04 October

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Cyprus Corporate Lawyers For Company Solutions

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The fundamental role of a Cyprus Corporate Lawyer for Company Solutions

Cyprus Corporate Lawyers In the last years, the development of the global and local economy and the desire of an international action let to the massive increase of small and big enterprises. Namely, in Cyprus the number of corporations it seems to have an upward tendency year by year. However, the corporations do not always work properly and without any problems since the matters which may arise from its operation. Also, there are several legal steps which are provided by law to register a company and to maintain its function in line with the Cyprus Company Law (CAP 113). Michalaki, Pitsillidou &...

28 June

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Hong Kong Company

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“When you think to create an offshore company, the jurisdiction of Hong Kong should be certainly considered as a base among the list of other choices. Why choosing Hong Kong? Hong Kong is known to be a secure, and safe place not only for living but also for making a successful offshore business. Being a hub for big international companies and surrounded by the safe economic environment, HK creates flourishing area for building a business. Another important reason is strategical location which is the Asia’s heart with an easy access to the mainland of China. Hong Kong is a special...

23 May

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General Data Protection Regulation (GDPR)

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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...

11 April

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

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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...

03 April

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ANNOUNCEMENT ESMA MEASURES IN RELATION TO CFDS AND BINARY OPTIONS

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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”),...

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...

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