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...

11 July

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Taxation for physical persons and Investment Manager

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Physical persons: First, a person who was employed for performing a particular service in Cyprus but was a non-resident of Cyprus by the time he was employed, it is highly probable to be exempted from the payment of 50% of income tax for a 10-year period on the remuneration. But to be eligible for the exemption, the payment for this service should be greater than 100.000 Euro. Additionally, for a person who was employed for a service paid by maximum 8.550 Euro, but he was not a resident of Cyprus when the employment was made, he will be granted a 20% exemption...

10 July

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Termination, Renewal, Fees and Taxation of Franchise Agreements

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Termination of a franchise agreement: First, the franchise relationship is bound by a contract the franchisor and the franchisee made, in order to terminate this relationship, they have to refer to the general principles of contract law. A lot of franchise agreements are made for a specific period of time and after this period come to an end there is no existing relationship. However, there might be particular obligations that exist after the end of the contractual relationship like confidentiality or competition regulated by confidentiality and competition law. Moreover, if there is no specific time for the termination of the franchisee agreement,...

07 July

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Investment Firm of a Branch in Cyprus

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What rights have the Investment Firms of member states and third countries according to the law? An Investment Firm may provide an investment or other services through the establishment of a Branch in Cyprus. These services and activities are covered by the authorization granted to the Cyprus Investment Firm (CIF). Furthermore, an Investment Firm aims to establish a branch in Cyprus, by notifying the writing of intention the ‘Cyprus Securities and Exchange Commission’ (Cysec), as well as the following information with regards to the branch: The address The persons responsible for its management and the organizational structure. The program of operations setting...

06 July

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Domestic Violence

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The general definition of ‘domestic violence’ or ‘family violence’ is the emotional, physical, psychological or sexual abuse perpetrated against a person. It can be committed by a family member or intimate partner and it could be described as a broader term, which often consists of child abuse, elder abuse, and other violent acts between family members. The particular case study concentrates on the main area of concern which is the domestic abuse. It is a severe violent crime including irruptive behavior from one person often injuring another. Physical harm to various degrees, is the final result of these crimes, and the offender may...

05 July

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The procedure of transferring a Cyprus Property to the Land Registry Office

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Property law is the area of law that governs the various forms of ownership and tenancy in real property and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations. The Legal System in Cyprus according with the conveyance procedure of property, is normally based on UK legislation, but in the discipline of immovable property the Cyprus legislation and its legal system is different than the one implemented in the UK. The provisions of the Constitution of Cyprus protect the safety...

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