25 July

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Freedom to provide investment and ancillary services and/or perform investment activities in a third country

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Following Circular C192, issued on March 3, 2017, regarding the freedom to provide investment and ancillary services and/or perform investment activities in a third country, the Cyprus Securities and Exchange Commission (‘the CySEC’) requests, in the context of its supervisory powers, the following: The Cyprus Investment Firms (‘the CIFs’) must assess their existing third-country-passports and consult with their legal consultants by taking the appropriate legal advice, and/or letters/ official documents from the competent authority of the host third-country, affirming either the carrying out of legitimate investment services and activities (holding a relevant authorization), or the exception of holding such authorization,...

24 July

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Collecting a Second Passport

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Widespread Globalization has created a new class of mobile citizen seeking various nationalities. A second or probably more nationality provides the high net worth individual living in a fractious world with a way to pursue business, financial and personal opportunities in geographies with political and economic stability and better general quality of life. Significantly, an additional passport can facilitateTop of FormBottom of Form residency abroad, ease of travel and access to mobility of personal assets. Obtaining a passport has never been simpler for those of way. Entering Citizenship by Investment Programs (CIPs) is currently one of the most famous methods of...

21 July

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What is a Tied Agent?

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Introducing Tied Agent: A tied agent is an individual who established in a member state, who, acting under the full and unconditional responsibility of only one Investment Firm on whose behalf it acts, promotes investment and/or ancillary services to clients or provides the services of either receiving and transmitting instructions or orders, placing financial instruments or providing investment advice in respect of the financial instruments and services provided by the Cyprus Investment Firm. Key Points: Some minor changes are made to the rules relating to tied agents, including one clarifying that tied agents will be able to hold money belonging to clients. ...

21 July

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What is an Introducing Broker?

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Introducing Brokers and Forex An Introducing Broker (IB) is fundamentally an agent which introduces new clients to a Forex brokerage. In return for sending custom to a brokerage, the Introducing Broker receives a fee, with regards to Forex this is usually a certain promotion of the Spread or Commission charged by the brokerage. Supposing you are charged the amount of $3 commission on a precise Forex Trade it might be feasible that the Introducing Brokerage who refereed you to the broker would acquire over half this sum. A considerable percentage of brokerages, run Introducing Broker programs as it is able to...

21 July

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Cyprus Marriage Procedure

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The applications for ‘Marriage’, can be submitted by foreign husbands of a Cypriot resident, who have already completed more than three years of marriage, including harmonious cohabitation with the Cypriot spouse and two years of residence in Cyprus prior to the date of the marriage application. The Authorities of Cyprus compel the citizens to fill the below-mentioned documents: - Marriage certificate. - Birth certificate of the applicant. - Certificate of clean criminal record of the applicant. - Copy of the applicant’s passport. - Copy of the spouse’s passport. - Certificate of acquisition of becoming a Cypriot of the Cypriot spouse. - Relevant Form duly completed and signed by the applicant. -...

20 July

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Workplace Injury: Sue Outside Workers’ Compensation

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If you've been injured in the workplace, you have probably been told that the only compensation you can receive will come from your employer's compensation insurance. Even though this is the general rule, there are many exceptions based in each different situation, in which you may be able to sue for damages caused by your injuries. The below-mentioned examples clearly explain all the ways an employee can get injured, caused in workplaces, in which he can sue for these damages, depending on who is responsible for this cause. If you were injured because of your employer's intentional or notorious conduct,...

19 July

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Pre-Action Litigation Dispute Considerations

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Before issuing litigation dispute procedures under the Legal System of Cyprus, people must satisfy the pre-action protocol, since failure may result in cost sanctions and the claim may be suspended. The particular article deliberates how to conform with the protocol. If the individual demands to make a claim, it is a prior obligation to issuing proceedings he must comply with the ‘Civil Procedure Rules’ - Pre-action Conduct and Protocols. They potentially explain in detail the conduct and set out the steps that the court would usually expect parties to take before commencing proceedings for specific types of civil claims. It is significant...

18 July

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New rules set by the Polish Financial Supervision Authority (the ‘KNF’) regarding persons that are allowed to provide activities in the territory of Poland

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The Cyprus Securities and Exchange Commission (the ‘CySEC’) hereby draws the attention of the Cyprus Investment Firms (the ‘CIFs’), which freely provide investment services in accordance with Article 79 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’), in the territory of Poland, to KNF’s new rules that entered into force on 29 April, 2017, regarding the persons that are allowed to provide such services. More specifically: Pursuant to article 79(2)(a) of the amended Polish Act of 29 July 2005 on Trading in Financial Instruments (‘the Act’), the activities of: client/potential client acquisition ...

17 July

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Get justice without going to Court

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Alternative Dispute Resolution(ADR) is based on the use of methods for resolving a conflict without litigation, in other words without going to court. By using Alternative dispute resolution, the parties can benefit as they avoid the payment of any court fees, the obligation to go to court which is a much more complicate procedure than ADR, and they can still get compensation through ADR. Some of the most common ADR methods adopted are negotiation, mediation and arbitration. Negotiation: First, for negotiation, we need to have two parties willing to negotiate so as to solve their dispute and come to an agreement. There...

14 July

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Courts Sentencing

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Any court must have regard to some purposes of sentencing in order to end up to a final decision of the offender’s sentence. These purposes are: The protection of the public The punishment of the offender The reduction of the crime The rehabilitation of the offender The making of reparation by the offenders to the people affected by their offenses Current Available Sentences: Fines: This is the most common type of sentence given. This happens because fines are given for lower level offences, which are mostly common. The amount is set by the court after taking into consideration of the seriousness...

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