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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Extension of controls on sale of binary options and contracts for difference to retail investors
The Cyprus Securities and Exchange Commission has notified Cyprus Investment Firms it regulates that the European Securities and Markets Authority has extended its controls on binary options and contracts for difference. The prohibition on the marketing, distribution or sale of binary options to retail clients, which has been in effect since 2 July 2018, has […]
Revision of the maximum permissible interest rate under article 314A of the Criminal Code
In 2011 the Criminal Code was amended by the addition of a new article 314A, which makes it a criminal offence, punishable by up to 5 years’ imprisonment, a fine of up to EUR30,000 or both, for lenders to charge interest at excessive rates. The maximum permissible rate of interest, known as the reference rate, […]
Cyprus Securities and Exchange Commission guidance on reporting by “Systemic Internalisers”
The Cyprus Securities and Exchange Commission (“CySEC”) has issued a circular (C283 dated 24 October 2018) to Cyprus Investment Firms (“CIFs”) that it regulates regarding their obligation to provide information to CySEC if they fall within the definition of “systemic internaliser” (“SI”) set out in article 2(1) of the Investment Services and Activities and Regulated […]
The Limassol Economic Forum
Elias Neocleous & Co LLC was one of the main sponsors of the ninth Limassol Economic Forum, which took place on 19 October, attracting a record number of more than 450 participants from Cyprus and overseas, and receiving extensive coverage in the local and international media. The Limassol Economic Forum is the largest and most […]
The proposed EU directive on business insolvency: the European Council agrees its position
In 2016 the European Commission published a proposal for a directive on business insolvency, which aims to provide effective restructuring tools to rescue viable businesses in distress, give bona fide bankrupt entrepreneurs a second chance and increase the efficiency of insolvency, restructuring and debt relief procedures, so as to reduce barriers to the free flow […]
Exemption from the requirement to publish a prospectus for the public offer of securities
The Cyprus Securities and Exchange Commission is undertaking a consultation process on the appropriate threshold for exemption from the requirement to publish a prospectus for the public offer of securities. Currently, following the repeal of articles 1 (2) (h) and 3 (2) (e) of the EU Prospectus Directive (Directive 2003/71 / EC) and implementation of […]
Reduction of non-performing loans in the Cyprus banking sector
On 15 October the Central Bank of Cyprus (CBC) published its latest analysis of data on non-performing loans in the Cyprus banking sector, covering the period to 30 June 2018, showing aggregate non-performing facilities (NPFs) and related indicators for the domestic operations of credit institutions operating in Cyprus. Overseas operations are excluded. During the month […]
Entry Into Force Of The New Double Taxation Agreement Between Cyprus And The United Kingdom
[gdlr_row] [gdlr_column size=”1/4″] [/gdlr_column] [gdlr_column size=”3/4″] Oct. 16, 2018 Author: CONSTANTINOS CHRISTOFI Law Firm: Elias Neocleous & Co LLC Publisher: Global Tax Weekly Practice area: CORPORATE AND COMMERCIAL [/gdlr_column] [/gdlr_row]
Running for the community
More than 30 members of staff of Elias Neocleous & Co LLC took part in the international “Run in color” 5 km run, which was held in Limassol on 13 October 2018. Run in Colour launched “Lemesia 2018”, a major international sporting event, organised for the nineteenth consecutive year by the Limassol Municipality. All proceeds […]
Submission of 2017 tax returns
The Cyprus Tax Department has published a further reminder that 31 October 2018 is the final date for employees and self-employed individuals with an annual turnover below € 70,000 to submit their tax return for the year 2017 and to pay any tax due for the year. Tax returns and remittances must be submitted electronically. […]
The Cyprus Securities and Exchange Commission’s new Innovation Hub
In July 2018 the Cyprus Securities and Exchange Commission (“CySEC”) announced its plan to establish an Innovation Hub focusing on FinTech and RegTech developments, aimed at fostering a closer, more effective relationship with entities operating in these rapidly-evolving sectors and improving the way they are regulated. Through the Innovation Hub both regulated and non-regulated entities […]
Entry into force for Cyprus of the Ballast Water Management Convention
The Cyprus Deputy Ministry of Shipping (DMS) has announced that the International Convention for the Control and Management of Ships’ Ballast Water and Sediments (Ballast Water Management Convention) will enter into force for the Republic of Cyprus on 8 November 2018 pursuant to Article 18.3 of the Convention. A translation into English of the law […]