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

ESMA STATEMENT ON CFDS AND BINARY OPTIONS

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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Cyprus International Trusts Law and amendments

The Cyprus International Trusts Law of 1992 (Law No. 69(I)/1992) remained unaltered since its enforcement back in 1992.  Realising that trusts have the potential of being used as the channel for foreign investments in or through Cyprus, legislature examined the concerns and attempted to improve the already existing legal framework in such a way so that to achieve the boosting of such investments. The Cyprus House of Representatives voted in favour of the Bill for the much anticipated reform of the Cyprus International Trusts Law of 1992 and the amendments were published in the Official Gazette on 23/3/2012. These amendments have...

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Cyprus Trusts

Cyprus trust law is essentially based on the English system. Trusts are mainly regulated by the Trustee Law, Chapter 193, enacted in 1955 and based on the English 1925 Trustees Act. This is supplemented by the English doctrine of equity and English case law prior to 1960.  In 1992, Cyprus enacted the International Trusts Law.   This was done to update and modernise the law and establish Cyprus as an offshore and financial centre and a serious trusts jurisdiction. The Law does not provide a comprehensive definition of ‘trusts’. Trusts law was principally developed by Cyprus case law.  Accordingly, a trust...

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Protection given to immovable property purchasers in Cyprus

The rapid growth of the real estate market in Cyprus and the complexity and variety of the related transactions led to the need of replacing the previous legislation regulating the specific performance of immovable property contracts.   The Sale of Immovable Property (Specific Performance) Law 81 (I) of 2011 (the "New Law") has helped to protect the rights of property purchasers for some years as the act of depositing a contract of sale at the Land Registry effectively prevented the vendor from selling the property in question to someone else or changing his mind about the sale.   The New Law has certainly helped to...

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Information on Cyprus Company Formation

General Type of entity: Private Type of Law: Common Our time to establish a new company: 15 days Corporate taxation: 12.5% Double taxation treaty access: Yes Change of Residency permitted: Yes Share capital or equivalent Standard currency: Euro Permitted currencies: Any Minimum issued: €1 Usual authorized: €1,000 License Fees Annual Levy: €350 Directors or managers Minimum number: One Local required: No, but advisable for purposes of tax residency Publicly accessible records: Yes Location of meetings: Anywhere, but advisable to take place in Cyprus for purposes of tax residency Members Minimum number: One Publicly accessible records: Yes Location of meetings: Anywhere, but advisable to take place in Cyprus for purposes of tax residency Company Secretary Required: Yes Local: Cyprus resident advisable for compliance purposes Accounts  & Annual...

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Legal advice on Investment Fraud & Scams victims

What separates a legitimate business failing with an investment fraud is a fine line. Business can become fraudulent by taking wrong decisions but it’s another thing when a scam is set up and ran as a ‘’legitimate investment opportunity. However if you become a victim of investment fraud the one thing you don’t do, is to give up. At Michalaki, Pitsillidou & Co LLC we provide expert advice in all investment fraud cases we help investors recover lost funds We have knowledge on ways investment scammers target potential victims and how they operate, we work closely with other experts such as accountants...

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Procedure of Civil Partnership

The entrance into a Civil Partnership, under the Civil Union Law of 2015 (the Adoption Law is excluded) has respective effects and consequences with the marriage and any reference in any legislation of the Republic of Cyprus to "spouse" shall be interpreted as a reference to "civil partner". The entrance into a Civil Partnership takes place at the District Office of the District, where one of the persons concerned resides, by reporting in person upon appointment before the District Officer, who acts in his capacity as a Registrar. In case the persons concerned do not permanently reside in Cyprus, they can...

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