulations on the Status and Transfer of Players (RSTP), only two years after the previous edition.

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In the latest issue of Forbes Magazine by Phileleftheros Media Group, Harris Kyriakides presents how we manage to offer high quality legal services guided by our core values, vast experience and innovative ideas

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Harris Kyriakides team successfully completed the 5km corporate race at the Larnaca International Marathon.

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We are honoured to announce our recent appointment as the legal representatives of the Cyprus Ski Federation (CSF).

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The European Insurance and Occupational Pensions Authority (EIOPA) has presented its strategic vision for 2024-2026. With an ever-changing landscape of challenges, risks, and opportunities, EIOPA is committed to addressing the uncertainties arising from transformative times. The primary objective is to ensure that the insurance and pensions sectors remain a reliable source of value for policyholders, beneficiaries, businesses, and the broader European Union economy.

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Harris Kyriakides is pleased to participate in the 8th annual APIL International Injuries Conference 2023, which will take place on Thursday, November 30th, at the Marriott Regents Park Hotel in London. Through interactive sessions, panel discussions, and practical case studies, the conference aims to empower legal professionals with the knowledge and skills necessary to navigate the complexities of international injury claims effectively.

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A warm welcome to our new trainee lawyers. At Harris Kyriakides, trainees receive unparalleled guidance and opportunities designed to help them reach their full potential and excel in the Cyprus Bar Examinations.

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We thank the University of Cyprus for the Business Award presented to us during today’s ceremony, acknowledging our excellent collaboration on the 2BeConnected project.

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In the text below, reference is made to the Rent against installment scheme, the purpose of it, who could join it and the benefits and drawbacks of the scheme.

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Our Insurance and Personal Injury team discusses recent trends and much more in the latest issue of INSIDER magazine by Phileleftheros titled “Insurance Guide”.

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The Protection of Wages Law of 2007 as amended, stipulates the acceptable means of wage payment and introduces new obligations to employers.

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We thank the University of Oxford Careers Service, for our fifth consecutive recognition as a Gold Standard Internship Host commemorating the excellent internship experience provided to Oxford students through our Oxford University Summer Internship Programme.

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Harris Kyriakides proudly supports Ablebook's upcoming info day on “Accessible Tourism”, organised under the auspices of the Cyprus Hotel Association.

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Cyprus has introduced new legislation allowing the filing of class actions on consumer claims.  The new law on the Issuance of Court Orders and the Filing of Representative Actions for the Protection of the Collective Interests of Consumers of 2023 was published in the Cyprus Official Gazette on 13 October 2023

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We thank DD Talks for inviting our partner Nicolas Kyriakides to address the second NPL Days Hellas conference and discuss the multifaceted foreclosure process along with other leading NPL experts. The round table discussion on "Secured Loans Management and Servicing" elaborated on the legal framework, prerequisites, notification procedures, evaluation appointments, and potential delays of foreclosures.

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In April 2021, the United Kingdom witnessed a significant shift in its legal landscape, particularly in the realm of personal injury claims arising from road traffic accidents. This transformation was marked by the introduction of the Whiplash Reform Programme and the Official Injury Claim Service (OIC), which have since had a profound impact on how such claims are processed. This portal was designed to facilitate individuals who had sustained minor injuries as a result of road traffic accidents to pursue compensation without the need for legal assistance.

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Harris Kyriakides proudly supports the largest international art and culture event in Cyprus, the Larnaca Biennale 2023!

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Our Partner, Georgina Athanasiou, moderated an insightful panel discussion on 'EU Parliament Elections: Why Voting Matters?' at the Cyprus Forum 2023.

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Congratulations to the Cyprus Forum for organising a thought-provoking conference that successfully brought together a diverse spectrum of influential figures; local and international political leaders, prominent individuals from the public and private sector, the media and esteemed academics. This was the 4th annual event which has proved to serve as a catalyst for fostering dialogue in pivotal domains of public policy and we are proud to have been part of it.

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Our Mergers & Acquisitions team discusses recent trends and much more in this month’s IMH Gold Magazine issue titled "Mergers & Acquisitions Specialists & Consultants".  

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The Cyprus Advertising Standards Agency (in Greek: Φορέας Ελέγχου Επικοινωνίας) has recently completed a decade of successful operation in the Cyprus advertising and media market. It is a non-profit organisation whose primary purpose is to regulate advertisements displayed in Cyprus to ensure that they are legal, decent, honest, truthful, created with a sense of social responsibility, and in compliance with the applicable laws and principles of fair competition.

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A number of decisions issued by the Cyprus Commission for the Protection of Competition in the telecommunications sector have been recently endorsed by the Cyprus Supreme Courts as correct and lawful in all respects.

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HARRIS KYRIAKIDES has yet again proudly sponsored the OPAP Cyprus 3x3 basketball tournaments and also participated in the Corporate Games of the final event of the series held in Nicosia last weekend.

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The Cyprus Forum is the largest policymaking conference in Cyprus and one of the largest in the region. It's dedicated to enhancing sustainable and socially responsible policies in Cyprus and the broader Eastern Mediterranean.

This year’s theme is the word “Transparency”. Harris Kyriakides remains committed in fostering change through dialogue by supporting the 2023 Cyprus Forum, set for September 29th and 30th in Nicosia.

 

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At Harris Kyriakides, we recognise the significance of education and exchange of ideas amongst young minds. That’s why we have proudly supported EYPCyprus for yet another year. Our partner, Nicolas Kyriakides, also participated in this year’s 17th National Session sharing his expertise during the “Discussing Europe” panel.”

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Recent Judgement by the Supreme Court of the United Kingdom, regarding the duties of doctors to discuss alternative treatments with patients and what legal test should be applied to assess whether an alternative treatment is reasonable.

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On 28 June 2023, the European Commission (EC) introduced three new proposals to regulate the digitalisation of the Euro currency, resulting in a transformative leap in the financial landscape by redefining the way transactions occur and underscoring the European Union's commitment to adapt to the digital age.

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This month’s Legal Issue from GoldMagazine, features our firm and our partner Nicolas Kyriakides, who provides valuable insights into the current state of the legal services market in Cyprus as well as the challenges and changes expected in the coming decade.

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The House of Representatives on the 13th of July 2023, voted in favor of the bill which widens the scope of application of the so-called “trapped buyers” under the Transfer and Mortgage of Property Law 9/1965 (the Law).

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It is with profound sadness that our firm announces that Harris Kyriakides, the founder of our firm, our managing partner and a great colleague and role model to all, has passed away on Friday. Harris founded the firm in 1976 and has been ever since a central and valued member of the legal profession in Cyprus.

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Harris Kyriakides, true to its values of sportsmanship and social engagement, continues to support the OPAP Cyprus 3x3 2023.

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An amendment to the Insurance and Reinsurance Services and Other Related Matters Law of 2016 (Law 38(I)/2016, “the Law”) was recently voted by the Parliament of Cypriot Republic, introducing some provisions relating mainly to the Commissioner of Insurance.

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Harris Kyriakides was honoured to grant an award for outstanding achievement in law during the UCLan Cyprus Graduation Ceremony 2023

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The article refers to the suspension of the foreclosure process until 31.10.2023 and the amendments to the Transfer and Mortgage of Property Law which has been introduced by the House of Representatives.

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On 10 July 2023 the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework.

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Congratulations to our Trainee Associates who have successfully passed the examinations of the Legal Council! Your hard work and dedication have paid off, and we couldn't be prouder. Wishing you all the best in your future endeavours.

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Harris Kyriakides warmly welcomes law students from universities in Cyprus and internationally for the 2nd edition of our 2023 summer internship.

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In the past weeks we proudly welcomed six talented law students from various schools and universities in Cyprus and beyond. Through this internship, they had the opportunity to collaborate on exciting projects and gain valuable skills.

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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.

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A fundamental question in data protection laws has always been whether (and under what conditions) a person can claim damages for violations of data protection laws, in the event that such person cannot pinpoint to any specific and actual loss that has occurred as a result of the violation. The Court of Justice of the European Union (the CJEU) has now given an answer to this question in the recent ruling in case 300/21 - UI v Österreichische Post (the Österreichische Post Case), which is the first case dealing with an individual’s right to compensation for non-material loss for breaches of GDPR and discusses whether a GDPR infringement automatically grants a right to compensation and the relevant considerations that are in play.

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The EU has recently published the 2023/970/EU Directive (the Directive) to strengthen the principle of equal pay for equal work between men and women through pay transparency and enforcement mechanisms.

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On the 2nd of June 2023, the Supreme Court issued the first judgment against the dismissal of an application/appeal and clarified the meaning of ‘an interested person’ for the purposes of Article 44 C (2) and Article 44IE of the Transfer and Mortgage of Property Law of 1965 (N.9/1965) (the Law).

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Harris Kyriakides has welcomed international students from the University of Oxford, for our summer online micro-internship scheme.

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We're thrilled to share that Harris Kyriakides is collaborating for the tenth consecutive year with the University Of Oxford and The Careers Service, University of Oxford. Together, we're offering incredible summer internships to Oxford University law students in Cyprus. Our law internship experience combine academic excellence, professional growth, and cultural enrichment.

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The Transfer and Mortgage of Property (Amended) (No. 5) Law of 2023 (the Bill) was introduced in the House of Representatives on 25/5/2023. The purpose of the Bill is to safeguard the mortgagor’s and other interested persons’ right to take legal action before the Court in order to suspend the sale of a mortgaged property in certain circumstances which include disputing the amount due, challenging the lawful registration of the mortgage and questioning the existence of abusive clauses in the loan or in the mortgage agreements.

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We are thrilled to have welcomed a vibrant group of aspiring legal minds from the University of Cyprus for an engaging day filled with insightful discussions and valuable career insights.

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Harris Kyriakides proudly sponsored and participated in the OPAP Cyprus 3x3 Corporate Games held yesterday in Limassol.

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The House of Representatives passed a new bill for discounted VAT on the first 130 square meters of a first home.

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The Cyprus Bar Association has just published the May 2023 Issue of Nomiko Vima. In this issue, our partner Nicolas Kyriakides, our junior associate Konstantinos Giallouridis and our trainee associate Cleopatra Khattab summarised the 2nd Annual Symposium of the Procedural Law Unit of the University of Nicosia. The general theme of the conference was “European Civil Procedure After Brexit: delays and need to speed-up, technology in justice and ADR”.

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Delighted to feature in the second Women's Issue of InBusiness Magazine, where our partner Niki Liassides shares her incredible journey in the legal field and sheds light on the challenges faced by women today.

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In solidarity, we thrive! Harris Kyriakides proudly supports the LGBTQIA+ community this Pride Month, embracing diversity, fostering inclusivity, and championing equality.

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Our partner Nicolas Kyriakides during the 13th Nicosia Economic Congress appeared on InBusinessNewsTV explaining that the narrative around the justice system should change.

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We are delighted to announce our upcoming open day exclusively for UCY Students. Join us on June 9th, 2023 at our offices in Larnaca for a unique opportunity to engage in meaningful discussions with our lawyers and gain valuable insights into future career prospects.

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The Commission for the Protection of Competition of Cyprus announced that it has issued new regulations governing the leniency rules applicable in cartels and restrictive collusion arrangements in Cyprus.

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We recently had the opportunity to catch up with our trainee lawyers to gain insight into their experiences during our Annual Traineeship Programme. From working in diverse teams and exciting challenges to receiving comprehensive support and mentorship, our trainees develop the skills and expertise they need to succeed in their legal careers.

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Council of Ministers issues an order applying a cap of 6% on rent increases for properties falling under the remit of the Rent Control Law of 1983 as amended (the Law).

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Our partner Nicolas Kyriakides participated as a panellist in the round table discussion on "More Efficient and Speedy Justice" of the 13th Nicosia Economic Congress, where the panelists delved into the challenges faced by the justice system in Cyprus and emphasised the crucial significance of enacting pivotal legislations to reform the justice system. 

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The Cyprus Electronic Communications Code has completed 12 months of continuous operation, after its adoption in March 2022.                                                                                                                                       

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Harris Kyriakides is pleased to participate at the 13th Nicosia Economic Congress, which will take place on Tuesday, May 9th. As the economic model continues to evolve, businesses face both challenges and opportunities. The 13th Nicosia Economic Congress aims to address these critical issues and provide insight into the future of the business community.

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In a Judgment dated 17 February 2023 Harris Kyriakides representing a reputable Cypriot Bank (the Plaintiff) successfully obtained a judgment against a Company under Liquidation (the Company) in a claim relating to a number of credit facilities and relevant securities.

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Nicosia

1 Kinyra Street, 5th floor
1102 Nicosia

Larnaca

115 Faneromenis Avenue,
Antouanettas Building
6031 Larnaca

Limassol

12 Platonos Street,
3027 Limassol

Paphos 

4 Nicou Nicolaidi & Kinyra,
2nd floor, 8011 Paphos

Paralimni

164A Georgiou Gourounia,
1st floor, 5289 Paralimni

Monday – Thursday

8:00 – 18:00

Friday

8:00 – 16:00

TEL: +357 24 201 600

FAX: +357 24 201 601

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