Insights
Insightful Perspectives with Meaningful Impact
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...
Harris Kyriakides advises Petrolina on its acquisition of ExxonMobil Cyprus
Harris Kyriakides advised Petrolina (Holdings) Public Ltd on its landmark acquisition of 100% of the share capital of ExxonMobil Cyprus Limited, a subsidiary of Exxon Mobil Corporation. The transaction remains subject to the approval of - 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...
Cross-border recognition and enforcement of foreign court judgments
The accession and successful implementation of the Hague Convention of 2 July 2019 on the Recognition and Enforcement of foreign judgments in civil or commercial matters (the Hague Convention 2019 or the Convention) between the European Union member - Read More...
New era in the Cyprus arbitration regulatory framework
The institution of arbitration, as an alternative means of dispute resolution, is heading towards substantial reform following a relevant draft bill by the Ministry of Justice and Public Order, with the adaptation of the legislation - Read More...
Enhancing global legal cooperation: Special Commission on the HCCH Service, Evidence and Access to Justice Conventions
The HCCH Special Commission on the practical operation of the 1965 Service, 1970 Evidence and 1980 Access to Justice Conventions took place recently in the Hague. “The Special Commission meeting reviewed the Service, Evidence, and - 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.
Obstructing the dawn raid: EU competition law expands to digital communications
The European Commission’s €15.9 million fine against IF&F signals an expanded enforcement approach, extending its investigative powers to digital communications like WhatsApp, setting a precedent for future competition law investigations.