Arbitration Procedures and practice in Cyprus: Overview
A Q&A guide to arbitration law and practice in Cyprus.
The provision of security for corporate loans by Polish subsidiaries – legal challenges
It is standard practice in corporate financing for financial institutions to request that the borrower’s subsidiaries provide security. The management boards of such subsidiaries frequently ask themselves whether providing security in a situation where the company they represent does not use the financing directly is permitted.
The Recharacterisation of Employment – A Reality
A preliminary ruling given by the Industrial Tribunal on the 15th of December 2020 in the case of Bourgeais vs. Sara Grech Ltd.[1], has shed some well needed light on the matter of recharacterisation of employment in terms of the Employment Status National Standard Order, Subsidiary Legislation (‘SL’) 452.108[2].
CYPRUS – THE TAX TREATMENT OF INTEREST
A. INTRODUCTION With this publication we outline the main provisions of the Taxation Laws in relation to the tax treatment of interest income and interest expense and we elaborate on the various financing schemes available. B. THE BASIS OF TAXATION OF INTEREST INCOME Generally, the Taxation Laws in Cyprus are applicable only to tax residents …
Turkish Data Protection Board’s Expectations on Compliance: Recent Decisions
The Turkish Data Protection Board (“Board”) has recently published summaries of several important decisions on certain matters, which may constitute precedents for future cases. All of the decisions below are published on the Data Protection Authority’s website on February 12, 2021.
Business Interruption COVID-19 Test Case: Financial Conduct Authority’s Test Case- The UK Supreme
On 15th January 2021 the UK’s Supreme Court handed down its decision Financial Conduct Authority (Appellant) -v- Arch Insurance (UK) Ltd and others (Respondents) [2020] EWHC Comm 2448. The Supreme Court rejected all of the Insurer’s appeals and it allowed the appeals by the FCA.
KBR, THE SERIOUS FRAUD OFFICE AND SECTION 2 NOTICES
Aziz Rahman assesses the implications of the Serious Fraud Office’s defeat in a Supreme Court case regarding its ability to use Section 2 of the Criminal Justice Act to obtain documents held in other countries.
Cryptoassets in Cyprus – Under the ambit of the 5th AML Directive
A. INTRODUCTION The enactment of the amending law to the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)/2007 on 18.02.2021 (“the new AML Law”) fully implementing the EU Directive 2018/843 (“the 5th AML Directive”), constitutes the introduction of cryptoassets in the Cyprus regulatory system.
The Long-Running Battle: Limitations of Liability in M&A Transactions
I. Introduction Allocation of liabilities between the parties in merger and acquisition (“M&A”) transactions is of utmost significance, in order to ensure that the buyer will be sufficiently protected, and the seller’s liabilities limited as much as possible. Under Turkish laws, the sellers` liabilities are subject to the provisions of the Turkish Code of Obligations …
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Malaysia’s First Legal Remedies Against “Persons Unknown”
INTRODUCTION Zschimmer & Schwarz GmbH & Co KG Chemische Fabriken v Persons Unknown & Anor [2021] 7 MLJ 178 is Malaysia’s first legal action against “Persons Unknown” in light of a push payment fraud. The judgment has provided important clarification on the remedies against “Persons Unknown”. The Malaysian High Court granted a Mareva Injunction and a Proprietary …
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