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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

THE VAT E-COMMERCE PACKAGE

February 2019 - Finance. Legal Developments by Kinanis LLC.

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A. INTRODUCTION

 

The VAT E-commerce Package adopted by the Council on the 5th of December 2017 includes several changes that will be gradually implemented, some changes will be effective as from the 1st of January 2019 and the rest as from the 1st of January 2021.

BLOCKCHAIN AND DIGITAL CURRENCIES

February 2019 - Finance. Legal Developments by Stelios Americanos & Co.

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BLOCKCHAIN AND DIGITAL CURRENCIES

DECENTRALIZED NICOSIA CHAPTER CONFERENCE

Stelios Americanos & Co LLC and Ch. P. Savvides & Associates LLC, being the consortium law firms of BL ADVISORY INTERNATIONAL, www.bla-international.com, participated at the Blockchain and Digital Currencies event, held at the University of Nicosia and organized by the Decentralized Nicosia Chapter on 23rd of January, 2019.

MALTA - ICOs - THE NEW LEGISLATION (Updated 4th edition)

January 2019 - Finance. Legal Developments by Kinanis LLC.

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Initial Coin Offering, known as “ICO”, is a relatively new phenomenon that has quickly become the main player in the Financial Services and Crowdfunding industries, as well as being the key subject of discussion in the Blockchain communities. In essence, it is one of the most advanced methods of raising finance from the public and is becoming increasingly popular to fundraise start-ups.

Security Token Offerings (STOs): The Future of Coin Offerings

December 2018 - Finance. Legal Developments by Kinanis LLC.

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The term ICO has been at the epicentre of discussions in the FinTech industry, being the main method of fundraising used by startup companies to develop innovative ideas on the Blockchain technology or other applications using Distributed Ledger Technology (“DLT”).

Project Finance 2018

October 2018 - Finance. Legal Developments by Patrikios Pavlou & Associates LLC.

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Mrs Stella Strati, Partner-Corporate Finance, and Mr Stylianos Trillides, Senior Associate, contributed the exclusive Cyprus chapter to the 7th edition of the International Comparative Legal Guide to Project Finance 2018.

A call for specifying the “Pre-Marketing” concept within the AIFMD

October 2018 - Finance. Legal Developments by Patrikios Pavlou & Associates LLC.

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On the 12th of March 2018, the EU Commission via an explanatory memorandum (“Explanatory Memorandum”), adopted a package of further measures intended to deepen, unify and further integrate the capital markets sector of the 28 EU Member States.

Listing on the Emerging Companies Market of the Cyprus Stock Exchange

June 2018 - Finance. Legal Developments by Kinanis LLC.

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A.     INTRODUCTION

The Cyprus Stock Exchange provides to Cyprus and international companies a unique opportunity to list their shares or bonds on the Emerging Companies Market, a recognised eurozone unregulated exchange, which provides potential investors with an indication that the company is active and transparent, while the cost of listing is low comparing to the regulated market and other jurisdictions.

Initial Coin Offering (ICO) Through Cyprus

March 2018 - Finance. Legal Developments by Kinanis LLC.

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Initial Coin Offering, known as “ICO”, is a relatively new phenomenon in the crowdfunding industry being the main subject of discussion in the Blockchain and financial communities.

Cyprus: Worldwide freezing orders

December 2016 - Finance. Legal Developments by Soteris Pittas & Co L.L.C.

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In the English case of Derby& Co v Weldon (No3 and 4) (1990) Ch 65, the Court of Appeal held unequivocally that a court can order a defendant’s assets to be frozen even if they are situated outside of the jurisdiction. However what is vital to be established in such circumstances is:

Commentary on the judgement of the European Court of Justice

October 2016 - Finance. Legal Developments by George Y Yiangou & Co .

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The Court of Justice of the European Union (CJEU) dismisses the actions for annulment of the MoU and the Eurogroup statement and the actions for compensation of uninsured depositors for the restructuring of the Cypriot banking sector

FINANCIAL LEASING LAW

September 2016 - Finance. Legal Developments by Michael Kyprianou & Co.

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The Law regulating Financial Leasing and the activities of Financial Leasing Companies of 2016 (L.72 (I) / 2016) (the “Law”) came into force on April 28th, 2016.

New insolvency regime

September 2016 - Finance. Legal Developments by George Y Yiangou & Co .

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An overview of the new insolvency regime

The new framework consists of five pieces of legislation regulating both the bankruptcy of natural persons as well as corporate insolvency. At the same time, these legislative measures aim to promote a rescue culture to assist borrowers and businesses to restructure their debt obligations. Lastly, this legislation regulates the profession of insolvency practitioners.

How to lodge a claim as a creditor of a Cypriot company in a compulsory liquidation

August 2016 - Finance. Legal Developments by George Y Yiangou & Co .

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Our international commercial litigation team recently acted for a significant number of creditors, involving high profile international commercial and investment banks and finance houses in applications for proofs of debt against a Cypriot Holding company under compulsory liquidation. The Cypriot Holding Company is part of a non EU based group engaged in heavy machinery utilisation and the aggregate amount of debts which were defaulted by the said company (and owed to the creditors represented by our firm) exceed 350 million Euros. The identified creditors were invited to submit their proofs to the liquidator and our team undertook to prepare and verify the details of each claim and to submit those for the purpose of assessment by the liquidator. Based on our recent experience we have drafted this memo which we believe will help identifying the issues relating to proofs of debt.

Arrears Management in Cyprus: Out-of-Court Restructuring of Credit Facilities

August 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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In light of the recent developments in the banking sector following the financial measures imposed, arrears management is an area which attracted particular interest as it has greatly affected natural and legal persons with credit facilities in Cyprus. 

Cyprus Banking System – The Aftermath

July 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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The Cyprus banking sector found itself on the front line in March 2013 when the Eurogroup and the Government signed an agreement for the provision of €10 billion of financial assistance to Cyprus, according to which Cyprus Popular Bank was absorbed by Bank of Cyprus, bank deposits over €100,000 in Cyprus Popular Bank and some of those in Bank of Cyprus were used for recapitalisation through a "bail-in" of uninsured deposits.  Liquidity to the Cyprus banking sector was maintained by the European Central Bank.

Enforcement of Cyprus Share Pledges

March 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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A security interest over shares in a Cypriot company under Cyprus law is normally established by a share pledge agreement entered into between the registered shareholder of the said shares (the “Pledgor”) and the person in whose favour the security interest is taken (the “Pledgee”). All matters related to Cyprus Share Pledges are regulated by the provisions of the Cyprus Companies Law, Cap. 113, and the Cyprus Contracts Law, Cap. 149.

Alternative Investments Funds Law 2014

March 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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Cyprus implemented in its legal system the Alternative Investment Funds Law of 2014 (the “AIF Law”) in July 2014. The AIF Law replaces and repeals the International Collective Investment Schemes Law (the “ICIS Law”), which governed the international investment funds since 1999 in Cyprus.

Cyprus Shipping and Securitization of Financing

February 2015 - Finance. Legal Developments by Michael Kyprianou & Co. LLC .

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Shipping finance forms an inevitable part of the Cyprus shipping industry with international as well as local financing institutions playing a key-role in the shipping industry development. Under Cyprus ship financing transactions, financial obligations are usually secured by providing a mortgage on the ship or a pledge on the shares of the ship-owning company.

TONIA ANTONIOU, a partner of MICHAEL KYPRIANOU & CO. LLC, examines the procedures that need to be followed.

Cyprus Investment Firms

May 2014 - Finance. Legal Developments by Stelios Americanos & Co.

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Cyprus Investment Firms

 

A Cyprus Investment Firm (CIF) is one of the most useful tools in the European Union (and Internationally) if you intend to provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.

 

The investment services include the following:
  1. Reception and transmission of orders in relation to one or more financial instruments
  2. Execution of orders on behalf of clients
  3. Dealing on own account
  4. Portfolio management
  5. Investment advice
  6. Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis
  7. Placing of financial instruments without a firm commitment basis
  8. Operation of Multilateral Trading Facility

 


 


New CEO for the Bank of Cyprus

November 2013 - Finance. Legal Developments by Stelios Americanos & Co.

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The Bank of Cyprus (BoC), the largest lender on the Island , has announced the appointment of the new CEO, John P. Hourican. This is yet another vital step in the final restructuring, after the recapitalizing of the Bank, bringing stability to the Bank and indeed to the financial sector in Cyprus !

 

 

 

President of Cyprus commits to compensating depositors who suffered haircuts

September 2013 - Finance. Legal Developments by Stelios Americanos & Co.

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Cyprus will compensate Russian bank depositors who suffered haircuts to their deposits, as a result of the recent measures taken in order to comply with the terms of the Island's €10 billion bailout, said  President Anastasiades.

Cyprus: the gateway for investments in and out of South Africa

February 2013 - Finance. Legal Developments by Stelios Americanos & Co.

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South Africa has excellent and long standing bilateral relations with Cyprus . These strong ties are further cemented with the help of the large and influential Cypriot (and Greek) community in South Africa , numbering about 60,000. The Cypriot Community also serves as a link between the two countries, both politically and economically.

The Legal Framework for Cypriot Companies

October 2012 - Finance. Legal Developments by L.G. Zambartas LLC.

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THE LEGAL FRAMEWORK FOR CYPRIOT COMPANIES AND HOW THESE COMPANIES ARE USED IN THE CORPORATE FINANCE TRANSACTIONS

 

ACQUISITION OF CYPRIOT CITIZENSHIP BY FOREIGN INVESTORS

The Ministry of Interior and the Ministry of Finance have approved new terms and financial criteria in October 2011, regarding the eligibility of foreign high net worth individuals in connection with the acquisition of Cyprus Citizenship.

The Banking Regulation Review

September 2011 - Finance. Legal Developments by Patrikios Pavlou & Associates LLC.

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The Central Bank of Cyprus is the banking regulator and supervisor of banks incorporated in the Republic of Cyprus. The authority of the Central Bank of Cyprus stems from the Banking Law 66 (I) 1997 as amended , (hereafter to be referred to as the ‘Banking Law’) which empowers it to supervise banks and to issue directives and practices to regulate their conduct; it also establishes the legal framework within which banking business can be pursued.

Debt collection Newsletter Spring 2011

May 2011 - Finance. Legal Developments by George Y Yiangou & Co .

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GEORG Y.YIANGOU & CO IS CELEBRATING 30 YEARS OF SUCCESS

This year George Y.Yiangou & co are celebrating 30 years of success and growth in the business sector as a law firm offering corporate and commercial services. International Debt Collection, Accounting and International Tax Planning Services.

The adoption of MiFID in Cyprus

MiFID – General Overview : The Markets in Financial Instruments Directive (MiFID) 2004/39/EC forms part of the E. U. Financial Services Action Plan (FSAP), which was developed in furtherance of the E. U. single market vision and the abolition of market barriers.

MINORITY SHAREHOLDERS PROTECTION IN CYPRUS – REMEDIES AVAILABLE

February 2011 - Finance. Legal Developments by Soteris Pittas & Co L.L.C.

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There is no easy solution, to the problem, which follows from the principle of majority rule, in Company law, that of protecting the minority shareholders from violation of their rights.

Protection of minority shareholders in Cyprus

January 2011 - Finance. Legal Developments by Michael Kyprianou & Co.

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The anxiety of the law is to strike the optimum balance between the principle of the majority rule on the one hand and safeguarding minority shareholders against abuses of the power, on the other.

Securities Finance 2010: An overview of the legal framework in Cyprus

What are the relevant statutes and regulations governing securities offerings? Which regulatory authority is primarily responsible for the administration of those rules?

SECURITIES FINANCE: AN OVERVIEW OF THE LEGAL FRAMEWORK IN CYPRUS

Statutes and regulations governing securities offerings The main statutes governing securities offerings are: the Public Offer and Prospectus Law, 114(I) of 2005 that implemented Directive 2003/71/EC on the contents of prospectuses when securities are offered to the public or admitted to trading (the Prospectus Directive), the Insider Dealing and Market Manipulation (Market Abuse) Law, No. 116(I) of 2005, implementing the EU Market Abuse Directive (2003/6/EU), the Cyprus Securities and Stock Exchange Law, 14(I) of 1993 and The Cyprus Securities and Exchange Commission (Establishment and Responsibilities) Law, number 64(I) of 2001; but also the Regulations made under the Cyprus Securities and Stock Exchange Law, and in particular the 1995 Regulations as amended. To the extent

Implications of the Third Money Laundering Directive “The Cyprus perspective”

For the purpose of harmonizing Cyprus’s legislation with the Third Money Laundering Directive (2005/60/EC) Cyprus recently enacted the relevant internal legislation. This article is an account of the regulatory environment to this area with an eye close to the Cyprus implementing law.

Introduction of the European Markets in Financial Instruments Directive into the Cyprus Legislation

For the purpose of harmonisation with the Directives 2004/39/EC of the European Parliament and of the Council on Markets in Financial Instruments (“the MiFID”), and Directive 2006/31/EC of the European Parliament and of the Council of April 5 2006 Cyprus enacted on November 2007 the Law 144 (I)/2007 (“the Law”), that provides for the Supply of Investment Services, the Exercise of Investment Activities, the Function of Regulated Markets and other related issues”.

Financial Assistance - still an issue?

November 2007 - Finance. Legal Developments by Patrikios Pavlou & Associates LLC.

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The prohibition of financial assistance by a Cyprus company to purchase its shares or the shares of its holding company often stands as an obstacle in local and international acquisition finance transactions. However, expert legal advice may assist in providing alternative structures and solutions.

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