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Stay informed of the latest news and developments from our firm. Discover what is shaping our practice and people.
Publication of the latest Central Bank of Cyprus ship management survey
Cyprus is one of the world’s most important locations for ship management, with around 60 ship management companies operating in its territory, several of which rank among the largest of their kind in the world. Cyprus-based ship management companies employ almost 40,000 seafarers including 5,000 EU nationals, and the total fleet managed from Cyprus is […]
CySEC circular on dealings with persons and entities in Iran
The Cyprus Securities and Exchange Commission (‘CySEC’) has issued a circular (C284 dated 5 November 2018) to entities it regulates drawing their attention to a notice issued by the USA authorities regarding dealings with individuals or entities in Iran and reminding them that both the EU Commission and the Financial Action Task Force designate Iran […]
Extension of due date for payment of individuals’ 2017 income tax liability
The Cyprus Tax Department has announced an extension of the time allowed for employed and self-employed individuals who are not required to submit audited financial statements to pay their income tax for 2017. Until the end of November payment of any balance due in respect of 2017 income tax may be made via the JCCsmart […]
Elias Neocleous & Co LLC supports the first Cyprus Computer History Museum
As part of its commitment to social responsibility and support for education and culture, Elias Neocleous & Co LLC is proud to be among the principal supporters of the first Computer History Museum in Cyprus, which opened its doors to the public for the first time on 21 October in Hall 1 of the International […]
Ratings success for Elias Neocleous & Co LLC
IFLR1000, the guide to the world’s leading financial and corporate law firms and lawyers, has today released its listing of leading lawyers. Elias Neocleous & Co LLC continues to lead the Cyprus legal services market, being the only firm awarded the prestigious Tier 1 ranking in Cyprus. IFLR is one of the most respected organisations […]
Identification of systemically important Cyprus credit institutions
Directive 2013/36/EU on the prudential supervision of credit institutions and investment firms requires what the directive defines as “systemically important institutions”, that is, institutions of such significance that their failure or malfunction could lead to systemic risk, to maintain appropriate contingency buffers of common equity tier one capital, over and above the levels required for […]
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 […]