The Cyprus Registrar of Companies has announced that, following advice from the Attorney General, a number of categories of charges will no longer be accepted for registration, namely pledge of company share certificates, assignments of rights deriving from company shares or any other charge on company share certificates, company shares or rights deriving from shares in companies and any rights resulting from the pledge, assignment or charge, since these charges fall within the scope of the exceptions listed in article 90 2(a) of the Companies Law. References to ‘company’ in the above paragraph should be read as a company registered and existing pursuant to the companies law of Cyprus.
Hitherto, it has been normal practice to register such charges on a precautionary basis, although this was not necessary.
For further information on this matter please contact Demetris Roti or your usual contact at Elias Neocleous & Co LLC.