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Michalaki, Pitsillidou Law Firm > Articles posted by admin (Page 4)

General Data Protection Regulation (GDPR)


Privacy and security policy Michalaki, Pitsillidou & Co LLC is a law firm offering extensive legal services in many areas of law. As a law firm, we are committed to preserving your personal data that we handle in an open and transparent manner. Michalaki, Pitsillidou & Co. LLC Law Firm considers the data privacy as a fundamental component of the business activity. Our privacy policy and practices focus on processing, sharing and storing personal information properly and legally, while granting privacy, integrity and availability. We would like to assure you that your personal data and privacy are extremely important to us...

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Requirements in the European data protection, Cybersecurity and Consumer Protection Legislation

Regulation on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (General Data Protection Regulation) (679/2016/EU Purpose limitation This criterion requires financial institutions to be able to justify the use of certain data categories as well as ensure the data is accurate and updated over time. This is done by defining a purpose for the collection of personal data and ensuring that any further processing is compatible with the original purpose. Data accuracy and data minimization According to GDPR, data must be accurate and up-to date, adequate, relevant and not excessive...

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The Cyprus Securities and Exchange Commission (“CySEC”) draws the attention of the Cyprus Investment Firms (“CIFs”) to the ESMA Press Release in relation to the product intervention measures on contracts for differences and binary options, issued by the European Securities and Markets Authority (“ESMA”) on 27 March 2018. The Press Release has been published in all of the official languages of the European Union (“EU”). ESMA has agreed to use the powers vested in it pursuant to Article 40 of Regulation 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“MiFIR”),...

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Brief History of the Exclusive Economic Zone (EEZ) Regime and the Violation of the Cyprus EEZ

The historical roots of the EEZ lie in the trend of coastal States after 1945 to assert rights and jurisdiction over an increasing area of seabed driven by a belief that an abundance of natural resources lay beneath. The coastal States, particularly the Latin American States, wanted to make the zone subject to the sovereignty of coastal States, but provided that other States had the right to exercise rights and freedoms within the zone. Under this argument, the EEZ would have a residual territorial sea character such that any activity is not falling within the clearly defined rights of the non-coastal...

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The Cyprus Securities and Exchange Commission (“CySEC”) wishes to draw the attention of the Cyprus Investment Firms (“CIFs”) to the publication of a call for evidence for potential product intervention measures on the provision of contracts for differences and binary options to retail clients, as issued by the European Securities and Markets Authority (“ESMA”) on 18 January 2018. ESMA invites investment firms involved in the sale, distribution or marketing of contracts for difference and/or binary options, as well as relevant consumer groups and investors, to submit their comments by 5 February 2018, the latest. Pursuant to Article 40 of Regulation...

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Exempt Property Transactions from the Value Added Tax (VAT) – Act 157(I) 2017

The Value Added Tax Law of 2000 (95 (I) / 2000) – 157(I) 2017 as described in the eight Appendix, (Article 39) Immovable Property, in Cyprus According to this amended law the following transactions are exempt transactions from the Value Added Tax (VAT)   a) letting of immovable property, excluding – (i) the provision of accommodation within the hotel or similar sector, including accommodation in camp sites, (ii) the hiring of premises or spaces for parking vehicles, (iii) the hiring of equipment and machinery permanently installed, (iv) the hire of safes, and (v) the letting of immovable property specified in paragraphs 1 (b) to 4...

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The Cyprus Securities and Exchange Commission (“CySEC”) notes the publication, on 15 December 2017, of the European Securities and Markets Authority’s (“ESMA”) updated statement on its work in relation to contracts for difference (“CFDs”), binary options and other speculative investment products, including rolling spot forex offered to retail investor clients in Europe. ESMA is proposing measures to mitigate the risks associated with these products including considering the use of its product intervention powers under Article 40 of Markets in Financial Instruments Regulation (“MiFIR”). In particular, ESMA is proposing measures that will: 1. prohibit the marketing, distribution or sale to retail clients of...

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“The Risk-Based Supervision Guidelines”

Cyprus citizenship lawyers

We would like to draw your attention to Circular C252 issued by Cyprus Securities and Exchange Commission (hereafter the ‘CySEC’) on 21 December 2017, in regards to the Guidelines published on 7 April 2017 by the Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – hereinafter the ‘ESAs’), on the characteristics of a risk-based approach to anti-money laundering and terrorist financing (hereinafter the ‘AML/CFT’) supervision and the steps to be taken when conducting supervision on a risk-sensitive basis – ‘The Risk-Based Supervision Guidelines’. The CySEC wishes to inform the Regulated Entities that the Risk-Based Supervision Guidelines, which...

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Setting up a Forex company in Cyprus

Setting up a Forex company in Cyprus   Cyprus is the leading country in the EU regulating the Forex market due to its numerous tax advantages, low set up and operational expenses along with the “passport effect” to offer services in all EU countries. It’s a well-known financial and banking centre for international investors, who wanted to take advantage of low taxes, political and economic stability, the flexibility and progressiveness of the common law system, legislation protecting privacy of information, excellent telecommunications and travel infrastructure, ideal geographic location at the crossroads of three continents, and the availability of well-trained professionals to manage...

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The meaning of MiFID II

Do you know what and how to report your Transaction Reporting Requirements (MiFIR)? Is the Best Execution unambiguous to you or you need some clarity? Whether you are a Distributor or Manufacturer, you need to have your own Product Governance policy. We are here to help you create your own policies and your reporting requirements. Report directly with CySEC, with no daily recurring costs. 1. Don’t underestimate challenges associated with MiFID II implementation. Firms already supervised by the UK’s Financial Conduct Authority (FCA) will need to work on being compliant with the Markets in Financial Instruments Directive II (MiFID II), even though there is...

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