Elias Neocleous & Co. LLC Advises Pepperstone On Its CySEC Authorization As CIF
During 2020, our firm advised our valued client, Pepperstone Group Limited, an Australian-authorised investment firm, in the establishment, authorization process of its Cyprus subsidiary, Pepperstone EU Limited. Working alongside Pepperstone executives, Michael Pelosi (Legal Counsel), Dimitris Papoutsis(Legal Counsel), Rafaella Michael (Associate) and Ioannis Sidiropoulos (Associate) comprised the Financial Services and Regulation team providing Cyprus regulatory […]
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 […]
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 […]
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 […]
Guidance on Identifying, Assessing and Understanding the Risk of Terrorist Financing in Financial Centres
On 1 March 2019, the Cyprus Securities and Exchange Commission (“CySEC”) issued Circular 299/28.02.2019 (the “Circular 299”) to regulated entities in Cyprus. The Circular 299 is a summary of its findings based on the guidance on Identifying, Assessing and Understanding the Risk of Terrorist Financing in Financial Centers (the “Guidance”). The Guidance was examined and […]
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 […]
