Latest
News & Events
Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
CySEC policy statement and directive in relation to the prohibition of marketing, distribution and sale of binary Options
The Cyprus Securities and Exchange Commission (CySEC) issued today its Policy Statement 03-19 on the imposition of national product intervention measures (NPIMs) in relation to the marketing, distribution and sale of binary options (available in English here). The Policy Statement follows from the...
Mondaq award for Contributor Most Read in Cyprus
For the fourth consecutive month Elias Neocleous & Co LLC was awarded Mondaq’s “Contributor Most Read” for Cyprus. The continued recognition is a welcome acknowledgement that not only is the material we publish being read, but it is sought after and well received by our clients, and the busines...
ESMA Ceases Renewal of Product Intervention Measure Relating to Binary Options
On 1 July 2019, the European Securities and Markets Authority (ESMA) as the EU securities markets’ regulator, announced that it ceases its temporary measure to prohibit the marketing, distribution or sale of binary options to retail clients in the European Union (EU). By virtue of its previous deci...
A National Strategy on Decentralized Technologies and Blockchain
In its session of 18 June 2019, the Council of Ministers of Cyprus, approved a National Strategy on Decentralized Technologies and Blockchain, encouraging the use of these technologies in both the public and private sectors (the financial services sector, in particular, as regards banking and inves...
CySEC – Circular on Risk Based Supervision Framework and Electronic submission of information for 2018
The Cyprus Securities and Exchange Commission (CySEC) has informed all Cyprus Investment Firms (CIFs) of a new version of the form RBSF – CIF Version 2 for conducting statistical analyses, risk management and other purposes.All authorised CIFs must submit the new form electronically to CySEC no lat...
Submission of income tax return for employees
31st July 2019 is the last day for Income Tax Return submission for employees, for the tax year 2018. It is also the last day for payment of the tax due calculated via self-assessment for an employee, for the tax year 2018. It is important to note that: submission of the Income Tax Return is ONLY...
Lobbyists to Face Tighter Regulation
In a 2015 report by Transparency International, Cyprus was ranked last among 19 EU countries when it came to the existence of legislation to monitor and regulate lobbying.The Council of Europe considers lobbying as the concerted effort to influence policymaking and decision-making by an individual...
Process of negotiating a bilateral Competent Authority Arrangement (CAA) for the exchange of Country-by-Country Reports between Cyprus and the United States of America
On 20th of June 2019, Cyprus tax authorities announced that negotiations between Cyprus and USA are being conducted with a view to conclude a bilateral Competent Authority Arrangement (“CAA”) for the exchange of Country-by-Country reporting between Cyprus and the USA. The negotiations’ status is al...
Raising of capital from investors within a specified time period
In a circular dated 7th June 2019, the Cyprus Securities and Exchange Commission ( ‘ the CySEC’ ) reminded all authorized and registered Alternative Investment Fund Managers (AIFMs) of Article 14 of the AIF law which requires them to raise a minimum of EUR 500,000 capital from investors within 12 m...
Extension in Reporting Deadline for FATCA / CRS /DAC2 Returns
Cyprus Tax Department announced that all Financial Institutions have been granted an extension to the reporting deadline for FATCA and CRS/DAC2 purposes. The reporting deadline is now the 8th of July 2019, instead of the 1st of July 2019. Please contact Constantinos Christofi for further inquiries...
Elias Neocleous & Co. LLC Identified as one of the Top Law Firms in India
The ‘ India Business Law Journal ‘ ( IBLJ ), a market-leading monthly magazine which delivers expert analysis on the legal and regulatory challenges facing domestic and international businesses in India has identified Elias Neocleous & Co LLC as one of the leading international law firms for In...
ELIAS NEOCLEOUS & Co LLC – Listed in GRR’S Survey as a Top 100 Law Firm in cross border restructurings and insolvencies
On 17th June 2019 ‘ Global Restructuring Review ( GRR) ‘ , the daily news service and magazine focusing exclusively on cross-border insolvency and restructuring law, published its annual survey, the GRR 100, which lists the top 100 law firms verified as being able to handle cross-border restructuri...