Lending & Taking Security in Cyprus: overview
A Q&A guide to lending and taking security in Cyprus. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; …
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Employer acquitted of liability – workplace, person to be charged, instructions and supervision was at issue
On 5 July 2019, one of the Danish district courts (the District Court of Herning) found that a master painter was liable for compensation in connection with an injury accident caused when an apprentice fell off a balcony and suffered severe head injuries.
NEW REGULATION FOR THE AUTHORIZATION OF CREDIT INSTITUTIONS – BANKS’ AUTHORIZATION PROCEDURE
Introduction In follow-up to our summary regarding the preliminary evaluation for the banks’ authorisation, as detailed in Regulation no. 12/2020 on the authorization of credit institutions and amendments pertaining to the same (“Regulation 12/2020”), we will shortly review below the information and documentation to be submitted by a bank in order to obtain authorisation from …
Depositary Duties in the Alternative Investment Funds Realm
One of the key players in the Alternative Investment Fund’s industry sector is the depositary. A depositary is in essence the entity responsible for the safekeeping, cash monitoring and oversight of the AIF’s assets. As the reader may appreciate, this is perhaps the most important service provider of an AIF as it operates as an …
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Beginning of a New Age: The Commitment Mechanism Introduced in Turkish Competition Law Enforcement
The Turkish Competition Authority (“Authority“) has recently published its Draft Communiqué on Commitments Offered During Preliminary Investigations and Investigations on Restrictive Agreements, Concerted Practices, Decisions and Abuse of Dominance (“Draft Communiqué“) which has introduced a new commitment mechanism to Turkish competition law enforcement.
EU Whistleblower Directive
The Directive (EU) 2019/1937 on the Protection of Persons Who Report Breaches of Union Law (EU Whistleblower Directive), hereinafter “the Directive”, was adopted on 23 October 2019 and has a transposition deadline of 17 December 2021 (with the exception of the obligation to establish internal reporting channels with a further two-year extended deadline), with the …
Rejection of Applications and Revocation of Cyprus Citizenship
The Cyprus Investment Program seemed problematic from the beginning and even the amendments could not save and protect the abuse of the Program. The Cyprus Government decided to terminate the Program with final submission date the 30th of October 2020 after amending the Law regulating the Citizenship by Investment Program. The new policy of the …
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An Update on the Central Register of UBO(s) in Cyprus
Globally, it has been highlighted the importance and the need for extended transparency, in business and corporate entities, to combat money laundering, terrorist financing and more generally, the abuse of the financial systems by criminals.
The “Khai Fah”– Updates Regarding the Sale with Right of Redemption in Thailand
Thai law provides a means of real security and an alternative to the mortgage, the so-called Sale with Right of Redemption (Thai: “Khai Fah”). It is governed by Sections 491 ff. of the Thai Civil and Commercial Code (“CCC”), and it involves a conditional transfer of ownership that can be redeemed under certain circumstances.
Beneficial Owners Registry: Important updates requiring consideration
Pursuant to the Prevention and Suppression of Money Laundering Activities Law (the “AML Law”), which transposes into national legislation the 4th EU AML Directive ((EU) 2015/849), companies and other legal entities must maintain and register, in a central public register to be created for this purpose, information on their beneficial owners.The AML Law provides that the …
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