The Cyprus Securities and Exchange Commission (“CySEC”) published in the Official Gazette, Directive 124/56-01 on “Fees Payable and annual contributions of the Alternative Investments Funds and their Managers”
The Directive has immediate and retrospective effect (ar. 6 and 8) and abolishes the previous Directive 279/2017. Principally the Directive amends the fees payable to CySEC by Alternative Investment Funds (“AIFs”) and their Managers (“AIF Managers”) including provisions for the timing of those payments. The significant changes being: fees are payable: at the time the […]
The Tax Department of the Republic of Cyprus issued a circular in relation to companies that are dormant or for which communication has been lost (the “Circular”).
The Circular is in response to an issue that has arisen between the Tax Department and the Registrar of Companies and Official Receiver (the “Registrar”) in relation to the Registrar’s obligation to strike off dormant companies or companies for which the appointed local service providers have lost communication. The Registrar, in accordance with the relevant […]
Transparency requirements of EU securitisation regulation to be incorporated into the Eurosystem Collateral Framework
The European Central Bank (ECB) has decided that the loan-level data reporting requirements of the Eurosystem collateral framework are to align with the disclosure requirements and registration process for securitization repositories specified in the Securitisation Regulation (Regulation (EU) No 2017/2402). The ECB decision is aimed at the promotion of efficiency and standardization in the securitization […]
GeSY / G.H.S. contributions for employers and employees
Commencing from 1 March 2019 all employers’ and employees’ in Cyprus will be required to make contributions to the General Healthcare System (G.H.S.), as follows: Period: Employer Contribution: Employee Contribution: 01/03/2019 – 28/02/2020 1,85% 1,70% From 01/03/2020 2,90% 2,65% Employers’ contributions and employees’ deductions are calculated on the gross salary (up to €180,000) and will be […]
Common Law Day conference
The potential impact of Brexit on international commercial litigation and UK law firms, as well as the doctrine of necessity, innovation hubs, and the tax implications of Brexit, were amongst the most important topics discussed during this year’s Common Law Day conference, at Hilton Park in Nicosia. Many thanks to the British High Commission and […]
Cyprus Section of European Holding Regimes 2019
Author: Elias Neocleous , Elena Christodoulou Law Firm: Elias Neocleous & Co LLC Publisher: Loyens & Loeff Practice area: Corporate and Commercial
Respected Cyprus business magazine Gold, dedicated its February 2019 Issue to examining Workplace Design and its effects on an employee’s ability to focus on work.
Elias Neocleous & Co LLC was proud to be prominently featured in the magazine’s cover story and recognised as having one of the most outstanding buildings and offices/workplaces in Cyprus. The firm invests heavily in its staff and recognises the importance of the physical environment as a determining factor in both the employees ability to be […]
Elias Neocleous & Co LLC advised the Zarenkov family on the Cyprus law matters in their disposal of a 25% stake in Etalon Group Plc.
In February 2019, our Financial Services team assisted the Zarenkov family on Cyprus corporate and financial services law matters in their disposal of a 25% shareholding interest in Etalon Group Plc to Sistema PJFC, a publicly-traded diversified holding company. Etalon Group Plc, one of Russia’s largest and longest established development and construction companies, is a Cyprus public company having […]
Reform on the EU legal framework on Copyright: prioritising the rights of creators and limiting the power of internet giants
The EU Parliament and Council are in the process of reforming the rules on copyright however, as yet there has been no formal adoption of the proposed Directive of the European Parliament and of the Council putting in place agreements reached between EU negotiators on updating digital copyright rules in the Single Market. Empowering new […]
A Cypriot NPL issue: At what price should secured assets be sold by creditors?
As the economy of Cyprus recovers from the problems of the past, NPLs are a factor negatively affecting the financial prospects of the country. Among the relevant issues arising is the extent to which the creditors are obliged to pursue the best price in the process of selling the pledged assets. Dimitris Roti and Ioannis […]
