03 April

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

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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...

24 January

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ESMA CALL FOR EVIDENCE- POTENTIAL PRODUCT INTERVENTION MEASURES ON CFDS AND BINARY OPTIONS TO RETAIL CLIENTS

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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...

11 January

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

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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...

03 January

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ESMA STATEMENT ON CFDS AND BINARY OPTIONS

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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...

27 December

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“The Risk-Based Supervision Guidelines”

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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...

19 December

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Setting up a Forex company in Cyprus

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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...

05 December

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The meaning of MiFID II

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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...

06 October

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Cyprus International Trusts Law and amendments

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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...

27 September

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Cyprus Trusts

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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...

26 September

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Protection given to immovable property purchasers in Cyprus

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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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