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...

13 July

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ESAs Guidelines on anti-money laundering and countering the financing of terrorism – ‘The Risk Factors Guidelines’

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ESAs Guidelines on anti-money laundering and countering the financing of terrorism – ‘The Risk Factors Guidelines’ The Cyprus Securities and Exchange Commission (‘CySEC’) wishes with this Circular to inform the Regulated Entities of the following: The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ‘ESAs’) published on the 26th of June 2017 its final guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT) (the “guidelines”). These guidelines are based on mandates in Articles 17 and 18(4) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of...

12 July

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Intention of the Parties to Create Legal Relations

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In contract law, there are particular requirements that should be fulfilled so as to have a binding contract. Indeed, the court try to interpret whether a party intended to have a binding contract with the other party when making an agreement. The court established certain distinctions between domestic and social agreements and commercial agreements. Domestic and social agreements: In domestic and social agreements, the court is likely to find that the parties did not intend to create legal relations. The leading case that supports this claim for domestic contracts is the Balfour v Balfour, where a husband and wife while being married...

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