Presentation of the Trust Registry Portal by CySEC

BUSINESS UPDATES By Klelia Karageorgiadou During a highly anticipated webinar on Friday 12th November, the Cyprus Securities and Exchange Commission revealed the operation of the Trusts Register Portal, which is due to be launched in 2022. This development comes in line with the adoption and implementation of the 5th Anti-Money Laundering directive 2018/843, transposed into…

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Latest amendments to Companies Law Cap.113

Published on 5th November 2021 While the overhaul of Companies law Cap.113 is pending the appointment of a designated law firm to undertake the task by a public tender expiring on 29th November 2021, the Government proceeded with two important amendments to Companies Law, on the 5th November 2021. The two amendments namely Amendment No.3…

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ESG disclosures requirements for financial market stakeholders and the impact of COP26

BUSINESS UPDATES By Stella Koukounis Environmental, Social Governance (ESG) has been dominating CEO’s agenda in November, driven also by the recent UN COP26 Climate Change conference in Glasgow, Scotland, which ended on 12 November 2021, with markets highly anticipating its outcome. In March 2018, the EU Commission published the Action Plan on Financing Sustainable Growth,…

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DAC6 receives Ministerial approval as per decree published on 04/11/2021 and ECJ to decide on “legal professional privilege”

By Stella Koukounis Following the publication of the DAC6 Ministerial Decree in the Official Gazette on 04/11/2021, the relevant reporting framework and timeframes are now in force under applicable Cypriot law. More specifically, main and secondary intermediaries are required to report DAC6 reportable transactions undertaken between 25/06/2018 and 31/10/2021 by 30/11/2021. This effectively extends the…

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Attorney General’s opinion on disclosure of beneficial owners of partnerships

By Chara Paraskeva By way of a recent development and announcement by the official website of the Registrar of Companies, partnerships registered with the Registrar of Companies by virtue of article 50 of Partnerships and Business Names Law Cap.116 (the “Law”), are deemed to be “other legal entities”. Consequently, the details of the beneficial owners…

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Challenges when pursuing the partial division of a Cyprus company

There are many reasons why shareholders may seek the partial division of their Cyprus company, as the most appropriate means of corporate restructuring. Among them, a partial division secures: a more efficient structure that better supports distinct income streams of the Company’s assets; maintains and evolves the corporate entity and brand built by the original…

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