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N. Pirilides & Associates LLC

A LEADING LAW FIRM WITH A REPUTATION FOR EXCELLENCE

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BRIEFINGS

The Cyprus Securities and Exchange Commission (“CySEC”) has published a Consultation Paper on 10/06/2021 to propose the introduction of specific rules and obligations on promoters of applications that engage in the submission and promotion of applications for the granting of licenses to regulated entities of CySEC (or other material changes).
On 04/06/2021 the Registrar of Companies issued an instruction in relation to the establishment of the Register of UBOs (Registration of beneficial owner particulars) and the possibility of registering such beneficial owner particulars by the Officials (natural and legal persons) of a company. The Registrar of Companies confirmed that their aim is to facilitate this by October 2021.
As of Monday 10/05 Cyprus has exited a third partial lockdown with a new coronavirus "safe pass" system to allow people to move freely (the government abolished the system of official approval by text message used to allow people to leave home).
With Cyprus being a common law jurisdiction, the adoption by the Cyprus Courts of judge-made remedies that the English Courts have created for the needs of victims of fraud, was an important evolution to the Cyprus legal system in its battle against civil fraud.
In an attempt to strengthen and harmonize the framework with regards to the prevention and suppression of money laundering, the Register of UBOs has been created. On 18/02/2021 the Cyprus Parliament passed the amending Law on the Prevention and Combating of Money Laundering of 2021. 
In order to achieve a safe return to everyday life, with the gradual removal of the lockdown measures, it will be necessary to ensure the protection of the working environment. According to the new measures, to address the risk of Covid-19 transmission, all employers intend to ask employees to provide tests for the virus to ensure their safety on their return to the workplace.
In the context of transposing the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015, which relates to the prevention of money laundering and terrorist financing, into the national law of the Republic of Cyprus, Section 61A(4)(a) of the “Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (188(I)/2007)” provides for the maintenance of a central registry holding information in relation to the beneficial owners of companies and other legal entities.
Just before the Christmas period and the cut off time limit to a no deal Brexit, the UK and the EU reached a draft agreement on an economic partnership settlement that will govern large swaths of bilateral trade worth more than £650bn.
The Tax reliefs provided by a number of Laws for the reinforcement and promotion of loan restructuring which would have expired on 31/12/2020, have now been extended until 31/12/2021.
The new amending Law N.179(I)/2020 provides that the exemption of 20% (maximum €8550) of the income of a person from employment in Cyprus, who was not a tax resident of Cyprus during the previous tax year, will apply to any such new employment starting any time up to year 2025.
In 10 days the United Kingdom’s ‘transition period’ will come to an end. The UK will officially be exiting the EU - leaving the EU single market and customs union - and as it stands, there is no deal in place.
Our Firm has been successful before the District Court of Nicosia which on 25.11.2020 issued a judgment dismissing an application for security for costs filed by several defendants in the context of a fraud/conspiracy to defraud claim.
There are now fewer than 30 working days until the Transitional Period for Brexit is due to come to a conclusive end. In this briefing, we attempt to provide in short what British nationals would need to consider and the options they have, especially if they have or are thinking of setting up a business in an EU country.
The GDPR impacts and influences the medical industry as it introduces a higher level of protection of information in relation to the health of a patient. The GDPR will significantly change the way healthcare institutions use and store all their personal information.
Transfer pricing are the prices at which associated entities, such as subsidiaries and group companies, transfer goods, services and other intangible and tangible assets between each other.
The government of Cyprus announced yesterday the Council of Ministers’ decision to abolish the Cyprus Investment Programme (CIP) in its current form.  The programme will be abolished from November 1st.
Ο Κανονισμός (ΕΕ) 2016/679 του Ευρωπαϊκου Κοινοβουλίου και του Συμβουλίου της 27ης Απριλίου 2016 για την προστασία των φυσικών προσώπων έναντι της επεξεργασίας των δεδομένων προσωπικού χαρακτήρα και για την ελεύθερη κυκλοφορία των δεδομένων αυτών, Γενικός Κανονισμός για τη Προστασία Δεδομένων (ΓΚΠΔ) έχει τεθεί σε εφαρμογή στις 25 Μαΐου του 2018.
The Cyprus Stamp Duty Law (the “Law”) provides that stamp duty is payable on any document which concerns any property situated in the Republic of Cyprus or matters or things to be executed or done in the Republic of Cyprus, irrespective of the place of execution of the document.