Insights
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Cyprus updates legislation on recovery and resolution of credit institutions and investment firms
Introduction The Cyprus House of Representatives has approved two legislative amendments to align national laws with EU directives on the recovery and resolution of credit institutions and investment firms. These developments are part of a - Read More...
Cyprus passes law restricting large cash transactions to strengthen AML efforts
Introduction On 5 December 2024, Cyprus parliament approved a significant piece of legislation aimed at curbing large cash transactions, enhancing the country’s anti-money laundering (AML) framework. The proposal, first introduced on 30 October 2024 by - Read More...
Cyprus Ministry of Interior issues Best Practices Report to combat terrorism financing in non-profit organisations
On 26 November 2024, the Registrar of Associations and Foundations, which is part of the Ministry of Interior, issued a new Best Practices Report providing information on the risks faced by Non-Profit Organisations (NPOs) in - Read More...
Cyprus Parliament approves new framework for beneficial ownership compliance
On 21 November 2024, the Cyprus Parliament approved a landmark amendment to the Prevention and Suppression of Money Laundering Activities Law. The legislation introduces a comprehensive framework for the enforcement of penalties related to beneficial ownership - Read More...
Whiplash: Clarifying mixed injury claims and tackling rising insurance costs
Following the scrutiny of the whiplash reform report, the Supreme Court has upheld the Court of Appeal’s decision in Hassam & Anor v Rabot & Anor [2023] EWCA Civ 19, providing clarity on the correct approach to - Read More...
Changes brought about by GDPR: increasing liability for data processors
The General Data Protection Regulation (GDPR) has increased the liability of data processors, imposing direct regulatory obligations and leading to a more complex and accountable data protection regime for both controllers and processors. Background A - Read More...
Parliament has passed the new framework for credit managers and credit purchasers to align with European Directive 2021/2167
By a majority vote, Parliament has enacted a legislative package to align national law with European Directive 2021/2167, which establishes a unified framework for credit servicers and purchasers. The legislation aims to facilitate the creation - Read More...
Ensuring GDPR compliance: managing vendor and third-party risks for companies in Cyprus
This article analyses the importance of continuous GDPR compliance through effective due diligence and robust contractual agreements.
New case law in Cyprus on insurance recovery
Recovering payments made for third-party accidents under an insurance policy often proves more complex than insurers initially anticipate. Recent court rulings highlight that insurers must obtain a court judgment to recover compensation in certain circumstances.
IIC Hosts Seminar on Inheritance Law: Delivered by Nicolas Kyriakides
The Insurance Institute of Cyprus (IIC) recently conducted a one-day seminar titled “Succession and Insurance,” featuring a presentation by our partner, Nicolas Kyriakides. This seminar provided a comprehensive introduction to inheritance law, specifically addressing its - Read More...
NIS2 Directive: A new era in cybersecurity compliance
The NIS2 Directive (Directive (EU) 2022/2555) is a comprehensive cybersecurity regulation aimed at strengthening the resilience of critical infrastructure across the EU. It expands on the original NIS Directive, widening its scope, imposing stricter security - Read More...
Court of Justice of the European Union clarifies notarial services in light of Russian Sanctions
On 5 September 2024, the Court of Justice of the European Union delivered a landmark judgment in Case C-109/23, ruling that a notary’s authentication of property sales involving Russian companies does not breach the EU - Read More...