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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

 

Legal Developments Worldwide

Articles contributed by Michael Kyprianou & Co

View the listing for Michael Kyprianou & Co

Unjust Banking Practices in Swiss Franc Loan Agreements

February 2017 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co.

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The Cypriot banking system is currently being confronted with the issue of providing foreign loans and in particular Swiss francs to both locals and foreigners to cover their housing requirements. Of principle concern in Cypriot and European Courts are the banking practices used in attracting clients to these financial institutions. It seems that misinformation through the use of various means of bank notifications and practices point towards the use of the distortion and the concealment of essential information to borrowers. The Cypriot banking system (that is sanctioned by European banking) in the provision of Swiss Francs did not in most cases provide a complete and proper briefing of the risks involved in these types of loan contracts that also incorporated exchange and interest rate fluctuations.

Changes in the Cyprus-Passport-Investment-Scheme

November 2016 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co.

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On 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. The said scheme is based on subsection (2) of section 111A of the Civil Registry Laws of 2002-2015.

THE ONLINE BETTING MARKET

October 2016 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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The National Betting Authority (‚ÄúNBA‚ÄĚ), as this has been set out to be the island‚Äôs regulatory authority subject to the provisions of the Betting Law of 2012, is proceeding with its plans to launch the review of applications for the authorisation of a regulated online sports betting market.

The Enforced Division of Land Plots Amongst its Co - Owners

October 2016 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co.

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In accordance with the Immovable Property Law in Cyprus the ownership of a plot may be held by more than one land owner in the same way as the English Anglo-Saxon land law.  The share of co-ownership may vary and can be distributed by the principle owner at his discretion.

 

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 ‚ÄúLaw‚ÄĚ) came into force on April 28th, 2016.

OBTAINING THE TAX RESIDENCY STATUS IN CYPRUS

September 2016 - Tax & Private Client. Legal Developments by Michael Kyprianou & Co.

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According to the Income Tax Law of 2002 (‚Äúthe Law‚ÄĚ) an individual is resident in Cyprus, if he/she resides therein for a period which in aggregate exceeds 183 days.  Consequently, if an individual is physically present in Cyprus for more than 183 days in a tax year, he/she will be considered tax resident of Cyprus in that tax year.  On the other hand, if an individual is physically present in Cyprus for less than 183 days in a tax year, then he/she will be regarded to be non-tax resident of Cyprus in a tax year.

THE RIGHT OF PREFERENTIAL LIEN ON LOAN AGREEMENTS

July 2016 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co.

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It is commonly accepted that our modern society requires us to possess a relevant knowledge on bank accounts and loan agreements.  However, how feasible is it for an average person to understand the dangers of a ‚Äėsimple' loan agreement?  The legal system of a democratic country ensures the equal treatment between parties and provides support where it is essential. Specifically, it is vital to emphasise a hidden term contained within loan agreements by which the banks maintain a very powerful right against innocent debtors. This right is namely preferential lien.

Internet Hyperlinks and Copyright Holders

July 2016 - Intellectual Property. Legal Developments by Michael Kyprianou & Co.

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Rapid technological developments and globalisation have brought new challenges and it may be that situations arise which were not previously encountered and/or explored. All the areas of the Law have been affected including - of course - Intellectual Property.

The Commonwealth ‚Äď A new pathway?

July 2016 - EU & Competition. Legal Developments by Michael Kyprianou & Co.

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Following the unprecedented referendum of the 23rd of June 2016, in which UK voted to leave EU, and within the newly established environment, all countries will now try to define the way forward as far as the status of their relationship with the UK is concerned. 

Entire Agreement Clauses ‚Äď Importance and incorporation

April 2016 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co.

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This article aims to provide guidance in relation to the implementation of an Entire Agreement clause when negotiating a contract, and outline what must always be taken into consideration in order to effectively incorporate this type of clauses into a contractual agreement.

Binary Options

October 2013 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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Ioanna Solomou, advocate of the firm and Lambros Soteriou, advocate and partner of the firm prepared an article relating to binary options. After following a detailed investigation and taking into consideration the extend that the European Member States classify and regulate binary options, the Cyprus Securities and Exchange Commission ("CySec") on the 3rd of May 2012 announced that binary options will be considered as financial instruments, which fall within the scope of law, and therefore will be regulated.

DIRECTORS' DUTIES TO KEEP MANAGEMENT FILES OF THE COMPANY

October 2013 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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Ioanna Solomou, advocate of the firm, and Lambros Soteriou, advocate and partner of the firm, prepared an article about the duties of the directors of a Cyprus company to keep management files. The duties of a director under Cyprus law are not exhaustively codified; they are a combination of statutory duties, common law principles and the duties contained in every Company's Articles of Association. 

FREEDOM TO PROVIDE INVESTMENT SERVICES AND/OR PERFORM INVESTMENT ACTIVITIES IN A THIRD COUNTRY

October 2013 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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Ioanna Solomou, advocate of the firm and Lambros Soteriou, advocate and partner of the firm, prepared an article regarding  the freedom to provide investment services and/or perform investment activities in a third country.

The Investment Services and Activities and Regulated Markets Law L. 144(I)/2007, as amended, provides that a Cyprus Investment Firm ("CIF") may "freely provide investment and ancillary services or/and perform investment activities within the territory of another member state or/and a third country, provided that such services or/and activities are covered by its authorization".

 

 

Cyprus Flag; A Flag of Progress and Quality

July 2013 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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In the small island of Cyprus "shipping is almost as old as time itself." With an ideal geographical location at the crossroads of Europe, Asia, Middle East and Africa, Cyprus is constantly striving for perfection in the field of merchant shipping.

Cyprus Shipping Industry : Business as usual. Why despite recent events Cyprus remains an internatio

May 2013 - Transport. Legal Developments by Michael Kyprianou & Co.

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Cyprus is the third most populated island in the Mediterranean Sea. It is strategically located at the crossroads of Europe, Africa and the Middle East. Traditionally Cyprus has always been at the heart of the seafaring trade and therefore always functioned as an important centre for trade and commerce. Today as a member of the European Union it remains an optimal business base. It is one of the most attractive locations for foreign investments worldwide. Foreign companies have been given the opportunity to invest and establish business in Cyprus on equal terms with local investors as no distinction is made between foreign and Cypriot companies.

FOREIGN EXCHANGE OPERATIONS

May 2013 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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The excellent support system in combination with the ideal jurisdiction provided in Cyprus set the country in the list of the most desirable countries through which you can offer foreign exchange operations. In addition, the accession of Cyprus within the European Union and, most importantly, the extremely beneficial economic advantages available due to the low costs and the outstanding taxation, create a covetable environment for foreign investors.

Natural Gas Reserves ‚Äď 2nd Licensing Round

February 2012 - Projects, Energy & Natural Resources. Legal Developments by Michael Kyprianou & Co.

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The authorities have revealed yesterday that the 2nd licensing round for the exploration and exploitation of the remaining 12 Blocks in Cyprus’ EEZ is expected to be published in the Official Journal of the European Union on Monday 13 of February 2012.

Ratification of the Framework Agreement between Cyprus and Egypt

February 2012 - Projects, Energy & Natural Resources. Legal Developments by Michael Kyprianou & Co.

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The House of Representatives has ratified on January 27 of 2012 the Framework Agreement between the Republic of Cyprus and the Arab Republic of Egypt relating to the development of cross-median line hydrocarbon resources signed in 2006.

The Cyprus Energy Forum

December 2011 - Projects, Energy & Natural Resources. Legal Developments by Michael Kyprianou & Co.

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Lorena Charalambous, an advocate of the firm, attended the Cyprus Energy Forum which took place at the Hilton Park Hotel, Nicosia, on the 8th of December 2011.

HYDROCARBONS IN CYPRUS; Drilling for natural gas reserves

November 2011 - Projects, Energy & Natural Resources. Legal Developments by Michael Kyprianou & Co.

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In 2007, a new Hydrocarbons (Prospection, Exploration and Exploitation) Law was brought into effect, to fully incorporate into Cyprus Law the provisions of EC Directive 94/22/EC on the conditions for granting and using authorizations for the prospection, exploration and production of hydrocarbons.

Maritime Law in Cyprus

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

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Maritime law is also known as Admiralty or Shipping law and it is defined as the body of law which deals with offences related to maritime activities or matters that are maritime in character such as maritime commerce, navigation, transportation of goods and passangers by sea, shipping sailors and the relationship between those who operate vessels on the oceans.

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.

Competition Law in Cyprus - 2010

August 2010 - EU & Competition. Legal Developments by Michael Kyprianou & Co.

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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.

Recognition and Enforcement of Foreign Judgments and Foreign Arbitral Awards in Cyprus

December 2009 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co.

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This article deals with the process of recognition and enforcement of foreign judgments and foreign arbitral awards in Cyprus. The article firstly, focuses on the enforcement of foreign judgments under the provisions of the Regulation (EC) No. 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters and Regulation (EC) No. 805/2004 creating a European Enforcement Order for uncontested claims.