The Legal 500

Overview of SEPA - The Single Euro Payments Area (SEPA) is an initiative of the European banking industry to simplify all electronic payments across the euro area by credit card, debit card, bank transfer or direct debit and to make them as easy as domestic payments within one country are now.

by Christos Floridis

EU leader Member States agreed on a new Treaty on Stability, Coordination and Convergence in the Economic and Monetary Union. The European Stability Mechanism (ESM) Treaty was signed by euro area Member States on 2 February 2012 and ratification is pending by the 17 euro area Member States. The target date of its operation is July 2012, a year earlier than expected.

which Cyprus

Directive 2009/109/EC of the European Parliament and of the Council of 16 September 2009, regarding the simplification of the rules on merger and divisions, has not been yet implemented in some Member States of the EU. Cyprus is one of those Member States which failed to fulfil their obligations and commitments under the relevant Directive. 

protection of EU’s financial interests

by Christos Floridis

The protection of EU’s financial interests reflect s the basic targets and objectives of the European Union to supress the illegal traffic of products as well as counterfeiting activities within EU Member States. Hercule I and II, as well as Pericles constitute the means and the tools with the aid of which, relevant European and national authorities will be empowered to take all the measures needed and execute the harmonised strategy of the Union. 

The new package of measures adopted by the European Commission regarding the action to be followed for growth governance and stability contains four elements: the 2012 Annual Growth Survey consists of priorities for the coming year, a Green Paper on the feasibility of introducing Stability Bonds and two new Regulations to further strengthen budgetary surveillance in the Euro area. By adopting this package, the European Union focuses on the strengthening of the Eurozone governance.

by Mr. Christos Floridis

Given the new globalisation effects in modern societies and the consequences of the financial crisis, EU adopted a new approach towards immigration policy. This European policy intends to establish bilateral and multilateral agreements with EU neighbours and other countries presenting immigration flows towards the EU, in order to benefit the human capital from the countries concerned.

The European Commission adopted on October 2011, a plan with a huge budgetary importance of around 50 billion euro aiming at improving EU’s transport, energy and networks. In its proposal already adopted on June 19, 2011, the Commission proposes the creation of a new financial instrument, which will be completely integrated in the multi – annual financial framework of the next programming period 2014-2020 and which fully complies with the context of the Commission’s communication ‘‘A budget for Europe 2020’’.

Finance ministers and Central Bank governors of European Union Member States debated during the last informal Economic and Financial ECOFIN Council of September 17, the current condition of the economy and the situation in sovereign bond markets.  The debate on the European Union’s financial stability was also attended by representatives of European financial oversight authorities.

A slow recovery after the crisis

All European Union countries have been affected between 2008 and 2010 by the economic and financial crisis and after a contraction in 2009 in every EU country, except Poland, growth returned in 2010 in all but five peripheral countries. 

Following the implementation of the 6th Environment Action Programme (EAP), which was adopted on 22 July 2002 and provided the framework of EU’S  Environment legislation and extended the Natura 2000 network, the European Commission adopted on 31 August 2011 the final assessment of the 6th EAP (2002-2012).

Safety rules and standards for passenger ships Marine equipment Port state control

The Department of Merchant Shipping has announced a number of legislative changes in order to update Cyprus law in line with the latest EU
directives.

On 19 July 2011, the European Commission issued a list of the first sustainable voluntary schemes for biofuels recognised directly in the 27 EU Member States. According to the Energy Commissioner, Günther Oettinger, the EU has to secure the entire biofuels production and supply with the highest sustainability standards in the world under a transparent and reliable system.

The Council concluded on 12 July 2011 the first European Semester which has been implemented this year, for the first time, as part of a broader reform of the EU’s economic governance.

The package of measures proposed by the European Commission aiming towards better regulated immigration flows from the southern Mediterranean region as well as the proposal to amend EU Regulation on visas consists of the new incentives of EU bodies for a fair, credible and effective EU immigration policy.

Energy Efficiency Plan In March 2011, the European Commission adopted a plan for saving more energy through concrete measures. Energy efficiency is a key tool to strengthen Europe’s competitiveness and reduce energy dependence, as well as the level of emissions. The measures proposed aim at creating substantial benefits for businesses and public authorities.

On 19 July 2011, the European Commission issued a list of the first sustainable voluntary schemes for biofuels recognised directly in the 27 EU Member States. According to the Energy Commissioner, Günther Oettinger, the EU has to secure the entire biofuels production and supply with the highest sustainability standards in the world under a transparent and reliable system.

On 17 December 2010 the European Council agreed on the need for a Eurozone area and on the establishment of a permanent stability mechanism which will intervene by providing financial assistance to the Eurozone Member States after June 2013. 

The Council concluded on 12 July 2011 the first European Semester which has been implemented this year, for the first time, as part of a broader reform of the EU’s economic governance. 

The European Commission has faced the challenge of being able to fund a number of policy areas where the EU could be more effective, by acting at EU level, in preparing its proposals for the future budget of the European Union.

Smart growth in Europe 2020

In the European Commission’s Communication regarding the contribution of the regional policy in the area of smart growth in the Europe 2020 strategy, the central role of European regions in this process is primarily recognised.  

Following the Justice and Home Affairs Council meeting of 9 and 10 June 2011, the Council discussed the political guidelines for the future work of the following issues:

In times of budgetary austerity and financial crisis it is important that the European Commission sets out new rules in order to protect the EU’s financial interests and tax payers’ money from fraud. 

The current situation

The lists of third countries whose nationals should be in possession of a visa when crossing the external borders and those whose nationals are exempt from that requirement have been amended on several occasions.

Can the right of free movement deriving from Union citizenship be invoked by EU citizens in order to regularise the residence of their non-EU spouse?

Under EU law, when a national of a Member State resides legally in another Member State, his or her spouse is allowed to remain with him or her even when the spouse is not a national of an EU Member State.

Introduction

During the ongoing crisis, the private and public sectors are under attack, often unable to react to the destructive power of evolution.  Trade transactions are hit by uncertainty due to the ongoing liquidity constraints.

The new EU directive

In the new Directive 2011/7/EU of the European Union on combating late payment in commercial transactions, published on 23 February 2011 in the Official Journal, Member States have to bring into force the laws, regulations and administrative provisions by 16 March 2013. Certain provisions of the previous Directive 2000/35/EC have been revised. 

The Russian Federation is one of the most important partners for the European Union. A key priority for the EU is to build a strong strategic partnership with Russia based on a solid foundation of mutual respect. Moreover, Russia is the largest neighbour of the EU with a dynamic market for EU goods and services and the EU’s market, on the other hand, is by far the most important destination for Russian exports.

The Hungarian Presidency adopted the decision authorising the signature for the convention on behalf of the EU on 14 April 2011 without any discussion at a meeting on the Agriculture and Fisheries Council. 

The European Commission called Cyprus to comply with EU rules which grant to nationals from the European Union as well as from Iceland, Norway and Liechtenstein, the right to purchase property in the Republic of Cyprus. Cyprus is still maintaining its restrictive measures and as a result EU and EEA nationals cannot exercise their right.

EU quality policy regarding geographical indications and traditional specialities

Following the approval by the European Parliament of a reforms package on European financial supervision, the Council has adopted the legal texts establishing the European Systemic Risk Board and three new supervisory authorities, aimed at eliminating deficiencies in the banking sector, the stock markets and the insurance market.

On 18 October 2010 the European Commission launched a consultation on electronic procurement in the public sector. In the now standard form of the Green Paper, consultation will seek to gather the views of stakeholders on how the EU can help Member States to accelerate and facilitate the procedures for issuing public tenders.

Cyprus is one of the most attractive tax planning jurisdictions. Its favourable taxation system together with its excellent infrastructure facilities and high quality of services have led to Cyprus being considered as one of the most reputable international financial centres.

Because of its favourable tax regime, compliance with EU regulations and strict anti-money laundering regulations, Cyprus is considered as a very attractive holding company jurisdiction. For the purposes of this publication, a “Cyprus Holding Company” is defined as a limited liability company incorporated in Cyprus whose principal object is the holding and managing of participations in other companies

Competition Law in Cyprus is changing dramatically in order to tackle the fight against cartels, possibly the most serious form of competition law violation. Alterations in Cyprus are incorporating the changes in EC Competition Law.

The European Commission has adopted a new Regulation that affords block exemption to certain types of agreements in the insurance sector from the EU's general prohibition of practices which restrict competition. The new Block Exemption Regulation, which will take effect on 1 April 2010 renews (with only minor changes) two of the four categories of agreements currently exempted, namely joint compilations, tables and studies (typically agreements among companies to share access to statistical data) and co and re-insurance pools.

Country Q&A: Merger control, Restrictive agreements and practices, Joint ventures, Inter-agency co-operation, Proposals for reform, EC law