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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

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Maltese Court Landmark Judgement – Precautionary Acts must be followed by proceedings in the EEA

September 2019 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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A recent landmark decision by the First Hall of the Civil Court has confirmed for the first time that in order for a precautionary warrant to remain in force, it must be preceded or followed (within 20 days), by a court case filed in Malta or in the European Economic Area (EEA).

New Beneficial Ownership Register for foreign entities which own UK property

September 2019 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co.

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The UK government intends to introduce a new register of People with Significant Control over Overseas Companies, “the PSCOC Register”, in order to improve transparency of beneficial ownership for foreign entities which own UK properties. The Bill will be introduced to Parliament in 2019 and is intended to become operational by 2021.

Mad II -EU regulation (MAR) and directive (CS MAD) as protection of investors and its application to

September 2019 - Employment. Legal Developments by Michael Kyprianou & Co.

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Protection of financial market investors and prevention of unlawful disclosure of inside information and financial market manipulation is provided and guaranteed by the EU Market Abuse Regulation (Regulation 596/2014) (MAR) and the Directive on criminal sanctions for insider dealing and market manipulation (Directive 2014/57/EU) (CSMAD), which collectively replace the previous Market Abuse Directive (MAD) and together is known as MAD II.

Pre-1995 Leases in Malta

August 2019 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co.

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Recently, the Maltese courts may have possibly brought about the beginning of the end of a legal and social question concerning landowners who were, and still are, subjected to pre-1995 rent laws. The judgement given in Anthony Debono et v. Avukat Generali et., may prove to be a milestone in Maltese rent laws.

IS SILENCE GOLDEN? The added value of emergency media response plans

August 2019 - Projects, Energy & Natural Resources. Legal Developments by Michael Kyprianou & Co.

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In the words of WARREN BUFFET:

“IT TAKES 20 YEARS TO BUILD A REPUTATION AND FIVE MINUTES TO RUIN IT.  IF YOU THINK ABOUT THAT, YOU’LL DO THINGS DIFFERENTLY.”

Why Cyprus for Maritime?

July 2019 - Projects, Energy & Natural Resources. Legal Developments by Michael Kyprianou & Co.

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Recognizing the political, economic and social importance of shipping, as from 1963, Cyprus managed to develop the country into a fully-fledged shipping centre combining both a sovereign flag and a resident shipping industry, which is renowned for its high-quality services and standards of safety.

Changes to UK capital gains tax

July 2019 - Tax & Private Client. Legal Developments by Michael Kyprianou & Co.

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Since April 2019, the new rules regarding capital gains tax have been implemented in UK. The intention of the implementation of new rules is to remove the advantage of non- UK residents who did not pay tax over the gains from the disposal of all their property in UK.

Increase of Property Rents in Cyprus: Permissible and Non-Permissible Limits

July 2019 - Real Estate & Property. Legal Developments by Michael Kyprianou & Co.

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It has been many times that my clients have expressed the question as to when and how the rental amounts increase.  This question is voiced by both Landlords and Tenants of real estate.

Shipping at the spotlight of terrorism

July 2019 - Transport. Legal Developments by Michael Kyprianou & Co.

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Is terrorism the new norm for shipping?

THE STORY

On the 13/06/2019, two oil tankers were victim to what has been described as “sabotage” attacks in the Gulf of Oman, leaving one ablaze and both adrift. Following, a similar incident involving four tankers, which took place one month ago, on the 12th of May, 2019.

Adidas three stripe Trademark Revocation

July 2019 - Intellectual Property. Legal Developments by Michael Kyprianou & Co.

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In a judgment of the General Court of the European Union of the 19th June 2019, Adidas saw their hopes of extending their three stripes trademark dashed, as the court ruled that there was no distinctiveness in the three stripes trademark. Furthermore, the court held that the Adidas had failed to prove that the mark had acquired distinctive character through use throughout the member states of the EU.

David against Goliath – Libra vs Central Banks: Who will win?

July 2019 - Finance. Legal Developments by Michael Kyprianou & Co.

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Working in the crypto and DLT space is like being on an emotional rollercoaster with feelings which range from curiosity, excitement, euphoria, revelation, shock, disappointment, hope, wonder and determination – did I miss any?

UK Telecoms company fined £100K over unsolicited marketing messages

July 2019 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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The Information Commissioner’s Office (‘ICO’) which is the UK’s data protection supervisory authority, recently issued a fine of £100,000 to EE Limited, a telecoms company operating in the UK. The fine was issued in response to EE Limited having sent two and a half million unsolicited direct marketing messages to its customers, back in early 2018. The direct marketing messages were sent without EE Limited having first obtained the required consent to send them to its clients.

British Airways and Marriott International Inc. face huge fines from UK data protection authority

July 2019 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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British Airways (‘BA’) may be hit with what will be the highest-ever penalty which the Information Commissioner’s Office (‘ICO’), the UK’s data protection supervisory authority, has handed out.

UAE Tax domicile certificate

July 2019 - Tax & Private Client. Legal Developments by Michael Kyprianou & Co.

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Issued by the Ministry of Finance in the United Arab Emirates (‘UAE’), the Tax Domicile Certificate (also referred to as the Tax Residency Certificate) enables eligible government entities, companies and individuals to take advantage of double taxation avoidance agreements on income signed by the UAE.

International Business in Malta in the light of recent EU Tax Matters

June 2019 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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Over the past twenty odd years, Malta has become an international hub for foreign direct investment (FDI). A solid services sector combined with seasoned professionals across a multitude of industries have helped the FDI business model flourish, placing Malta on the map within the European Single Market as a business base of choice for many.

Post Brexit future for UK businesses

June 2019 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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The proposed UK-EU agreement has been rejected for a third time by the Members of Parliament in UK. Consequently, uncertainty persists due to no deal and therefore the following concerns arise: whether a deal will happen at all, what the terms of that deal might be and whether there will be a second referendum.

The introduction of services of sworn translators in Cyprus

May 2019 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co.

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Translations are frequently required for various documentations for official use before public authorities, institutions and courts internally or abroad. It is a matter of public law of each country to determine when an “official” translation is required and what comprises the elements of such translations in order to be regarded as legally valid and accepted documents.

Bank guaranteed contracts

May 2019 - Finance. Legal Developments by Michael Kyprianou & Co.

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This article will address the unfortunate position whereby a significant portion of citizens of the Republic of Cyprus have signed supplementary guarantee agreements, being in most cases relatives, friends, colleagues and/or in other relationships with the borrower, and have been called on to guarantee the repayment of and compliance with the loan agreement terms of the principal debtor party, as a means of securing the loan amount and avoiding the freezing of the borrower’s assets.

Electronic Money Institutions (EMIs), Payment Institutions (PIs) and Credit Institutions (Banks)

May 2019 - Finance. Legal Developments by Michael Kyprianou & Co.

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Introduction

Bankruptcy: New Regulation means new opportunities!

Exlusive contributor to the Legal500: Construction Country Comparative Guide

May 2019 - Finance. Legal Developments by Michael Kyprianou & Co.

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MICHAEL KYPRIANOU & CO. LLC has been selected as an exclusive contributor to the Legal 500: Construction 2nd edition Country Comparative Guide, dated May 2019, a privilege reserved for legal firms which have been ranked in The Legal500.

The ePrivacy regulation: When and why you should care

April 2019 - Tax & Private Client. Legal Developments by Michael Kyprianou & Co.

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What is the ePrivacy Regulation?

The ePrivacy Regulation[1] (‘ePR’) is an unfinished EU law first published in January 2017 that is meant to become an extension of the European Union’s General Data Protection Regulation (‘GDPR’).[2]

Stricter supervision in relation to the Scheme for Naturalisation of Investors in Cyprus by Exceptio

January 2019 - Litigation & Dispute Resolution. Legal Developments by Michael Kyprianou & Co.

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Recently there were a lot of publications within the European Union expressing concerns about the allegedly very high number of Cypriot passports being given to foreign investors the last few years. The Council of Ministers has decided on 9th January 2018 with the decision with number 84.069, to impose a stricter supervision of all the parties involved in the Scheme for the naturalisation of non-Cypriot investors in Cyprus by exception.

19% VAT on Plots

January 2019 - Tax & Private Client. Legal Developments by Michael Kyprianou & Co.

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In order to harmonize the Acquis Communautaire on the Taxation of untapped and undeveloped plots of land, the Cyprus Government enacted, on 03/11/2017, relevant legislation for the imposition of 19% Value Added Tax (VAT) on these properties, with a date of enforcement being 02/01/2018. The relevant legislation refers to plots/pieces of land offered and/or provided for construction for economic purposes.

Unfair contract terms

January 2019 - Corporate & Commercial. Legal Developments by Michael Kyprianou & Co.

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The Unfair Contract Terms Law 93(1)/1996 (the “Law”) as amended, implements the EU Directive 93/13/EEC of 5 April 1993 regime into national law. The objective of the aforementioned legislation is the protection of consumers in the European Union from unfair terms and conditions which might be included in a standard contract for goods and services they purchase. It introduces the notion of ‘good faith’ to avoid any significant imbalance in mutual rights and obligations.

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 (“NBA”), as this has been set out to be the island’s 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 “Law”) 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 (“the Law”) 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 ‘simple' 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 – 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 – 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 – 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.