European Commission (the ‘EC’) steps up the fight against trade barriers and violations of sustainable trade commitments.
The EC has recently taken two significant actions which underscore the commitment of the European Union (the ‘EU’) to tackling the barriers facing European companies which seek to do business around the world: In July, the first ever Chief Trade Enforcement Officer (‘CTEO’) was appointed and, In November a new ‘Single Entry Point’ (‘SEP”) complaints […]
Cyprus referred to European Court of Justice for failure to transpose Trade Secrets Directive (EU)2016/943.
Following its meeting on 30 October 2020, the European Commission (‘EC’) has taken the decision to refer Cyprus to the European Court of Justice (the ‘ECJ’). This is due to the failure of the Cypriot government to notify the EC that it will take measures to transpose the Trade Secrets Directive (EU) 2016/943 (the ‘Directive’) […]
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 […]
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 […]
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 […]
ESMA updates its Interactive Single Rulebook
On 14 March 2019, the European Securities and Markets Authority (ESMA) updated the ESMA Interactive Single Rulebook related to the provisions of the Market in Financial Instruments Directive (MIFID II) and Regulation (MiFIR). The Interactive Single Rulebook is an online tool of ESMA. It aims to facilitate the consistent application of the EU single rulebook in the […]
Seminar on Human Rights organised by the Larnaca and Famagusta Bar Associations
Nicolas Tsardellis, partner and head of our Nicosia litigation department was one of the speakers at a recent seminar on Human Rights organised by the Larnaca and Famagusta Bar Associations. Nicolas, a certified tutor of the Human Rights Education for Legal Professionals (HELP) of the Council of Europe, presented to the participants the methodology and […]
EBA recommends maintaining protection of depositors in case of a no-deal Brexit
The European Banking Authority (EBA) published on 1 March an Opinion, on deposit protection issues that relate to the withdrawal of the UK from the EU, based on Article 29(1)(a) of Regulation (EU) No 1093/2010 (the EBA Regulation). This is an initiative of EBA so as to promote a consistent approach in the area of […]
January 2019 – Annual inflation data
On 22 February, Eurostat, published figures on the inflation of the countries of the European Union. The annual inflation rate in the Euro area was 1.4% in January 2019, marking a slight decrease compared to 1,5% of December, while, a year earlier, the relevant number was 1.3%. The annual inflation observed in the EU was 1.5% in January 2019, slightly lower than […]
EBA publishes Handbook on valuation for purposes of resolution
On 22 February, the European Banking Authority (EBA) published a Handbook on valuation for purposes of resolution, addressed to the national and EU resolution authorities. The basis for this initiative is Article 29(2) of Regulation (EU) No 1093/2010 establishing the EBA. Even though it is not binding for the resolution authorities, this Handbook is an instrument to promote convergence […]
