January 2012
Cyprus Legal Brief

“The Free Trade Agreement between the EU and its Member States, of the one part, and the Republic of Korea, of the other part (Ratification) Law of 2012”.

By virtue of Article 169(2) of the Constitution of Cyprus, the above mentioned Free Trade Agreement between EU and (South) Korea was ratified by the Cyprus Parliament on 19 January 2012. The agreement had been signed on 6 October 2010 and it was approved by the European Parliament on 17 February 2011. It has been provisionally in force since 1 July 2011.

It is noted that this is the most ambitious and comprehensive free trade agreement ever negotiated by the EU and the first with a partner country in Asia. According to the Agreement, import duties are to be eliminated on nearly all products (98.7 % of duties in terms of trade value will be eliminated within five years) and there is also far-reaching liberalisation of trade in services (including telecommunications, environmental, shipping, financial and legal services) covering all modes of supply. The Agreement is expected to create substantial new trade opportunities in goods and services, as well as in investment. The additional market access provided by the Agreement will further strengthen the position of EU suppliers in the Korean market.

The Agreement includes provisions on investment, both in services and industrial sectors and also covers important areas, such as the protection of intellectual property rights (including geographical indications) and government procurement. Moreover, speci?c commitments to eliminate and to prevent the emergence of non-tariff barriers to trade have been agreed in sectors such as automobiles, pharmaceuticals and electronics.

With regard to consumer electronics, Korea will consider many European standards as equivalent, and recognise European certi?cates. Finally, exporters of pharmaceuticals and medical devices will bene?t from more transparency in pricing decisions, with detailed binding rules on the transparency of decisions on reimbursement and the option to have such pricing decisions reviewed by a court.

Further details on the provisions regarding services
• In telecommunications, Korea will relax foreign ownership requirements, allowing 100% indirect ownership, two years after entry into force of the FTA at the latest. In addition, EU satellite operators (telephone and TV) will be able to operate directly cross-border into Korea, avoiding having to liaise with or go through a Korean operator.
• With regard to environmental services, Korea commits to allow EU companies to treat non-industrial waste waters (sewage services).
• EU shipping firms will have full market access and the right of establishment in Korea, as well as non-discriminatory treatment in the use of port services and infrastructure.
• New business opportunities for European companies will arise with respect to a large number of maritime auxiliary services.
• There will also be improvements for auxiliary air transport services such as ground handling.
• Korea abolishes the obligatory subcontracting requirement for construction services.
• All financial firms will gain substantial market access to Korea and will be able to transfer data freely from their branches and affiliates to their headquarters.
• EU providers of international express delivery services will have access to the Korean market. After Korean postal reform, commitments will be spread to further areas outside the definition of the reserved postal monopoly, such as parcels.
• European law firms will be allowed to open offices in Korea to advise foreign investors or Korean clients on non-Korean law. Law firms will also be able to form partnerships with Korean firms and recruit Korean lawyers to provide ‘multijurisdictional’ services. Lawyers will be allowed to use their domestic job titles such as Solicitor, Avocat or Rechtsanwalt.
• The Agreement also includes provisions that govern electronic commerce with the aim of providing legal certainty in this fast-growing field of economic transactions.

Audiovisual services are excluded from the relevant chapter of the Agreement.

January 2012
Members of Dr. K. Chrysostomides & Co LLC named as experts in the 2012 edition of Legal Experts – Europe, Middle East & Africa

Four of our firm’s members have been recognised as legal experts in the 2012 edition of Legal Experts – EMEA. Senior partner Eleni Chrysostomides and partner Alexandros Taliadoros have been singled out for their work in the area of Dispute Resolution, whereas senior partner Chryso Pitsilli-Dekatris is recommended for Shipping. Senior associate Nicoletta Kouvara is endorsed in the area of Corporate and M&A.

Legal Experts – EMEA is a comprehensive guide which brings together research to identify over 3,000 of the leading lawyers in the region from a range of practice areas.

January 2012
Dr. K. Chrysostomides & Co LLC among Cyprus’ Leading Tax Law Firms and Managing Partner, Dr. Kypros Chrysostomides listed as one of the top 250 individual tax lawyers in the world

Our firm has been listed among Cyprus’ leading tax law firms in the 2012 edition of Tax Directors Handbook, “the essential guide to the world’s premier tax law firms”. The Handbook analyses the tax capabilities of law firms in 48 jurisdictions and ranks these firms according to client feedback.

The same publication has recognised our firm’s Managing Partner, Dr. Kypros Chrysostomides, as one of the top 250 leading global tax lawyers and 1 of only 3 tax lawyers listed for Cyprus. 

January 2012
Partner Anna Rossides, included among world’s leading lawyers in The International Who’s Who of Competition Lawyers & Economists 2012

Dr. K. Chrysostomides & Co LLC are delighted once again to announce the nomination of partner Anna Rossides by her peers, as one of the world’s leading Competition lawyers.

Ms Rossides’ name appears alongside other leading Competition lawyers in the 13th edition of The International Who’s Who of Competition Lawyers & Economists. Anna Rossides is the only lawyer from Cyprus to be recommended among a total of 804 lawyers in over 50 countries.  

December 2011
CYPRUS LEGAL BRIEF

New tax Laws – December 2011

1. “The Value Added Tax (Amendment) (No4) Law of 2011” amends section 17 of the basic law, so as to provide for a vat increase by 2%, from 15% to 17%. According to the new provisions, the new VAT rate shall be applied on 1 March 2012.

2. “The Value Added Tax (Amendment) (No5) Law of 2011” and “The Value Added Tax (General) (Amendment) Regulations of 2011”
Under the said Law, all taxable persons are required to issue an official receipt with regard to any transaction governed by the VAT legislation. The VAT Regulations prescribe the minimum list of items to be included in the official receipt. The new provisions shall be applied on 16 January 2012.

3. “The Pension Benefits of Public Employees and Employees of the Broad Public Sector including Local Authorities (Provisions of General Application) (Amendment) Law of 2011”
The new Law provides for a new definition of the term “public service”, so as to also include all air traffic controllers and all judges holding office in any Court of Justice in Cyprus. It is reminded that judges and air traffic controllers were excluded when the basic law had been approved by the Parliament last August. However, the Chairman and the members of the Public Service Commission are not included in the new definition, since the Pension Scheme for Public Employees does not include them.           

4. “The Not Granting of Increments and Cost of living Allowance on the Salaries of Officers and Employees and on the Pensions in Public Sector and the Broad Public Sector Law of 2011”
This new Law provides for a two-year freeze of salaries and pensions in the public and broad public sector which includes increments and cost of living allowance.

5. “The Procedure for Appointment of Casual Employees in the Public and Educational Service (Amendment) (No2) Law of 2011” and “The Public Service (Amendment) Law of 2011”
According to the provisions of the first Law, Directors or Heads of the Departments of Ministries are granted the authority, where necessary, to transfer employees, serving on an indefinite duration basis, to another department or service within the same Ministry and to delegate duties to them. The same authority is granted to Directors with regard to interchangeable staff under the Act amending the Public Service Law.

6. “The Special Contribution (Officers, Employees and Pensioners) of the Public and the Broad Public Sector (Amendment) Law of 2011”
Under this amending Act, the scope of the basic law becomes broader, in order (i) to include all members of the judicial service, the Chairman and the members of the Public Service Commission, as well as all the air traffic controllers; and (ii) to provide that hourly-paid workers in the public sector will be treated as equals to all other public employees with regard to the application of the Law. Moreover, according to the new provisions, the contribution to be paid is amended as follows: Gross salary €2501- €3,500 per month: 2,5%, gross salary €3501- €4500: 3%, gross salary over €4501: 3,5%. Also, it is now provided that the said special contribution shall be deducted from the taxable income of all persons.

7. “The Special Contribution (Employees, Pensioners and Self-Employed Workers) of Private Sector Law of 2011”
This new Law provides for a two-year special contribution to be paid by the private sector employees, as well as by self-employed persons, as follows: gross salary €2501- €3,500 per month: 2,5%, gross salary €3501- €4500: 3%, gross salary over €4501: 3,5%.

8. “The Company Law (Amendment) (No5) Law of 2011”
Section 64 of the basic law, Cap.113, is amended, so as to provide that companies may cancel any paid up share capital, in order to create reserves and to cover losses.

9. “The Special Contribution (Defence of the Republic) (Amendment) Law of 2011”
The basic law was amended, in order to raise the special contribution on dividends from 17% to 20%. The raise refers on income from dividends acquired or considered to be acquired or resulting on the day of the publication of the amending law in the Official Gazette, until the 31st of December 2013.
Also, the basic law was amended, in order:
(i) to hinder the postponement or avoidance of the payment of the defence contribution, via the interference of other companies, between the company that makes the profit and the shareholder;   and
(ii) to impose tax on dividends from drawings, withdrawals, loans or other assets being withdrawn from the company by the shareholder or his/her family members - up to the second degree of kinship - or the spouse of the shareholder, when such withdrawals, loans or other assets are considered balance due at the end of each year.

10. “The Income Tax (Amendment) (No2) Law of 2011”
The new law has amended the Income Tax Law and as a result, the salaries of a person deriving from hired services offered within the tax year, are not exempted from the income tax due, and on that ground contributions to the Social Security Fund, the Redundancy Fund, the Pensions Fund and the Providence Fund shall not be paid for the year for which they are due.

It is also provided that any loan granted by a company to a director or a shareholder or their spouse or to members of their family up to the second degree of kinship shall be considered as a taxable benefit.

December 2011
The Cyprus Energy Forum

Our firm, represented by Eleni Droussioti, attended the Cyprus Energy Forum, held in Nicosia on 8 December 2011.

The forum was chaired by Neophytos Neophytou, Partner, Head of Tax Services at Ernst & Young Cyprus and keynote speakers included Praxoula Antoniadou, Minister of Commerce, Industry and Trade and Solon Kassinis, Director of the Energy Service in Cyprus. The topics of discussion revolved around the geopolitical issues concerning the transportation of natural gas in Europe, Cyprus’ legal framework and the country’s harmonization with the relevant EU directives, and the current experiences of Israel in the exploitation of natural gas and the way forward for Cyprus. An overview on the legal framework governing licencing and financing in other EU countries was also presented, and the forum hosted a panel discussion on measures to be taken for Cyprus to join the others countries included on Europe’s energy map. 

December 2011
CYPRUS LEGAL BRIEF

“The Company (Amendment) (No4) Law of 2011” amended the basic Company Law, Cap.113, by adding new section 142A. The new section provides that any parent undertaking, governed by the Cyprus Company Law, which only has subsidiary undertakings which are not material, both individually and as a whole, shall be exempted from the obligation to draw up consolidated financial statements. A subsidiary undertaking is considered immaterial, if it does not affect the true and fair view of the assets, liabilities, financial position and profit or loss included in the consolidated financial statement.
Also, the financial statements of a subsidiary undertaking need not be included in consolidated financial statements if (a) severe long-term restrictions substantially hinder the parent company in the exercise of its rights over the assets and the management of that subsidiary undertaking or (b) the information necessary for the preparation of consolidated accounts cannot be obtained without disproportionate expense or undue delay or (c) the shares of the subsidiary undertaking are held exclusively with a view to their subsequent resale.
This amendment was approved for purposes of harmonization with EU “Directive 2009/49 amending Council Directives 78/660/EEC an 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts”. The purpose of the said Directive is to reduce the administrative burden on companies.

The “Specific Settlement of Tax Debts (Temporary Provisions) Law of 2011” 
The Law provides that, notwithstanding the provisions of any other Law, all interests and charges on tax debts owed up until 2008, by any person or company, shall be removed and replaced by a charge of only 5% of the total amount, on the condition that the total amount of debt will be settled by the said person or company by the end of March 2012.

The Law covers tax debts owed by virtue of the following Laws:
•           The Income Tax Law;
•           The Immovable Property Tax Law;
•           The Assessment and Collection of Taxes Law;
•           The Capital Gains Tax Law;
•           The Estate Duty Law; and
•           The Special Contribution (Defence of the Republic) Law.

“The Immovable Property Acquisition (Aliens) (Amending) Law of 2011” was approved by the Parliament on 1 December 2011. It amended the basic law, in order to abolish any restriction with regard to the acquisition of immovable property for secondary use by:

•           any citizen of an EU member state or citizen of a state- party to the Agreement on the European Economic Area (EEA)
•           any legal person formed in accordance with the law of a member state and having its registered office, central administration or principal place of business within a member state or a state-party to the EEA.

It is reminded that Cyprus had been granted a five-year transitional period by the European Union regarding the acquisition of residences for secondary use, thus preventing EU citizens who are not permanent residents of the island from owning secondary residences. The aforementioned transitional period has expired and, as a consequence, all restrictions had to be abolished, in order to fully apply Articles 45, 49, 56 and 63 of the Treaty on the Functioning of the European Union (TFEU).

In line with our firm’s expansion into the area of Energy Law, associate Eleni Droussioti represented Dr. K. Chrysostomides & Co LLC at The Economist’s Fourth Energy Summit, held in Nicosia on 14 November 2011.

The conference’s official opening included keynote speeches by the President of the Republic of Cyprus, Demetris Christofias and the President of the House of Representatives of Cyprus, Yiannakis Omirou. The thematic sessions that followed focused on subjects such as the competitiveness in energy supply and the promotion of renewable energy sources, the status of energy exploration in Cyprus and its geostrategic significance for the region, the start up of new Exploration and Production companies in new regions, and the issue of transportation of oil and gas through pipelines to Europe.

Our firm’s presence at The Economist Energy conference constitutes part of our expertise expansion in the area of oil and gas law, and follows the specialised seminar organised by the firm on the legal aspects and new developments on this subject in Europe and Cyprus, which took place in July 2011 and was attended by the majority of our lawyers.

Managing partner Dr. Kypros Chrysostomides and senior partners Eleni Chrysostomides and Chryso Pitsilli-Dekatris were in Dubai to attend Lex Mundi’s Regional Conference and the IBA annual conference that followed.

Representatives from Lex Mundi member firms worldwide, in addition to sponsors and invited speakers, participated in the Lex Mundi conference. The agenda included sessions on political developments and business opportunities in the Middle East, in addition to an extensive session on the effect and implications of the current Eurozone crisis on law firms.  Updates on the Lex Mundi network and Practice Group meetings were also part of the conference agenda.

The IBA conference began with an impressive opening ceremony, held at the Dubai International Convention and Exhibition Centre. The conference included numerous showcase sessions, meetings and workshops, as well as various networking opportunities, which our firm’s partners attended.

World Services Group (WSG) hosted a networking luncheon for all its members who were in Dubai for the IBA conference.

Victoria-Zoi Papagiannis is the firm’s newly appointed senior associate. She joined Dr. K. Chrysostomides & Co LLC in January 2009, having completed her legal training for the Cyprus Bar at the firm. She obtained her BSc degree (Government) at the London School of Economics and Political Science, and went on to complete her Graduate Diploma in Law (College of Law, London) and LL.M. at the University College London. She is a member of the Bar Council of England & Wales (Lincoln’s Inn) since 2007, and the Cyprus Bar since 2008.

In June 2011 she successfully completed the Mediator Skills Training Programme of the Centre for Effective Dispute Resolution (CEDR) - the largest and most dynamic non-profit ADR organization in Europe - and qualified as a CEDR Accredited Mediator.

Her chosen fields of practice include Civil, Commercial and Corporate Litigation, Product Liability, Human Rights and Medical Negligence and Malpractice.

In its legal representation of Roche Bobois, a world famous furniture manufacturer and designer, our Intellectual Property Department has had a significant Court victory at the interlocutory stage (ROCHE BOBOIS INTERNATIONAL v. D. PSALTIS DESIGNS LTD), by successfully obtaining an Interim Injunction against an infringer of two of our client's most well known furniture designs.

The legal action proceeded both under the law of Passing Off and Copyright. Legal aspects included an analysis of the distinguishing features of our client’s famous designs and overall distinctive get up, which was closely imitated by the Defendant thus risking a highly probable case for unlawful misrepresentation and damage. The case was also based on copyright infringement, copyright subsisting in the original designs of the furniture pieces owned by our client.

The Judge upheld our application for interim relief and issued the Order in our client’s favour thus preventing the Defendant from trading in the imitation furniture until final determination of the legal action. The case will now proceed to its trial on the substance.

 “The Department of Land and Surveys (Fees and Charges) (Amending) (No2) Law of 2011”

On 3 November 2011, the plenary of the House of Representatives approved a private bill of law   with regard to transfer fees on immovable property. This amendment of the basic law (Cap. 219 as amended) provides, for a period of six months following its publication in the Official Gazette of the Republic, that:

(i) no transfer fee set out in the Schedule (Cap 17) of the Law shall be levied or taken upon the registration of a title of immovable property, when VAT is applied on the same transfer [new section 10(1)];

(ii) transfer fees upon the registration of a title are reduced by 50%, in cases where VAT is not imposed on immovable property transfers. More specifically, it is provided that the fees are reduced by 50% in cases of transfers with regard to land, buildings (or structures or fixtures affixed) or undivided shares that are sold for the first time, following a planning permission, on the condition that both, the date of the contract document and the date of submission to the District Land Office, fall within the said period of six months [new section 10(2)].

Also, in cases of submission of a contract, by virtue of the provisions of the Sale of Land (Specific Performance) Law, within the said period of six months, transfer fees are reduced by 50%, regardless of the time of the title registration [new section 10(3)].

October 2011
Cyprus Legal Brief

1. “The Partnerships and Limited Partnerships and Business Names (Amendment) (No2) Law of 2011” amends the basic law, by providing that certain provisions of Part IV of Cyprus Company Law, Cap.113, regarding keeping books of account and auditing, shall also apply accordingly to partnerships. More specifically, the partnerships will also have to meet the obligations provided in sections 118-122 (submission of annual report to the Registrar of Companies), 142-143 (duty to draw up accounts that give a true and fair view of the company’s assets and position), 150 (publication of accounts), 151(report of directors), 152 (submission of accounts and directors report to the general meeting), and 156 (audit on accounts and directors reports) of Cyprus Company Law.
This Law was approved for purposes of harmonization with “EU Directive 2006/46/EC” (which amends Fourth EU Company Law Directive 78/660/EEC on the annual accounts of certain types of companies and Seventh EU Company Law Directive 83/349/EEC on consolidated accounts) and “Eleventh EU Directive concerning disclosure requirements in respect of branches opened in a Member State by certain types of company governed by the law of another State”.

2. The “Companies (Amendment) (No3) Law of 2011” amends the basic Company Law, Cap.113, by adding new section 37A, which allows the use of electronic methods for purposes of conducting the certification or affirmation or signature of any report or document required under the Cyprus Company Law. The amending legislation provides that:
a. The Registrar of Companies shall issue guidelines (directives) regulating procedural issues, regulating the details of the electronic method followed, and defining the meaning of the terms “form”, “certificate”, “minutes” and “other document” for purposes of the said section of the Law. The guidelines shall be published on the Registrar’s website.
b. The electronic signature shall be considered legally equivalent to a hand-written signature, for the purposes of any criminal or civil procedure. Furthermore, the law provides that the person using an electronic signature is assumed to have full knowledge of the document signed by him/her.
c. The statutory declaration provided in section 17(2) of the basic law, may be submitted electronically to the Registrar by a lawyer. In case of submission of a false statutory declaration, the person submitting it shall be liable as if he/she had made a false affidavit.
The aim of the aforementioned amendment is the simplification of the law regarding the signature and certification of documents.

October 2011
Cyprus Legal Brief

1. Merchant shipping legislation

A bill regulating merchant shipping issues, under the title “The Merchant Shipping (Recognition and Authorization of Organizations) Law of 2011”, which had been submitted to the Parliament on 30 June 2011, was enacted as a law by the plenary of the House on 22 September 2011, following its examination by the Parliamentary Committee on Communication and Works.
It is reminded that the said law sets rules and standards for ship inspection and survey organizations, namely the classification societies, and regulates their relationship with the relevant state authorities, thus ensuring compliance of Cyprus legislation with the relevant EU Directive 2009/15. The relationship between the state authorities and the survey organizations is governed by an official written agreement or equivalent legal arrangement. This agreement (or equivalent legal arrangement) must contain a minimum number of provisions relating to financial liability, periodical audit of duties carried out by the recognised organization, random and detailed inspections of ships and the compulsory reporting of information about the classification.
According to the relevant provisions, Cyprus (as well as all EU member states) shall ensure that ships flying its flag are designed, constructed, equipped and maintained in accordance with the rules and procedures relating to hull, machinery, electrical and control installation requirements of a recognised organization.
It should be noted that, by the entry into force of the said Law, the previous relevant legislation [Law 46(I)/2001 as amended by Law 83(I)/2004] shall be repealed.

2. VAT legislation returned to the Parliament for reconsideration

The President of the Republic returned the “Value Added Tax (Amendment) (No6) Law of 2011” to the Parliament for reconsideration, exercising the right vested to him by the provisions of Article 51.1 of the Constitution. It is reminded that, according to the said Law, a reduced VAT of 5% is applied to the construction of housing. The Law had been approved by the plenary of the House on 26 August 2011, as part of social policy. However, the plenary session of the House on 22/9/2011, persisted on its first decision and rejected the return of the said Law. As a result, the Law shall be promulgated by publication in the official Gazette of the Republic. It should be noted the Law was amended by the Parliament and it now provides that property units up to 275 m² (instead of 300 m²) are eligible for 5% VAT, but again only for the first 200 m².

3. “The Cyprus Securities and Stock Exchange (Central Depository and Central Securities Registry) (Amendment) Law of 2011”

The purpose of the said amending legislation is to accommodate specific comments and proposals of the European Central Bank (ECB) with regard to the Cyprus Stock Exchange/s Central Depository and Central Securities Registry. In particular, this Law amends Sections 3, 4 and 6 of the Basic Law. Amendments to Sections 3 and 4 intend to limit the scope of the CSE/s decision making powers to technical issues only, thereby avoiding risk of any undue interference with settlement finality – related issues.

Furthermore, Section 6 of the Basic Law is amended so as to clarify the scope of CSE/s liability vis-a-vis its clients arising from the operation of the Central Depository and the Central Securities Registry and with regard to the correct recording of stock exchange data and/or transactions. According to the new provisions, the CSE is liable for the correct recording of stock exchange and transactions by virtue of the provisions of the Stock Exchange legislation and/or the relevant Regulations. However, the CSE has no liability for any action or omission of members, Custodians, Trustees, Administrators, Receivers, Representatives, Investors or any other person having the right to record stock exchange data in the Central Depository and Central Securities Registry or having the right to perform any action relevant to the securities recorded in the said Depository/ Registry.

4. Laws amending Town and Country Planning Law and the Streets and Buildings Regulation Law

Two bills, amending the Town and Country Planning Law and the Streets and Buildings Regulation Law respectively, were enacted as laws by Parliament on 6/10/2011. Their purpose is to extend the deadline provided in the basic legislation, for submission of application to the Minister of Interior, in order to further simplify the procedure of legalization of real estate irregularities.

The said legislation is related to the “Town Planning Amnesty” legislation, which had been approved by the legislature last March.

September 2011
Lex Mundi Annual Conference 2011

Managing partner Dr. Kypros Chrysostomides represented our firm at this year’s Lex Mundi annual conference, which was held in Vienna (8-10 September) and hosted by Austrian Lex Mundi member CHSH Cerha Hempel Spiegelfeld Hlawati.

Around 200 representatives from Lex Mundi member firms, in addition to representatives from the Client Advisory Council, sponsors and speakers, attended the conference. The agenda included key practice group and committee meetings (including Cross Border Transactions, Bank Finance and Regulation, Litigation, Arbitration and Dispute Resolution, Managing Partners Committee), in addition to sessions covering a wide sphere of subjects such as ‘The Role of the General Counsel in Shaping and Changing Corporate Governance Frameworks’ and the ‘Challenges facing General Counsel and their Organisations’. The Annual Meeting itself reviewed highlights from the past year, plans for Lex Mundi during the next 12 months, and new members were also elected to the Board of Directors.

September 2011
AMENDMENTS TO COMPANIES LAW IN CYPRUS - ANNUAL LICENCE FEE

On 26 August 2011 the Cyprus House of Representatives enacted a number of amending laws affecting all Cyprus companies.

Pursuant to an amendment to the Cyprus Companies Law, Cap. 113 a fixed annual levy (annual licence fee) of Euro 350 is imposed on each company.

This levy will not apply to:

(i)         dormant companies;
(ii)        companies that do not own any assets;
(iii)       companies which own property in that part of the territory of Cyprus which is under Turkish occupation.

The levy is payable by 31 December 2011 in relation to this year, and by 30 June in respect of each subsequent year.

Late payment of the levy will give rise to the following penalties:

(i)         in case of up to 2 months delay - 10% penalty;
(ii)        in case of a delay between 2 to 5 months - 30% penalty.

Non-payment of the levy may result in a deregistration (strike-off) of a company by the Cyprus Registrar of Companies. If a company is re-instated within a 2-year period from its strike off a fixed penalty of Euro 500 (in addition to the outstanding amount of the levy) is imposed. The fixed fee will be increased up to Euro 750 where a company is re-instated after the 2-year period.

In case of a group of companies, which means the holding and subsidiary Cyprus companies, the levy is capped at Euro 20.000. 

August 2011
Energy Law – expanded expertise of Dr. K. Chrysostomides & Co LLC

Our firm has always strived to be in the forefront of both national and international developments in law and business, in an effort to best serve its clients.  Recent developments in Cyprus and the eastern Mediterranean suggest that soon the area may have a significant role to play in the production, liquefaction and movement of natural gas in the region.  As a result, we have expanded our expertise in the area of oil and gas law and, in this context, our firm recently conducted an internal, specialised seminar on the legal aspects and new developments on this subject in Europe and Cyprus.

The two day seminar, attended by the majority of the Firm’s legal staff, included presentations regarding the geopolitical developments in the eastern Mediterranean, with regard to oil and gas, the life stages of the product from exploration to production and distribution, and the current EU policies and legislation regarding energy. It further examined the existing legislation of Cyprus on energy, including the Cyprus law regarding applications for filing for a license to explore in Cyprus. 

It is our belief that a law firm becomes not only a legal advisor but also a true business consultant to a client, through building long lasting relationships, aimed at understanding not only the client’s legal needs, but also its business.  Thus, the seminar included extensive information on the life-cycle of the product and the exploration, drilling, production and distribution stages.  Our lawyers are now well placed to assist in this area of law, as they have a firm understanding of the business processes in oil and gas extraction and distribution.

The seminar also included an analysis of the latest EU Energy policy and the impact of the Third Package on the sale and distribution of the product in Europe.  The new regulatory structures for the Agency of Cooperation of Energy Regulators (ACER), and the European Networks for Transmission System Operators (ENTSO (E and G)) were also presented.  Given that the government of the Republic of Cyprus will be soon inviting applications for further exploration in its Exclusive Economic Zone in the Mediterranean, our firm is fully able to assist clients with this process.

August 2011
Victoria-Zoi Papagiannis qualifies as a CEDR Accredited Mediator
Dr. K. Chrysostomides & Co. LLC is pleased to announce that, following the successful completion in June 2011 of the Mediator Skills Training Programme of the Centre for Effective Dispute Resolution (CEDR) - the largest and most dynamic non-profit ADR organization in Europe - Associate Victoria-Zoi Papagiannis has qualified as a CEDR Accredited Mediator, becoming only the second person in the Republic of Cyprus to ever receive such a prestigious accreditation.

This qualification is a direct reflection of our commitment to professional development of our staff, as well as the importance placed by our firm on the area of Alternative Dispute Resolution, so as to provide our local and international clientele with more cost-effective and time-efficient ways of resolving their conflicts. This accreditation becomes all the more important given the national legislation to be implemented in 2012 for the purposes of transposing the European Directive 2008/52/EC on ‘’Certain Aspects of Mediation in Civil and Commercial Matters’’ in the Republic of Cyprus, a development which shall no doubt actively promote and encourage the use of mediation as an alternative to judicial proceedings.

As an accredited mediator, Mrs. Papagiannis is now available for appointment across a diverse range of sectors in order to assist interested parties in working towards a mutually-acceptable and workable negotiated agreement.

July 2011
Cyprus Legal Brief

1. Two bills related to the Covered Bonds Law of 2010 were approved on 14/7/2011. The “Banking (Amendment) (No2) Law of 2011” aims to the amendment of certain provisions of the Banking Law, in order to ensure its compatibility with the Covered Bonds Law of 2010 [Law 130(I)/2010)] and to enhance its enforcement. The provisions amended are those related to banking secrecy, reform measures applied to credit institutions and procedures followed in cases of bank dissolution or winding up.

Furthermore, the “Banking Transfer and Collateral (Amendment) Law of 2011” amends the basic law [Law 64(I)/1997 as amended by Law 38(I)/2007], to allow, where necessary, the transfer of operations from an acquired bank, that has issued cover bonds as a credit institution, to the acquiring bank. Also the holder of an escrow account (used as guarantee) is given the option to maintain the said account in the acquired bank, provided that (a) the bank will continue its operations and (b) the holder will provide the acquiring bank with a guarantee of the same amount.

2. The “Settlement Finality in Payment Systems and Securities Settlement Systems (Amendment) Law of 2011” and the “Financial Collateral Arrangements (Amendment) Law of 2011”.
The aim of this legislative package is to further promote transparency and legal certainty of transactions relating to securities, by harmonising Cyprus legislation with EU “Directive 2009/44/EC of the European Parliament and of the Council amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims”.
More specifically, The “Settlement Finality in Payment Systems and Securities Settlement Systems (Amendment) Law of 2011”, ensuring compliance with article 1 of the said EU Directive, amends the basic law [Law 8(I)/2003 as amended by Law 118(I)/2006] with regard to the following:
(a) The definition and the legal protection of interoperable systems¹, due to the impeding strengthening of their interoperability;
(b) The legal protection of night-time settlements, by clarifying that the term “business day” covers both day and night-time settlements and shall encompass all events happening during the business cycle of a system.
Furthermore, the “Financial Collateral Arrangements (Amendment) Law of 2011” harmonises the basic law [Law 43(I)/2004] with article 2 of the mentioned EU Directive, by extending the scope of the basic law, so as to cover “credit claims”, meaning pecuniary claims arising out of an agreement whereby a credit institution grants credit in the form of a loan.

3. The “Criminal Procedure (Amendment) Law of 2011” was approved for purposes of compliance with EU “Framework Decision 2008/675/JHA on taking account of convictions in the Member States of the European Union in the course of new criminal proceedings”. More specifically, it is provided that, in the course of criminal proceedings against a person, previous convictions handed down against the same person for different facts in other Member States, in respect of which information has been obtained under applicable instruments on mutual legal assistance or on the exchange of information extracted from criminal records, are taken into account to the extent previous national convictions are taken into account, and that equivalent legal effects are attached to them as to previous national convictions, in accordance with national law.
Thus, the said amending legislation transposed the EU principle that a court in one Member State must be able to take account of final criminal judgments rendered by the courts in other Member States for the purposes of assessing the offender’s criminal record and establishing whether he has reoffended, and in order to determine the type of sentence applicable and the arrangements for enforcing it.
However, the court has no obligation to take into account previous convictions, in cases where the information obtained under applicable instruments is not sufficient, or where a national conviction would not have been possible regarding the offense for which the previous conviction had been imposed or where the previously imposed sanction is unknown to the national legal system.

¹According to the relevant (EU and national) legislation, “interoperable systems” means two or more systems whose system operators have entered into an arrangement with one another that involves cross-system execution of transfer orders.

July 2011
IMPORTANT ANNOUNCEMENT REGARDING THE CURRENT DISRUPTION TO THE ELECTRICITY SUPPLY IN CYPRUS
On 11 July 2011, a serious explosion destroyed the main power station supplying Cyprus with electricity. As a result, we are experiencing daily power cuts during working hours, usually lasting a couple of hours. Due to these disruptions in the supply of electricity, which also affect our telephone lines, our response time to enquiries may be delayed. Rest assured that we are doing our utmost to work as efficiently as possible under these conditions. Your understanding and cooperation during these difficult times are very much appreciated.

June 2011
Cyprus Legal Brief

Merchant Shipping legislation

The bill related to the Port State Control [“The Merchant Shipping ( Port State Control) Law of 2011”], which had been submitted to the Parliament in March 2011, was finally approved by the (newly elected) plenary of the House on 30 June 2011, following its examination by the Standing Parliamentary Committee on Transport (“Communication and Works”). It is reminded that the aim of the new legislation is to transpose the provisions of EU “Directive 2009/16 of the European Parliament and of the Council of 23 April 2009 on port state control”. The purpose of the new provisions is to impose stricter rules and to drastically reduce substandard shipping in the waters under the jurisdiction of the Republic of Cyprus (and other EU member states) by: (a) increasing compliance with international and relevant EU legislation on maritime safety, maritime security, protection of the marine environment and on-board living and working conditions of ships of all flags; (b) establishing common criteria for the control of ships by the port State and harmonising procedures on inspection and detention, building upon the expertise and experience under the Paris Memorandum of Understanding on Port State Control (MoU); (c) implementing, within the Union, a port State control system based on the inspections performed within the EU and the Paris MoU region, aiming at the inspection of all ships with a frequency depending on their risk profile, with ships posing a higher risk being subject to a more detailed inspection carried out at more frequent intervals.

It is also noted that, by the entry into force of the said Act (following its publication in the Official Gazette of the Republic), the previous legislation on Port State Control [Law 47(I)/2001 as consequently amended by Law 27(I)/2004 and Law 60(I)/2009] shall be repealed.

Another bill regulating merchant shipping issues, under the title “The Merchant Shipping (Recognition and Authorization of Organizations) Law of 2011”, was submitted to the Parliament also on 30 June 2011 and it is currently pending before the Parliamentary Committee on Communication and Works. The aim of the said bill is to set rules and standards for ship inspection and survey organisations, namely the classification societies, and to regulate their relationship with the relevant state authorities, thus ensuring compliance of Cyprus legislation with the relevant EU Directive.

June 2011
TELFA General Assembly
Senior Associate, Nicoletta Kouvara, represented our firm at the TELFA (Trans European Law Firms Alliance) General Assembly, which took place in Madrid on 18 June. The Spanish TELFA member, Adarve, hosted the meeting which was attended by lawyers from more than 20 TELFA member firms, in addition to USLAW members, and invited representatives from Latin American firms and clients.

The meeting’s agenda included presentations by keynote speakers, and internal discussions on internal matters concerning TELFA and its members.

June 2011
Lex Mundi Marketing Roundtable

Director of Personnel and Administration, Evelina Georgiades, and legal consultant Daphne Chrysostomides, were in London for the 2011 Lex Mundi Managing Marketing Roundtable, which was hosted by the Scotland Lex Mundi member, Maclay Murray & Spens.

The meeting brought together more than 20 Marketing and Business Development professionals from Lex Mundi firms worldwide, providing them with an array of opportunities for interaction and exchange of views and experiences on issues related to marketing for law firms, knowledge management and business development.

Lex Mundi Managing Partners Conference

Managing partner, Dr. Kypros Chrysostomides and senior partner, Eleni Chrysostomides, represented our firm at the 2011 Managing Partners Conference, held in London and hosted by Irish Lex Mundi firm, Arthur Cox.

Strategic planning, project management, partnership structures, new developments in technology, and planning for succession were among the topics included in the agenda of the conference.

May 2011
Cyprus Legal Brief

The “Town and Country Planning (Amending) Law of 2011” and “The “Streets and Buildings Regulation (Amending) Law of 2011”.

The purpose of the Town and Country Planning (Amending) Law is to amend the basic Town and Country Planning legislation, so as to enable any joint owner of a building unit, upon which he or she has an exclusive right of use, to apply for a planning permission, without being necessary to submit the co-signature of the other joint owners of such real property, provided that the development does not affect the comfort or the legitimate interests or rights of the other joint owners.
The amendment of the Streets and Buildings Regulation Law, aims to enable the owner of a part of property, in cases of joint ownership of property, to apply for a planning permission, without the prior co-signature of all the other joint owners of such property. Moreover, the bill provides, for the joint owners, the right to appeal to that application, in cases they consider that their legitimate are affected.

The “Compulsory Insurance Employers' Liability (Amending) Law of 2011” and the “Compulsory Insurance Employers' Liability (Amending) Regulations of 2011”

The purpose of the amending legislative package is to amend the basic Compulsory Insurance Employers' Liability legislation, so as to make it tighter and more effective in regard to the obligation of employers to insure their liability vis a vis their employees.  According to the provisions of the new section 15A, the insurance companies would be required to provide to the Director of Social Insurance Services the information listed in the “Application Form EE2” (see the Compulsory Insurance Employers' Liability Regulations of 1997), which will be recorded in the Register of Insured Employers, to be kept by the Director of Social Insurance. The Department of Social Insurance will compare that information with the registry already maintained for purposes of payment of social security, in order to identify those employers who do not comply with the provisions of the law. Furthermore, tougher penalties are introduced, with regard to employers who fail to insure under the provisions of the law. In addition, a minimum amount of liability of the employer is transferred from the Compulsory Insurance Employers' Liability Regulations of 1997, under this law. Also, the minimum amount which an employer is required to insure the liability of employees for each accident or illness is increased from fifty thousand pounds (£ 50.000) (i.e. around eighty-five thousand euros € 85.000), to one hundred and sixty thousand euro (€ 160.000), including interest and expenses in respect of each employee.

“The Companies (Amendment) Law of 2011” regulates issues related to Cover Bonds, due to the enactment of the Covered Bonds Law in 2010 [Law 130(i)/2010]

The amendments to the basic law are as follows:
According to section 90(9) (a) of the basic Companies law (which falls under Part III – Charges and Mortgages), the expression “charge” does not include any mortgage of immovable property effected under any Law relating to the registration of mortgages of immovable property; this sub-section is now amended by adding the phrase “and cover pool charge, according to the provisions of the Covered Bonds Law of 2010”, immediately after the word “property” (third line).
Furthermore, new Section 298A was added to the basic Companies law (under Part V – Proof and Ranking of Claims in case of winding up), regarding the submission of claims of cover pool creditors. According to the new provisions, the cover pool creditors, as defined by Section 2 of the Covered Bonds Law of 2010, should not submit their claims individually to the liquidator, but only via the covered bond manager.

The “Partnerships and Business Names (Amendment) Law of 2011” amends the basic law, in order to facilitate the reorganization and merger of partnerships.

Notwithstanding the provision of this or any other Law, when an application is submitted to the Court, according to the provisions of Section 37 (f), for the dissolution of a partnership or according to the provisions of Section 41 for the winding up of the business and affairs of the firm, and it appears to the Court that the dissolution or winding up is taking place for the purposes of reorganization of one or more of the partnerships or of merging two or more partnerships, and the whole or part of the business or property is proposed to be transferred to another partnership, the provisions of section 200 of Companies Law shall apply accordingly to the extent they facilitate the reorganization or merging of partnerships.

The “Sale of Land (Specific Performance) Law of 2011” was also approved on 14 April 2011. This Law is related to the “town planning amnesty” package which was approved on 24 March 2011.

Pending Legislation

A bill related to the Port State Control has been submitted to the Parliament, for purposes of transposing the provisions of EU “Directive 2009/16 of the European Parliament and of the Council of 23 April 2009 on port state control”. The purpose of the new provisions is to drastically reduce substandard shipping in the waters under the jurisdiction of Member States by: (a) increasing compliance with international and relevant EU legislation on maritime safety, maritime security, protection of the marine environment and on-board living and working conditions of ships of all flags; (b) establishing common criteria for control of ships by the port State and harmonising procedures on inspection and detention, building upon the expertise and experience under the Paris Memorandum of Understanding on Port State Control (MoU); (c) implementing, within the Union, a port State control system based on the inspections performed within the EU and the Paris MoU region, aiming at the inspection of all ships with a frequency depending on their risk profile, with ships posing a higher risk being subject to a more detailed inspection, carried out at more frequent intervals.
The bill is pending before the Standing Parliamentary Committee on Transport (“Communication and Works”), but it has not been examined yet by the said Committee.

May 2011
4th World Services Group (WSG) Tax Conference

Tax Consultant Aris Damianou represented our firm at the 4th annual WSG tax conference, held in Vienna on 5-6 May 2011 and hosted by the Austrian WSG firm Dorda Brugger Jordis. Nineteen participants from WSG European member firms attended the conference, and exchanged ideas on international taxation and planning.

The meeting itself consisted of three major panel sessions, covering the following subjects: (a) Strategies to relocate debt within group companies/ domestic limitations to avoid base erosion (b) Holding / financing structures, the evolution of the beneficial ownership concept and substance over form, and (c) Discussions regarding the proposal of the European Commission for a Directive on a Common Consolidated Corporate Tax Base (CCCTB). The optional CCCTB shall enable European groups to calculate their taxable profits, according to a single set of rules.

May 2011
Dr. K. Chrysostomides & Co LLC join the Centre for Effective Dispute Resolution (CEDR)

Our firm joins a list of prestigious organisations (law firms/chambers), all members of the CEDR – the largest and most dynamic Alternative Dispute Resolution (ADR) independent, non-profit organisation in Europe. The CEDR sets the standard for dispute resolution and conflict management, providing leading mediation, consultancy and training services for over 20 years. More than 40,000 individuals and organisations across the globe have utilised the expertise of over 5000 CEDR mediators and neutrals.

May 2011
Dr. K. Chrysostomides & Co LLC profiled in the latest edition of the Cyprus Chamber of Commerce and Industry monthly newspaper.

As a result of the firm having been presented with the "Cyprus Export Award for Services 2009” from the Cyprus Ministry of Commerce, Industry and Tourism, as well as the Cyprus Chamber of Commerce and Industry (CCCI), in recognition of exceptional legal services, the CCCI has featured an extensive profile of Dr. K. Chrysostomides & Co LLC in the newly released March 2011 edition of its newspaper.

The newspaper – ‘Emporoviomihaniki’ – outlines the activities of the CCCI and of the Local Chambers and includes a Business Supplement, with information and opportunities for business cooperation in various countries classified for exporters, importers and services.

To view the March 2011 edition of ‘Emporoviomihaniki’ and the firm’s profile on page 14, please use the following link:

http://www.ccci.org.cy/Resources/Files/MARCH%202011.pdf

April 2011
Cyprus Legal Brief

 “Town Planning Amnesty” legislation:

On 24 March 2011, the House approved unanimously the amending laws on Town Planning, Roads and Structures, and Immovable Property. The new legislation essentially provides for legalizing real estate property that lacks a title deed due to minor town-planning or building irregularities, on condition that third parties are not affected. Properties may now be legalized for a fee, thus securing a final certificate of approval and the deed. Alternatively, a title deed issued will list on it the property’s irregularities. Applications may be submitted to the Town Planning Department within six months. It is noted that two more bills related to the “town planning amnesty” package, namely the “Sale of Land (Specific Performance) Law of 2010” and the “Contract (Amendment) Law of 2010”, are still undergoing discussion before the Standing Parliamentary Committee on Legal Affairs.

Value Added Tax (Amendment) (No2) Law of 2011 – “Value Added Tax (Exemptions on Imported Goods) (Amendment) Regulations of 2011” – “Value Added Tax (Special Exemptions) (Amendment) Regulations of 2011”:

The purpose of the above mentioned VAT legislative package, which was approved on 10 March 2011, is to amend the respective basic VAT Law and Regulations, in order to:
(a) be clarified that the special scheme, with regard to the supply of gas and electricity, applies to imports and supplies of gas through any natural gas system situated within the territory of the EU or any network connected to such system;
(b) apply a VAT exemption with regard to transactions of bodies set up by the European Communities;
(c) provide for an adjustment t a tax deduction system, so as to take into account changes in the business and non-business use of the property/goods concerned.
The said Law and Regulations harmonise Cyprus VAT legislation with the provisions of “EU Directive 2009/162 amending various provisions of Directive 2006/112/EC on the common system of value added tax “.

“VAT (Tax Refunds to Persons in the Countries of the European Union) (Amendment) Regulations 2011”

The purpose of the “VAT (Tax Refunds to Persons in the Countries of the European Union) (Amendment) Regulations of 2011”, also approved on 10 March 2011, is to harmonise Cyprus VAT legislation with “EU Directive 2010/66 amending Directive 2008/9/EC laying down detailed rules for the refund of value added tax, to taxable persons not established in the Member State of refund but established in another Member State”. According to the provisions of the said Regulations, refund applications which are related to refund periods in 2009 shall be submitted to the member state of establishment on 31 March 2011 at the latest. This amendment was introduced because of a number of serious delays and certain technical problems  affecting the development and operation of the electronic portals in a limited number of Member States, which prevented the timely submission of certain refund applications. Pursuant to Directive 2008/9/EC, refund applications are to be submitted to the Member State at the latest on 30 September of the calendar year following the refund period. Given that deadline, and the inoperability of some of the electronic portals, some taxable persons were unable to exercise their right to deduct VAT on expenses incurred in 2009. The deadline was therefore exceptionally extended to 31 March 2011 for applications relating to refund periods in 2009.

“Timeshare, Long-term Holiday Products, Resale and Exchange Contracts Law 2011”

The bill titled “Timeshare, Long-term Holiday Products, Resale and Exchange Contracts Act 2011”, which was examined by the Standing Parliamentary Committee on Trade in February, was finally approved by Parliament this month. Its aim is to (a) introduce a new legislation for the protection of consumers in respect of certain aspects of timeshare, long-term holiday products, resale and exchange contracts and (b) repeal the Timeshare Contracts Law, which is currently in force.

“The Insurance Services and Other Related Matters (Amendment) Law 2011”

The basic legislation is amended so as to accelerate the time of submission of the annual financial statements of the insurance companies to the Superintendent of Insurance Services. This measure is expected to facilitate the prompt audit of the accounts and will, in addition, make the timing of the submission more consistent with the relevant provisions applicable in other member states of the EU. The proposed amendment refers to section 92 of the Law.

April 2011
Dr. K Chrysostomides & Co LLC secures leading ratings in ‘The Legal 500 2011: Europe, Middle East & Africa (EMEA)’

Our firm is proud to announce that it has been included among Cyprus’ leading 1st tier firms in the newly published 2011 edition of Legal 500 EMEA for the areas of Tax and Intellectual Property. Furthermore, Dr. K. Chrysostomides & Co LLC continues to maintain its notable 2nd tier ratings for Corporate and M&A work, and Banking and Finance. Our firm has also moved up to 2nd tier for its Dispute Resolution practice. 

Published for over twenty years, the Legal 500 Series provides a comprehensive worldwide overview on legal services providers, in over 100 countries.

March 2011
ICC Conference and Workshop on International Commercial Arbitration

Our firm’s managing partner, Dr. Kypros Chrysostomides, chaired the opening session of the International Chamber of Commerce (ICC) conference on International Commercial Arbitration, held in Nicosia, Cyprus, 28-29 March. The session, entitled “Arbitration in Cyprus” focused on the arbitral process in Cyprus, and highlighted the jurisdiction’s many attributes that are important for its establishment as an attractive seat for international arbitration.

The conference itself included sessions on “Appointing arbitrators”, “Jurisdiction and arbitrability”, “Investment Treaties” and “The role of amicable dispute resolution in international arbitration”, and featured prominent speakers from the fields of international arbitration and law in general.

Members of our firm attended both the conference and the workshop the following day, which studied the procedures associated with efficiently handling international arbitration cases. 

March 2011
Dr. K. Chrysostomides & Co LLC attend the 2011 WSG European Regional Meeting

Partner George Mountis represented our firm at the recent WSG European Regional Meeting, held in Amsterdam, 24-25 March.

Dutch firm Van Doorne hosted the meeting, which focused on issues related to the current economic crisis, in addition to providing participants with important updates on developments within WSG. Ample networking opportunities were also offered to WSG members during the meeting, enabling discussions on possible business opportunities and collaborations.

March 2011
Senior Partner, Eleni Chrysostomides elected to the Council of the European Patent Institute
Our firm is proud to announce the election of Eleni Chrysostomides to the Council of the European Patent Institute (epi), 2011-2014.

The European Patent Institute is a non-governmental professional body, representing registered European Patent Attorneys, and currently comprising of 10.000 members from 38 European countries. The epi Council is the governing body of the Institute, whose members – elected once every three years – consist of registered European Patent Attorneys from all the states contracted to the European Patent Convention.

March 2011
Eleni Droussioti joins Dr. K. Chrysostomides & Co LLC

Eleni Droussioti joins the firm’s Corporate and Commercial Department, having also completed her legal training for the Cyprus Bar Association at Dr. K. Chrysostomides & Co LLC. She studied European Legal Studies at the University of Kent and, as part of her degree, attended the University of Maastricht for one year. She then went on to complete her Legal Practice Course (College of Law), focusing on Acquisitions, Commercial Law and Practice, and Banking and Dept Finance.

Her chosen fields of practice are Corporate and Commercial law.

March 2011
Dr. K. Chrysostomides & Co LLC announce new partner, Alexandros Taliadoros
Alexandros Taliadoros is the firm’s newly appointed partner. He is an experienced litigator, and is highly involved in complex court litigation, representing numerous clients in a range of civil and commercial disputes.

Mr. Taliadoros’ expertise also extends to Public, Constitutional & Administrative Law. Furthermore, he regularly deals with Employment Law and Employers Liability, in addition to cases involving Arbitration, Criminal and Property Law.

February 2011
Legal Newsletter

The Value Added Tax (Amendment) Law 2011

The above mentioned Law was approved by Parliament on 3rd February, 2011, in order to correct certain provisions of the basic legislation on VAT [Law 95(Ι)/2000 as amended] concerning the submission of the recapitulative statement with regard to the supply of services in another EU member state, the deadline to submit a corrective recapitulative statement and to lay down administrative sanctions in case of failure to meet the registration requirements or the cancellation of registration requirements under Law 13(I)/2010. The purpose of this amendment is to ensure the proper transposition into domestic law of EC Directives 2008/117 and 2008/8. Furthermore, according to this amending Law, the normal VAT rate of 15%, instead of the reduced rate of 5%, shall be applied with regard to the supply of breathing appliances intended for wide use by the public. According to the provisions of Directive 2006/112/EC, a reduced VAT rate with regard to the said medical appliances, is only applied in the case of breathing appliances normally intended to treat disability, for the exclusive personal use of the disabled.

The Essential Requirements to be met by Certain Categories of Products (Amendment) Law 2011

The above mentioned Law was approved on 3rd February, 2011 and amended the basic law [Ν.30(Ι)/2002 as subsequently amended by laws Ν.258(Ι)/2004, 89(Ι)/2005 και 71(Ι)/2009], in regard to the following:

1. A Competent authority was prescribed as responsible to monitor the implementation of the provisions of Chapter III of Regulation (EC) n.765/2008 and was vested with the necessary powers to ensure effective implementation of the EC Regulation.
2. A criminal penalty was imposed in case of CE marking infringement (Article 30 of the Regulation) and in addition, an administrative fine may be imposed in case of breach of the provisions of the said article. Civil liability may be founded on the same grounds as well. 

The Law has been approved, in order to harmonise Cyprus legislation with Chapters III and II of Regulation 765/2008, setting out requirements for accreditation and market surveillance relating to the marketing of products and with Article 16 of Directive 2006/123/EC on services in the internal market.

The Convention on the Rights of Persons with Disabilities and Related Issues (Ratification) Law 2011

The United Nations Convention on the Rights of Persons with Disabilities, as well as the Optional Protocol to the Convention were ratified on 17th February, 2011. The purpose of the Convention is to protect and ensure the full and equal enjoyment of all human rights and fundamental freedoms by all persons with disabilities and promote respect for their dignity. In particular, the Convention lays down general principles and obligations, as well as the measures which the contracting parties undertake to adopt for the full and effective participation of persons with disabilities in all areas of life.

By virtue of Article 33 of the Convention, national mechanisms for the implementation and monitoring shall be established in each contracting party. In addition, with regard to the monitoring process, the said Law provides for the involvement and full participation of civil society, particularly people with disabilities and their representative organizations.

The Banking (Amendment) Law 2011

“The Banking (Amendment) Law 2011” was approved on 24th February, 2011 and it aims to harmonise Cyprus Banking legislation with Article 1 of Directive 2009/111/EC of the European Parliament and of the Council of 16 September 2009 as regards banks affiliated to central institutions. The said EC Directive also amends Directives 2006/48/ΕC, 2006/49/ΕC and 2007/64/ΕC as regards banks affiliated to central institutions, certain own funds items, large exposures, securitisations, supervisory arrangements, and crisis management.

Bills under discussion

A bill entitled “Timeshare, Long-term Holiday Products, Resale and Exchange Contracts Law 2011”, is currently undergoing discussion before the Standing Parliamentary Committee on Trade. This bill aims: (a) to introduce a new legislation for the protection of consumers in respect of certain aspects of timeshare, long-term holiday products, resale and exchange contracts and (b) to repeal the Timeshare Contracts Law, which is currently in force.

More specifically, the proposed provisions cover the advertising of timeshare, long-term holiday product, resale and exchange contracts, as well as the pre-contractual information that traders are obliged to provide consumers, the content and language of the contract and the right of the consumer to withdrawal from, denounce or terminate the contract. The aforementioned bill aims to harmonise Cyprus legislation with Directive 2008/122/EC of the European Parliament and of the Council of 14 January 2009 on the protection of consumers in respect of certain aspects of timeshare, long-term holiday products, resale and exchange contracts.

Article 30

General principles of the CE marking

1. The CE marking shall be affixed only by the manufacturer or his authorised representative.
2. The CE marking as presented in Annex II shall be affixed only to products to which its affixing is provided for by specific Community harmonisation legislation, and shall not be affixed to any other product.
3. By affixing or having affixed the CE marking, the manufacturer indicates that he takes responsibility for the conformity of the product with all applicable requirements set out in the relevant Community harmonisation legislation providing for its affixing.
4. The CE marking shall be the only marking which attests the conformity of the product with the applicable requirements of the relevant Community harmonisation legislation providing for its affixing.
5. The affixing to a product of markings, signs or inscriptions which are likely to mislead third parties regarding the meaning or form of the CE marking shall be prohibited. Any other marking may be affixed to the product provided that the visibility, legibility and meaning of the CE marking is not thereby impaired.
6. Without prejudice to Article 41, Member States shall ensure the correct implementation of the regime governing the CE marking and take appropriate action in the event of improper use of the marking. Member States shall also provide for penalties for infringements, which may include criminal sanctions for serious infringements. Those penalties shall be proportionate to the seriousness of the offence and constitute an effective deterrent against improper use.”

February 2011
Maria Triantafillou joins Dr. K. Chrysostomides & Co LLC

Solicitor Maria Triantafillou has joined the Intellectual Property (IP) department of Dr. K. Chrysostomides & Co LLC, bringing with her extensive experience in IP matters and particularly in the area of Brands/ Trademarks Law. She trained and worked at the Sydney and London offices of Baker & McKenzie, specialising in Trademarks, Anti Piracy and Copyright matters. She is a member of the Law Society of England and Wales. Ms Triantafillou has also previously worked at London firms Briffa & Co and Field Fisher Waterhouse. She has represented and worked in-house for major global companies, including one of the world’s largest media and entertainment film companies, and more recently an international, leading tobacco company, representing brands ranking as part of the top 15 brands in the world.
Her chosen field of practice is Intellectual Property Law; including all aspects of Trademarks law (world-wide brand portfolio strategies for protection, enforcement, exploitation of rights, and clearance, filing and defending clients in infringement, cancellation and opposition actions; managing brand portfolios and conducting due diligence reports); copyright, and anti counterfeit work.

February 2011

Dr. K. Chrysostomides & Co LLC receive
“THE CYPRUS EXPORT AWARD FOR SERVICES 2009”

Dr. K. Chrysostomides & Co LLC are delighted and proud to announce that the firm has received the "Cyprus Export Award for Services 2009” from the Cyprus Ministry of Commerce, Industry and Tourism, as well as the Cyprus Chamber of Commerce and Industry (CCCI), in recognition of exceptional legal services.  

The Ministry of Commerce, Industry and Tourism presents the Cyprus Export Awards on an annual basis, in co-operation with the CCCI, in acknowledgement  of exceptional effort for the growth of exports of industrial, agricultural products and services. Our firm’s award takes into account the magnitude and quality of its international work.

The award was presented to our firm’s senior partner, Eleni Chrysostomides, by the President of the Republic of Cyprus, during a special ceremony on 7 February 2011, hosted by the Ministry of Commerce, Industry and Tourism and the CCCI.

Dr. K. Chrysostomides & Co LLC would like to thank all their clients and collaborators for entrusting our firm with their legal work. 

Senior Partner, Eleni Chrysostomides, receiving the award from the President of the Republic of Cyprus .

February 2011
Managing Partner, Dr. Kypros Chrysostomides, included among the world’s 100 leading lawyers

Dr. K. Chryostomides & Co LLC are pleased and proud to announce the inclusion of managing partner, Dr. Kypros Chrysostomides, in the world’s 100 leading lawyers. Dr. Chrysostomides’ name appears in the Leading Lawyer 100 list for 2011, as compiled by Lawyer Monthly Magazine. The list “recognises those in the legal community who have stood out from their peers by demonstrating professional achievement and excellence in their area of practice”.

Dr. Kypros Chrysostomides is specifically recognised for his outstanding contribution to the area of Corporate Governance Law.  

January 2011
Dr. K. Chrysostomides & Co LLC win “Trademark Law Firm of the Year in Cyprus” award
We are delighted and proud to announce that our firm has been given the "Trademark Law Firm of the Year in Cyprus" award by Corporate INTL Magazine 2010. This distinction is the result of our firm's longstanding contribution to this area of practice within the Cyprus market and, furthermore, it constitutes a recognition of the calibre of our extensive list of international clients and the quality of services with which we provide them. 

We would like to thank all those who have entrusted our firm for their Trademark work.

December 2010
Dr. K. Chrysostomides & Co LLC ranked as one of Cyprus’ Leading Tax Law Firms, and Managing Partner, Dr. Kypros Chrysostomides recognised as one of the top 250 individual tax advisers in the world
Our firm has been listed once again among Cyprus’ leading tax law firms in the 2011 edition of Tax Directors Handbook, “the essential guide to the world’s premier tax law firms”. The Handbook analyses the tax capabilities of law firms in 46 jurisdictions and ranks these firms according to client feedback.

The same publication has listed our firm’s Managing Partner, Dr. Kypros Chrysostomides, among the top 250 leading global tax lawyers, and 1 of only 3 tax lawyers listed for Cyprus. 

December 2010
Intellectual Property (IP) Legal Update – Cyprus Ministry of Commerce, Industry and Tourism vows to continue to protect Intellectual Property Rights

The increasing problems of copyright infringement, piracy and violation of trademarks were highlighted during a recent seminar in Cyprus on “Copyright and Related Rights”. In his address at the seminar, Minister of Commerce, Industry and Tourism, Antonis Paschalides, emphasized the Government’s commitment to protecting IP rights, given the tremendous impact on culture, education and science, and the subsequent benefits to society’s development and prosperity.   

Plans for new legislation and improved services are all part of the Government’s efforts to combat and effectively control the problems referred to above. 

December 2010
“The Copyright and Allied Rights Amendment Law of 2010”

The Cyprus Government, and specifically the Ministry of Commerce and Industry, has recently placed before Parliament a legislative bill entitled “The Copyright and Allied Rights Amendment Law of 2010”.

The purpose of this new proposed legislation (which has not yet become a fully fledged law), is the effective combating of piracy of all works which are protected pursuant to the Cyprus Copyright Laws which have been enacted between 1976 and 2010.

In particular, with this proposed new legislation, copyright is protected by means of provisions which reverse the onus of proof regarding the existence of consent on the part of the owner of the copyright.  Thus, the Defendant or the Accused must be the one to satisfy the Court that he had the owner’s consent when dealing with goods covered by copyright.

The Police is also given wide powers to settle offences under this new proposed Law similar to those possessed by the Director of Customs; also, to destroy counterfeit goods (without compensation) and to proceed with the settlement of offences relating to goods violating intellectual property rights imported from third countries.

November 2010
PLC Which Lawyer? recognises Dr. K. Chrysostomides & Co LLC as one of the leading firms for Intellectual Property

Our firm’s Intellectual Property (IP) department been listed in the “highly recommended”, leading tier of the 2010 edition of PLCWhich Lawyer?.

The international legal directory also specifically endorses both of the department’s partners – Eleni Chrysostomides and Alexandros Georgiades. Our firm is one of only two firms in Cyprus to have more than one individual recommended by PLCWhich Lawyer? in this particular area of practice.

October 2010
IBA Russian and CIS Mergers and Acquisitions Conference – Moscow, 28-29 October

The firm’s founding partner, Dr. Kypros Chrysostomides, along with associate, Konstantinos Michail and director of personnel and administration, Evelina Georgiades, were in Moscow to attend the 2nd International Bar Association (IBA) Russian and CIS Mergers and Acquisitions conference.

Law firms and service providers from Russia and the CIS participated in the conference, in addition to a number of legal firms from other jurisdictions, such as Cyprus, the Netherlands and Germany. The agenda included sessions on the Main Trends of the Russian and CIS M&A market, Structuring M&A transactions, Antitrust regulation of transborder M&A transactions, Private equity issues, M&A dispute resolution, Tax implications for M&A in Russia and the CIS, and Trends in international M&A deals.

World Services Group (WSG) hosted a networking luncheon for all its members who were in Moscow for the IBA conference.

October 2010
Family Law – Dr. K. Chrysostomides & Co LLC attend the Symposium on Family Law, hosted by Schillings of London

Associate Victoria-Zoi Papagiannis represented our firm at the recent symposium, hosted by leading UK firm Schillings, particularly known for its expertise in protecting and managing the reputations of international corporations, brands, celebrities and high-profile business people – expertise that extends also to the area of matrimonial law.

The focus of the symposium was on the management of ''International/multi-jurisdictional divorces'', with particular regard to legal issues pertaining to high-value financial claims, pre- and post-nuptial agreements, child maintenance, interim relief and the preservation of privacy during divorce proceedings.

Representatives from various European jurisdictions, such as England, Italy, Spain, Switzerland, Cyprus, France and Germany attended the symposium.

October 2010
The firm’s managing and senior partners attend the 2010 Lex Mundi Annual and North America Regional Conference, and the 2010 International Bar Association (IBA) Conference

Senior partner Chryso Pitsilli-Dekatris was in Vancouver to attend the Lex Mundi Annual and North America Regional Meeting (30 September – 2 October). She was then joined by managing partner, Dr. Kypros Chrysostomides and senior partner, Eleni Chrysostomides and all three attended this year’s annual IBA Conference (3-8 October).

Representatives from Lex Mundi member firms worldwide, in addition to individuals from the Client Advisory Council, sponsors and invited speakers, participated in the Lex Mundi conference. The agenda included sessions on Project Management, Corporate Counsel Challenges of the past year, M&A in post-recession times, in addition to updates on the latest developments within the Lex Mundi network. Chryso Pitsilli-Dekatris also attended the Corporate Organizations and Securities, and the Cross-border transactions Practice Group meetings.

The IBA conference began with an impressive opening ceremony, held at the Vancouver Convention & Exhibition Centre. The conference included numerous showcase sessions, meetings and workshops, as well as various networking opportunities, which our firm’s partners attended.

World Services Group (WSG) hosted a networking luncheon for all its members who were in Vancouver for the IBA conference.

October 2010
Double Tax Treaty between Cyprus and Russia

On 7th October 2010, the Protocol to the Double Tax Treaty between Cyprus and Russia was signed in Nicosia, during Russian President Medvedev’s official visit to Cyprus. Formal ratification is expected to take place before the end of 2010 so that the Protocol could come into effect on 1st January 2011. The Protocol is viewed as very beneficial to international business and will continue to foster and encourage economic relations between Cyprus and Russia.

The major amendments brought about are as follows:

Removal of Cyprus from the Russian “blacklist”
Russia has agreed to remove Cyprus from its blacklist, which means that dividends received by Russian shareholders from Cyprus subsidiaries can qualify for the Russian participation exemption.

Dividends, interest and royalties
There are no changes to the favourable rates of withholding tax on interest, royalties and dividends which are as follows:
Interest – 0%
Royalties – 0%
Dividends – 5%*
* The current provision that the direct investment in the capital of the Russian entity of less than USD 100,000 results in a 10% withholding tax rate to apply, is amended so that the 10% withholding tax applies if the direct investment is less that Euro 100,000.

New definition for dividends and interest
The Protocol clarifies that distributions from mutual funds and similar collective investment vehicles (other than real estate investment trusts or real estate investment funds or similar vehicles primarily investing in immovable property) will be subject to the normal withholding tax rates applying to dividends i.e. 5%/10%. The definition of dividends has also been extended to cover distributions from shares held in the form of Depositary Receipts. Please note that Cyprus opts to apply domestic legislation and not impose withholding tax on dividends paid to Russian shareholders.

The term interest also covers income from debt-claims of every kind, whether or not secured by mortgage and whether or not carrying a right to participate in the debtor’s profits but it does not include penalty charges for late payment or interest which is reclassified as dividends by virtue of other provisions. Any interest reclassified by the Russian tax authorities as dividends (e.g. due to Russian thin capitalization rules) will be subject to the withholding tax rates for dividends. Please note that Cyprus opts to apply domestic legislation and not impose withholding tax on dividends paid to Russian shareholders. 

Capital Gains
The general rule is that capital gains from the disposal of shares remain under the exclusive taxing right of the country of residence of the seller. The important change relates to disposals by a resident of one country of shares of companies which derive a substantial part of their value (more than 50%) from immovable property situated in the other country. In this particular case, the country in which the immovable property is situated will also have a right to tax the resulting gain.

The following aspects of this change should be noted:

• This change will come into effect four years after the date the Protocol will come into force

i.e. it is expected to be applicable from 2015

• The exclusive taxing right will remain with the country of residence of the seller if:

• the disposal qualifies as a corporate reorganization or
• the disposed shares are listed on a recognized stock exchange or
• the seller is a pension fund, provident fund or the government of either of the two countries.

Exchange of information - Assistance in Collection – Mutual Agreement
More clarity has been introduced in relation to the powers and obligations of the tax authorities of the two countries which are generally aimed at improving the administrative procedures through which information can be collected and exchanged between the tax authorities of Russia and Cyprus.

It is now clearly provided that the fact that one country may not need information for its own purposes should not prevent it from collecting this information in reply to a request from the other country.

At the same time, it also remains clear that information cannot be supplied which is not obtainable under the laws or in the normal course of the administration of a contracting state.

It is further clearly provided that professional secrecy rules (e.g. by a bank or a person acting in an agency or fiduciary capacity) cannot be used as an excuse for refusing to supply information.

However, the circumstances under which such professional secrecy rules can be lifted and the process that must be followed in this respect are subject to the detailed provisions of the domestic legislations of the two countries. In the case of Cyprus, the approval of the Attorney General is needed before any information is exchanged.

Other changes

• The Protocol introduces a clarification of the existing “tie-breaker” clause in relation to residency so that in cases where the effective management cannot be determined, the tax authorities of Russia and Cyprus should consult between them and come to a mutual agreement in this respect.

• The Protocol extends the definition of Permanent Establishment to cover activities of an enterprise resident in one country through services performed by individuals present in the other country for more than 183 days in a 12-month period, with certain specific criteria having to be met prior to such services being deemed to give rise to a Permanent Establishment in the other country.

October 2010
Managing Partner, Dr. Kypros Chrysostomides, included among world’s leading lawyers in The International Who’s Who of Corporate Governance Lawyers 2010

Dr. K. Chryostomides & Co LLC are proud to announce the nomination of managing partner Dr. Kypros Chrysostomides by his peers, as one of the world’s leading Corporate Governance lawyers.

Dr. Kypros Chrysostomides is the only lawyer in Cyprus to be recommended and listed in this year’s edition of The International Who’s Who of Corporate Governance Lawyers, and his name appears alongside those of 477 experts in 52 jurisdictions worldwide.

Dr. K. Chrysostomides & Co LLC successfully defend their client’s trade mark “MacCoffee & Eagle Device” against McDonald’s Corporation (U.S.A)

An Administrative Judicial Recourse which was filed in the Supreme Court of Cyprus by McDonald’s Corporation against a decision of the Registrar of Trade Marks, has failed!

In the result, and following the dismissal of McDonald’s judicial steps, International Trade Mark “MacCoffee & Eagle Device” belonging to our clients Future Enterprises PTE Ltd, of Singapore, now extends to Cyprus.

For more information on this case please visit http://www.chrysostomides.com/FOP_intellectual_property.shtm

September 2010
World Services Group (WSG) 2010 Annual Meeting

Partner George Mountis represented our firm at the recent WSG European Annual Meeting, held in Rome, 6-7 September.

Italian WSG legal firm Gianni, Origoni, Grippo & Partners hosted the meeting, which included panel discussions on Disaster Management, Global Brands and the Power of the Internet. Regional meetings were also included in the programme, as were member-to-member sessions, which provided participants with the opportunity of one-on-one meetings with WSG members from other jurisdictions, for discussion on potential collaboration opportunities and joint ventures.

August 2010
Irene Anastassiou joins Dr. K. Chrysostomides & Co LLC

Associate Irene Anastassiou is the newest member of the Corporate and Commercial team at Dr. K. Chrysostomides & Co LLC. Ms. Anastassiou completed her LL.B.degree at the University of Essex and was admitted to the Cyprus Bar Association in 2004. She brings to the firm 5 years of experience in the Corporate department in one of the country’s largest law firms.

Her main areas of practice are Corporate and Commercial Law, and General Practice. She has assisted and consulted clients on the formation of Companies in Cyprus and other jurisdictions, in addition to the establishment of onshore and offshore Companies in Cyprus. Furthermore, she also has significant experience in drafting legal documents, including Memorandum and Articles of Association, Share Purchase Agreements and other corporate documents.

August 2010
Members of Dr. K. Chrysostomides & Co LLC named as experts in the 2011 edition of Legal Experts – Europe, Middle East & Africa

Three of our firm’s members have been highlighted as legal experts in the forthcoming edition of Legal Experts – EMEA. Senior Partner Eleni Chrysostomides and senior associate Alexandros Taliadoros have been singled out for their work in the area of ‘Dispute Resolution’, whereas senior associate Nicoletta Kouvara is recommended for ‘Corporate and M&A’ work.

Legal Experts – EMEA is a comprehensive guide which brings together research to identify over 3,000 of the leading lawyers in the region from a wide range of practice areas.

June 2010
Senior Associate, Pavlos Symeonides, attends the TELFA Clients’ Conference
Senior Associate of our firm, Pavlos Symeonides, attended the TELFA (Trans European Law Firms Alliance) Client Conference, in conjunction with USLAW Network Inc, which took place in London between 24-26 June 2010. TELFA England member, Wedlake Bell, hosted the conference which was attended by lawyers from around 20 TELFA member firms and USLAW members.

The conference agenda included presentations by keynote speakers, and bilateral meetings between TELFA/USLAW members and invited clients.  

June 2010
Dr. K. Chrysostomides & Co LLC attend the 2010 WSG European Regional Meeting

Senior Associates, Georgia Chrysostomides-Mountis and Nicoletta Kouvara represented our firm at the recent WSG European Regional Meeting, held in Stockholm, 7-8 June.

The meeting, which was hosted by Swedish WSG firm Delphi, included panel discussions on Private Equity Investment and Law Firm Management, in addition to sessions focusing on WSG Client Expectation and Experience, within the framework of further strengthening the group’s international profile. Member-to-member sessions provided participants with the opportunity of one-on-one meetings with WSG members from other jurisdictions and discussions on possible business opportunities and collaborations.

June 2010
The 2010 Lex Mundi Tax Practice Group Global Meeting

Senior Associate of our firm, George Ioannnou, attended the 2010 Lex Mundi Tax Practice Group Global Meeting, which took place in Zurich, 6-7 June 2010. Lawyers from 22 jurisdictions took part in panel discussions, commented on current developments in the areas of corporate tax and exchanged thoughts on the following areas:

(a)       Tax treatment of acquisition debt and further case studies;
(b)       Exchange of information and the UBS case; and
(c)        Cross border tax planning

June 2010
Dr. K. Chrysostomides & Co LLC announce the appointment of George Mountis as Partner 

George Mountis is the firm’s newly appointed partner. He joined the firm as Senior Associate 3 years ago, bringing with him extensive experience in numerous fields of commercial litigation. He specialises in corporate and commercial litigation, arbitration, banking and commercial law, civil litigation, administration of estates, corporate law, labour law, competition law, and EU law.

Mr Mountis also lists arbitration law in the areas of his expertise, and is a member of the Chartered Institute of Arbitrators. He has participated in a number of international conferences and seminars, and also completed a Diploma in Economics of Competition Law from King’s College London. He is co-author of the Cyprus Chapter of the European Competition Journal (2005 & 2006).

May 2010
INTA – 132nd Annual Meeting, Boston 22-26 May 2010

Partner Alexandros Georgiades represented Dr. K. Chrysostomides & Co LLC at  INTA’s 132nd Annual Meeting which took place in Boston, U.S.A. Mr. Georgiades attended outside counsel meetings and presentations organized by international clients of our firm, from various industry sectors. The meetings included discussions on the protection and enforcement of IP rights, anti-counterfeiting work, the establishment and expansion of brand royalty and other related matters.

Mr. Georgiades also represented our firm in meetings organized by Lex Mundi and World Services Group (WSG), as well as the launch of CAPIP.ORG, a coalition of independent law firms dedicated to offering legal support to businesses in their fight against counterfeiting.

May 2010
Partner, Anna Rossides, included among world’s leading lawyers in The International Who’s Who of Competition Lawyers 2010

Dr. K. Chrysostomides & Co LLC are delighted to announce the nomination of partner Anna Rossides by her peers, as one of the world’s leading Competition lawyers.

Ms Rossides’ name appears alongside other leading Competition lawyers in the 11th edition of The International Who’s Who of Competition Lawyers & Economists. Anna Rossides is the only lawyer from Cyprus to be recommended among a total of 753 lawyers in 48 countries.  

May 2010
Lex Mundi Europe/Middle East/Africa Regional Conference 2010  

Director of Personnel and Administration, Evelina Georgiades and Associate Maria Pilikou represented our firm at the 2010 Lex Mundi Europe/Middle East/Africa Regional Conference, which took place in Tallinn, Estonia (13-15 May).

More than 150 representatives from Lex Mundi member firms across the region, U.S.A. and Asia, attended the conference, in addition to various distinguished speakers and sponsors. The conference agenda included numerous Practice Group meetings, in addition to presentations on new trends in Communication, Mentoring and Retaining Talent, and Knowledge Management.

Also on the conference agenda, was a presentation by Lexis Nexis Martindale-Hubbell with the results of their global survey on the Lawyer to Lawyer Referral market.

March 2010

Senior Associate, George Ioannou, attends the 2010 World Services Group (WSG) Tax Conference

Our firm was represented at the WSG Tax Conference in Rome, hosted by the Italian WSG firm Gianni, Origoni, Grippo & Partners, by George Ioannou, Senior Associate in our firm’s Corporate and Commercial Department, who specialises in Taxation Law. Twenty six participants from fourteen WSG European member firms attended the conference and exchanged ideas on international tax planning.

The meeting itself consisted of three major panel sessions, covering the following subjects: (i) Closed Foreign Companies’ rules across EU member states, (ii) Tax issues relating to financial restructuring practice, and (iii) Cross border taxation of UCITS in Europe. Within the context of the three panel sessions, issues such as recent legislative amendments in relevant jurisdictions, court rulings, tax implications of loan waivers and loan capitalisations, use of hybrid instruments, direct and indirect taxation of UCITS were discussed.

February 2010

Mediation in Civil and Commercial Disputes Conference, Thessaloniki 25-26 February 2010

Associate Victoria-Zoi Papagiannis represented our firm at the Mediation in civil and commercial disputes conference, organised by JAMS International ADR Center and co-hosted by the Bar Association of Thessaloniki. More than 150 lawyers from various European law firms attended the conference, which focused on the implementation of EC Directive 2008/52/EC of the European Parliament and the Council of 21 May 2008, concerning certain aspects of civil and commercial mediation.

The conference’s agenda included a live mediation theatre on specific commercial dispute case-studies, various teaching modules on the role of lawyers in mediation – and as mediators- and round table discussions on the benefits/advantages, and the limitations of mediation as an Alternative Dispute Resolution process.

January 2010

2010 Lex Mundi Antitrust, Competition and Trade Practice Group European Regional Meeting

Partner of our firm, Anna Rossides, represented Dr. K. Chrysostomides & Co LLC at the meeting, which took place in Geneva, between 28-29 January, 2010. Around 25 lawyers from European Lex Mundi firms, but also from the U.S. and Japan, participated in the meeting, which included sessions on the EU vs. US approach to restrictions of competition, the parallel distribution of medicines in the EU, and the procedures in connection with dawn raids by jurisdiction.

January 2010 

Dr. K. Chrysostomides & Co to operate as Dr. K. Chrysostomides & Co. LLC.
With effect from 1 January 2010, Dr. K. Chrysostomides & Co operates as a lawyers' limited liability company under the name “Dr. K. Chrysostomides & Co. LLC”.

The LLC has been set up and will operate in accordance with recent domestic legislation, but this change has no other relevance vis-a-vis our clients, to whom we shall continue rendering the highest quality services in the usual manner. The interests of our clients remain the focal point for the firm’s partners, associates and staff, and we reiterate our commitment to this effect.

December 2009

Senior Partners Dr. Kypros Chrysostomides and Chryso Pitsilli-Dekatris listed in “Best Lawyers” Cyprus.
“Best Lawyers” Cyprus lists firm’s partners, Dr. Kypros Chrysostomides and Chryso Pitsilli-Dekatris, as leaders in the areas of corporate and tax law, and corporate law, respectively. As a result, Dr. K. Chrysostomides & Co is ranked as the leading firm in Cyprus for corporate law, and as one of the leading firms in Nicosia for tax law.

“Best Lawyers” acts as a reference for lawyers and clients seeking legal counsel in unfamiliar jurisdictions or unfamiliar practice areas. The lists of outstanding attorneys included in “Best Lawyers”, are compiled by conducting exhaustive peer-review surveys, in which thousands of leading lawyers confidentially evaluate their professional peers.

November 2009

Dr. K. Chrysostomides & Co ranked as one of Cyprus’ Leading Tax Law Firms and Senior Partner, Dr. Kypros Chrysostomides listed as one of the top 250 individual tax advisers in the world
Our firm has been listed among Cyprus’ leading tax law firms in the 2010 edition of Tax Directors Handbook, “the essential guide to the world’s premier tax law firms”. The Handbook analyses the tax capabilities of law firms in 46 jurisdictions and ranks these firms according to client feedback.

The same publication has recognised our firm’s Senior Partner, Dr. Kypros Chrysostomides, as one of the top 250 leading global tax lawyers and 1 of only 3 tax lawyers listed for Cyprus. 

November 2009

Mandana Moayeri joins Dr. K. Chrysostomides & Co.
Mandana Moayeri joined the firm this month, as a Legal Assistant. She is a UK law graduate and her role in the IP Department consists of undertaking legal research, conducting trade mark searches, reviewing patent documentation, preparing legal evidence for IP cases whether before the Registrar or the Courts, and performing other similar tasks.
Mandana also holds a Bachelor of Arts degree in Middle Eastern History from the University of London, and is fluent in English and Spanish. 

September 2009

Senior partners of our firm attend the 2009 Lex Mundi Annual and Europe/Middle East/Africa Regional Conference, and the 2009 International Bar Association Conference

Dr. Kypros Chrysostomides, Eleni Chrysostomides and Chryso Dekatris were in Madrid between 1-7 October, to attend the 2009 Lex Mundi Annual and Europe/Middle East/Africa Regional Conference (1-3 October) and the 2009 International Bar Association (IBA) Conference (4-9 October).

Around 250 representatives from Lex Mundi member firms, in addition to individuals from the Client Advisory Council, sponsors and invited speakers, participated in the Lex Mundi conference. Our firm’s senior partners attended Practice Group meetings (Antitrust, Competition and Trade, Corporate Organisation and Securities, Litigation, Arbitration and Dispute Resolution, Cross-Border Transactions and Managing Partners), and sessions, including those focusing on the Lex Mundi Client Advisory Council Program, Lex Mundi Pro Bono Foundation and Project Management.

The IBA conference, which followed on from the Lex Mundi meeting, began with an impressive opening ceremony, and  included numerous showcase sessions, meetings and workshops, as well as networking opportunities, such as the World Services Group luncheon, which our senior partners attended.

June 2009

The 2009 Lex Mundi International Tax Practice Group Europe/ Middle East/ Africa Regional Meeting

Senior Associate of our firm, George Ioannou, represented Dr. K. Chrysostomides & Co at the meeting, which took place in Amsterdam, between 21-22 June, 2009. Lawyers from 19 Lex Mundi member firms within the region participated in the meeting, which addressed issues including current tax structures, migration of companies (techniques and tax) and preservation of tax losses.

June 2009

Senior Associate, Pavlos Symeonides, attends the Meeting of General Assembly of TELFA (Trans European Law Firms Alliance)

Senior Associate of our firm, Pavlos Symeonides, attended the meeting of the General Assembly of TELFA, which took place in Budapest between 12 and 13 June 2009, and was hosted by the Hungarian TELFA member firm Bihary Balassa & Partners. Lawyers from around 20 TELFA member firms, as well as guests from other European law firms, USLAW, the ALN (African Legal Network) and Mexico attended presentations by keynote speakers and participants, and discussed several matters of common interest, including strengthening future cooperation of member firms within TELFA.

May 2009

Senior Associate, George Ioannou, attends the 2nd Annual World Services Group (WSG) Tax Conference

Senior Associate of our firm, George Ioannou, attended the second annual WSG Tax Conference, which took place in Madrid, between 27-29 May 2009, and was hosted by Spanish firm Garrigues. Lawyers from 17 European jurisdictions attended presentations made by keynote speakers and participants, commented on current developments in the areas of corporate tax and exchanged thoughts on the following areas:

(a)       Real estate investment restructurings;
(b)       Migration of companies;
(c)        Management of financial position of multinational groups; and
(d)       Management compensation

May 2009

Dr. K. Chrysostomides & Co attend the 2009 International Trademark Association (INTA) Annual Meeting

Partner of our firm, Alexandros Georgiades, attended INTA's 131st Annual Meeting, which took place in Seattle. Mr. Georgiades participated in a number of outside counsel meetings, organised by client brand owners, during which specific matters were presented relating to the issues of protection and enforcement of IP rights and constructive discussions took place. 

He also represented our firm in meetings organised by Lex Mundi and World Services Group (WSG), which were held within the framework of the INTA Annual Meeting.

May 2009

Double Tax Treaty between Cyprus and the Russian Federation

On 16 April 2009, representatives from the Governments of the Republic of Cyprus and the Russian Federation signed a Protocol to the 1998 tax treaty between the two countries. The Protocol is expected to be ratified by both countries in 2009, and in this case it shall become effective as from 1 January, 2010. The Protocol is viewed as very beneficial to international business, and will continue to foster and encourage economic relations between Cyprus and Russia.

The major amendments brought about are as follows:

Removal of Cyprus from the blacklist
Russia has agreed to remove Cyprus from its blacklist, which means that dividends received by Russian companies from Cypriot subsidiaries can qualify for the Russian dividend participation exemption.

Dividends, interest and royalties
There are no changes to the nil rates of withholding tax on interest and royalties. In respect of dividends, the withholding tax rates of 5% or 10% remain unchanged; the only change to the conditions for eligibility for the 5% rate is that the minimum USD100,000 investment in the capital of the company in which shares are held, is now changed to EUR100,000.

Capital gains
The article on taxation of capital gains is amended to include the provision that gains, deriving from the alienation of shares of those companies deriving more than 50% of their value from immovable property located in Russia, can be taxed in Russia accordingly.
This provision shall not take immediate effect as from the actual application date, but in the calendar year following a four year period from the enforcement date of the Protocol (i.e., from 1 January, 2014, if the Protocol becomes effective as from 1 January, 2010).This provision is not applicable to gains from the alienation of shares undertaken due to a corporate reorganisation or where shares have been listed on a recognised stock exchange.

May 2009

Dr. K. Chrysostomides & Co announce three new partners
Georgia Georgiou, Alexandros Georgiades and Anna Rossides are the firm’s newly appointed partners.

Georgia Georgiou, who joined the firm 8 years ago, has extensive experience in all areas of Civil and Criminal Litigation and procedure. She specialises in Family Law, including divorce proceedings, matrimonial and child custody disputes, adoption and child abduction. Other areas of expertise are Torts and Personal Injuries, Contracts and Criminal Law.

Alexandros Georgiades has been with the firm since 1996 and specialises in all areas of Intellectual Property and Commercial Law. He is particularly experienced in trademark and patent prosecution and litigation, as well as anti-counterfeiting work. He also has extensive experience in drafting of Distribution, Franchise and Licensing agreements in his areas of expertise. Alexandros Georgiades has been recommended by The Legal 500 (Europe, Middle East & Africa) in the area of Intellectual Property and he regularly participates in international IP-related conferences and meetings, such as INTA and FICPI.

Anna Rossides has been a member of the firm’s Corporate and Commercial Law department for the past 7 years, and has considerable experience in the areas of Corporate and Competition Law. She advises on corporate structures, shareholders agreements and multi-jurisdictional financing transactions and has been involved with the introduction of a number of Cyprus companies to the AIM Market of the London Stock Exchange and other foreign Markets. Her Competition Law work has been comprised both of advising clients on the provisions of the relevant Laws, and representing clients before the Cyprus Competition Commission. She has participated in a number of international meetings and seminars on the subject, and has been included among world’s leading lawyers in The International Who’s Who of Competition Lawyers & Economists.

May 2009

Lex Mundi Cross-Border Transactions (CBT) European Regional Meeting

Partner of our firm Anna Rossides attended the CBT European Regional Meeting in Rome, on 7 and 8 May, 2009, which was hosted by Italian Lex Mundi member, Chiomenti Studio Legale.

The meeting was essentially a continuation of the first two 2008 CBT European Regional Meetings, that were held in London and Vienna, respectively. The participants were given the opportunity to further discuss topics, which would enhance the cooperation amongst the Lex Mundi firms, in offering a seamless service to clients. Their conclusions were presented at the close of the meeting.

April 2009

Natasa Adamide joins Dr. K. Chrysostomides & Co.

A new member joined the firm’s Corporate & Commercial Department this month. Natasa Adamide undertook her training for the Cyprus Bar at the office of the Attorney General, having focused particularly on the areas of Civil, Criminal, Competition and Administrative Law. Prior to that, Ms Adamide obtained her first degree in law from the Aristotle University of Thessaloniki, and went on to complete her Masters Diploma in Commercial Law (LL.M.) at the University of Sheffield.

During her studies, Ms Adamide undertook an internship with Amnesty International (Thessaloniki Department).

April 2009

Senior Associate Elena Ioannides attends the 2009 WSG European Regional Meeting

Elena Ioannides represented Dr. K. Chrysostomides & Co at this year’s World Services Group (WSG) European Regional Meeting, held in Madrid, between 2-4 April and hosted by Spanish WSG firm Garrigues. The entire meeting was focused on “Restructuring during Recession” and WSG representatives from all over Europe had the opportunity to attend sessions and panel discussions on topics such as the Evolution of the Financial Crisis in 2009, Insolvencies within Europe, Downsizing Production Facilities in Europe, Cross-Border Restructuring and Means of Corporate Recovery.
Member-to-member sessions also took place as part of the conference offering delegates the opportunity to discuss on-going business and potential new cases on a one-to-one level.

March 2009

Lex Mundi Asia/Pacific Regional Conference 2009 

The 2009 Lex Mundi Asia/Pacific Regional Conference took place in Sydney, between 26-28 March, and was hosted by Australian Lex Mundi member Clayton Utz. Senior Partners Kypros and Eleni Chrysostomides, who attended the conference on behalf of our firm, were among more than 100 Lex Mundi delegates from the Asia/Pacific region, Europe and the U.S.   

The conference agenda was focused mainly on the impact of the current economic crisis on law firms in the region, in addition to identifying business development opportunities in specific areas, such as Australia and India. The conference also included numerous Practice Group meetings, such as International Tax, Labour & Employment, Bank Finance & Regulation, Real Estate, Insolvency Bankruptcy & Restructuring, Cross-Border Transactions in addition to sessions with themes targeting marketing-related matters, client feedback, increasing inter-firm referrals, improving negotiation skills, and the development and training of new talent. 

Representatives from Martindale-Hubbell were also at the conference, Lex Mundi having recently joined their Connected Alliance Partner Program. Director of International Operations, Derek Benton, explained to Lex Mundi members the benefits of the program and how to utilise the various networking opportunities offered by it.

January 2009

Victoria-Zoi Papagiannis joins Dr. K. Chrysostomides & Co.

Associate Victoria-Zoi Papagiannis joins the Litigation department of Dr. K. Chrysostomides & Co., having completed her legal training for the Cyprus Bar at the firm. Ms Papagiannis obtained her BSc degree (Government) at the London School of Economics and Political Science, and went on to complete her Graduate Diploma in Law (College of Law, London) and LL.M. (University College London). She is a member of the Bar of England & Wales (Lincoln’s Inn) and the Cyprus Bar. Ms Papagiannis undertook internships at the Greek Ministry of Labour and the UNESCO Headquarters, both of which she completed during the period of her studies.

Her chosen fields of practice include Commercial, Corporate and Banking Litigation, Public, Constitutional and Administrative Law, Family Law, Torts, and General Practice.

October & November 2008

Dr. K. Chrysostomides & Co. attend key 2008 Lex Mundi Practice Group Meetings

Intellectual Property Practice Group Global Meeting
Junior Partner, Alexandros Georgiades, represented our firm’s IP department at the global meeting, held in London between 23-24 October and hosted by the Scottish Lex Mundi member, Maclay Murray & Spens LLP.

Lawyers of Lex Mundi firms from around the globe had the opportunity to meet and discuss issues relating to IP Due Diligence, the Impact of Insolvency on International IP Transactions (presented by two panels from N. America and Europe) and International Tax Considerations, including how to maximise tax relief on cross-border IP transfers and IP planning, as part of international business restructuring. Case studies on Structuring International IP Transactions were also discussed at the meeting, while the final session focused on Experiences in International Licensing.

Labour & Employment Practice Group European Meeting
Senior Associate, George Mountis, attended the Practice Group’s European meeting in Vienna (24-25 October) on behalf of our firm. The meeting was hosted by Austrian Lex Mundi member Cerha Hempel Spiegelfeld Hlawati.

The meeting focused on a number of topics related to the Practice Group’s areas of practice, including rules for employee representation and information/consultation for European companies and improving people skills and developing management and leadership training models (based on examples from firms with many years experience in these fields). Also included on the meeting’s agenda were a session on the Practice Group’s recent marketing initiatives and projects and an extensive workshop entitled “Pan-European Employment Contract”.

Cross-Border Transactions (CBT) European Regional Meeting
Austrian Lex Mundi member, Cerha Hempel Spiegelfeld Hlawati, also hosted the CBT European Regional Meeting in Vienna on 24 November, which was attended by Senior Partner, Chryso Dekatris, and Junior Partner, Anna Rossides.

The meeting was essentially a continuation of the first 2008 CBT European Regional Meeting, held in London in March 2008 and participants were given the opportunity of further analysing and expanding on the subjects included in the previous meeting’s agenda. Their conclusions were presented at the close of the meeting. European M&A activity in light of the current market environment was also an important topic of discussion at the meeting, given the trends emerging in the European economic environment.

October 2008

Senior partner, Chryso Dekatris, attends the 2008 Lex Mundi Annual and Latin America/Caribbean Regional Conference, and the 2008 International Bar Association Conference in Buenos Aires, Argentina

Dr. K. Chrysostomides & Co. was represented at the 2008 IBA Conference (12-17 October) and the 2008 Lex Mundi Annual and Latin America/Caribbean Regional Conference (16-19 October) by Senior Partner Chryso Dekatris.

The IBA conference featured numerous showcase sessions, meetings and workshops, covering a wide array of subjects in all fields of legal practice. Business opportunities in the legal market, the growing crisis in capital markets, management and recruitment issues related to law firms were also on the conference’s extensive agenda. Ample networking opportunities were offered to the attendees, such as the World Services Group luncheon and the United States Law Firm Group reception.

The Lex Mundi Annual and Latin America plenary sessions included a briefing on the global financial crisis and government intervention, as well as an update on the Lex Mundi Pro Bono Foundation and sessions on Knowledge Management and the provision of a Seamless Service across all Lex Mundi member firms. Chryso Dekatris also attended various Practice Group meetings, during which more practice-related issues were discussed.

September 2008

Lex Mundi Europe/Middle East/Africa Regional Conference 2008

Managing Partner Eleni Chrysostomides and Junior Partner Alexandros Georgiades represented our firm at the 2008 Lex Mundi Europe/Middle East/Africa Regional Conference, which took place in Constantinople, Turkey (4-6 September).

Around 150 representatives from Lex Mundi member firms attended the conference, in addition to individuals from the Client Advisory Council, various distinguished speakers and sponsors. The conference agenda included numerous Practice Group meetings, such as Intellectual Property, Labour & Employment, Bank Finance & Regulation, Real Estate, Insolvency Bankruptcy & Restructuring, in addition to sessions with themes targeting Lex Mundi marketing issues and co-branding, increasing inter-firm referrals, improving negotiation skills, and the prevention of fraud and corruption in global business. 

Also on the conference agenda, was a presentation on the Lex Mundi Pro Bono Foundation which provided attendees with an update on the foundation’s work.

September 2008

George Ioannou joins Dr. K. Chrysostomides & Co.

Senior Associate, George Ioannou, joined the Corporate & Commercial team of lawyers at Dr. K. Chrysostomides & Co last month. Mr Ioannou was previously Assistant Manager of the Advisory and Tax department of PricewaterhouseCoopers, where he also qualified as a Chartered Accountant. He comes to the firm with significant experience in transactions support, tax planning & structuring, and regulatory compliance. He is also specialised in the provision of internal audit services, feasibility studies and due diligence assignments in a number of areas, including retail, manufacturing, trading and service industries.

George Ioannou studied Law at University College London and is a member of the Institute of Chartered Accountants in England & Wales and the Cyprus Bar Association.

June 2008

Dr. K. Chrysostomides & Co attend the 2008 Lex Mundi Managing Partners Conference

Managing Partner, Eleni Chrysostomides and Director of Personnel and Administration, Evelina Georgiades, were in New York recently for the 2008 Lex Mundi Managing Partners Conference (June 26-28), accompanied by Senior Associates George Mountis and Georgia Chrysostomides.

The conference brought together more than 130 Managing Partners and senior executives from Lex Mundi firms worldwide, providing them with an array of opportunities for interaction and exchange of views and experiences on issues related to law firm management. Keynote speakers addressed subjects such as “Competitive Trends and Challenges in the Market for Legal Services” and “Establishing an Effective Risk Management Structure” and Lex Mundi President, Carl Anduri, provided an in-depth overview on how Lex Mundi can assist its member firms strengthen their competitive position and how the organisation’s strategic plan may realise this potential.

The close of the conference saw London being chosen as the host city for the 2009 Lex Mundi Managing Partners Conference.

May 2008

Elena Ioannides and Stavros Christou join Dr. K. Chrysostomides & Co.

May 2008 sees the addition of two new members to the team of lawyers at Dr. K. Chrysostomides & Co - Senior Associate, Elena Ioannides and Associate, Stavros Christou.

Ms Ioannides joins our firm as a Senior Associate, having previously worked as a Solicitor in London at Schillings and Finers Stephens Innocent LLP. She has extensive experience on a number of high profile media cases and also undertook a secondment to Tiger Aspect Productions in London. She is co-author of “Format Rights and UK Law – the Emperor’s New Clothes”, published in the International Bar Association Media Law Newsletter (Sept. 2007). Ms Ioannides is a member of the Cyprus Bar Association and the Law Society of England & Wales.

Mr Christou joins our firm’s Corporate and Commercial Department. He studied Law at the University of Bristol, where he completed both his undergraduate and postgraduate studies. He is a member of the Cyprus Bar Association and Middle Temple London. In addition to Corporate and Commercial Law, Mr Christou also practices Tax Law.

April 2008

Dr. K. Chrysostomides & Co. attend the 2008 WSG European Regional Meeting

Associate Charalambos Stefanou represented our firm at the recent annual WSG European Regional Meeting, which was held in Paris, 11-12 April 2008.

The main focus of the meeting was on Mergers & Acquisitions, through a number of presentations – including a case study and several panels consisting of WSG members with expertise in the specific area.

Sessions were also included, which focused on WSG strategic development and planning, future WSG expansion and updates on WSG programs and projects, in addition to opportunities of optimising WSG membership. Member-to-member sessions provided participants with the opportunity of one-on-one meetings with WSG members from other jurisdictions and discussions on possible business opportunities and collaborations.

March 2008

Dr. K. Chrysostomides & Co attend the 2008 Lex Mundi Cross-Border Transactions European Regional Meeting

Our firm was represented at the 2008 Lex Mundi Cross-Border Transactions European Regional Meeting by Senior Associates, Georgia Chrysostomides and George Ioannou. The meeting took place in London on 5 March 2008, and was hosted by the Scottish Lex Mundi firm, Maclay Murray & Spens. Lawyers from 22 Lex Mundi firms from various European jurisdictions had the opportunity to meet, and discuss ways of sharing knowledge and promoting cooperation, in an attempt to address clients’ needs in the best possible way.

In this respect, the participants exchanged ideas and formulated an action plan for establishing strategies in the areas of project management, work processes and marketing of the Lex Mundi brand.

March 2008

Dr. Kypros Chrysostomides appointed Minister of Justice & Public Order of the Cyprus Government

Dr. K. Chrysostomides & Co announce the appointment of founding partner, Dr. Kypros Chrysostomides, as Cyprus’ new Minister of Justice & Public Order, following the recent Presidential elections and the ensuing changeover in the composition of the country’s government.

It is not the first time Dr. Chrysostomides is serving from a public post; in 2003 he was appointed Government Spokesman and served a term of 3 years. In May 2006 he was elected a Member of the Cyprus House of Representatives. He stepped down from this post  in February 2008 after being appointed Minister of Justice & Public Order.

Eleni Chrysostomides and Chryso Dekatris have since taken over the role of Managing Partners at Dr. K. Chrysostomides & Co.

February 2008

Partners of Dr. K. Chrysostomides & Co are named in this year’s PLC Which Lawyer? Yearbook

Dr. Kypros Chrysostomides, Eleni Chrysostomides and Chryso Pitsilli-Dekatris are listed among the most prominent names in today’s legal world in the 2008 edition of the PLC Which Lawyer? Yearbook. Our firm’s partners appear among Cyprus’ leaders in the legal profession in the areas of Coprorate/M&A, Intellectual Property and Trusts, Offshore & HNWIs, respectively.

PLC Which lawyer? has been reporting on the most important developments and trends in the legal business for more than a decade, by providing independently researched information on leading lawyers from more than 100 countries, who are active in the core commercial practice areas.

February 2008
Dr. K. Chrysostomides & Co – one of the three firms featured in Lex Mundi’s “Best Practices in Referral Tracking”

Our firm is proud to have been one of the three member firms featured in the recently-published “Best Practices in Referral Tracking” by Lex Mundi. The publication is the result of internal surveys and interviews conducted among lawyers, IT and marketing professionals of member firms; Dr. K. Chrysostomides & Co and the other 2 firms mentioned in the publication, emerged as having devised and implemented the best procedures for referral tracking. These will be shared among all Lex Mundi members through the publication, with the aim of implementation of similar practices or improvement upon already-existing referral tracking systems.

Dr. K. Chrysostomides & Co’s tracking system uses the Companies/Contacts module of the management programme (LOMAS - Law Office Management and Administration System), developed by a local consulting and software company. The web-based system filters related key words, and pre-determined data concerning each case (incoming/outgoing referral, free advice, pro-bono services) are entered into the system. Internal access is carefully controlled, and reports are produced on a regular basis to ensure continuity.

January 2008
Dr. K. Chrysostomides & Co launch their new logo

2008 sees the launch of a new logo from Dr. K. Chrysostomides & Co, as part of the ongoing expansion of the firm’s marketing programme and the development of its branding strategy.

The new, contemporary colour logo, which has replaced the older black and white version, encompasses design elements reflecting the firm’s international orientation, making reference also to its origins and its establishment as one of the leading firms within the Cyprus legal market. At the same time, the new logo embodies the solid professional values and ethical principles which Dr. K. Chrysostomides & Co. adhere to and practise, and is consistent with the firm’s tradition and culture.

The new logo is already in use on all of the firm’s internal and external communications, with further implementation of the new brand planned for the firm’s website, which shall be re-designed in line with the updated branding images.

January 2008
Senior Associate, Anna Rossides, included among world’s leading lawyers in The International Who’s Who of Competition Lawyers & Economists 2008

Dr. K. Chrysostomides & Co are delighted to announce the nomination of senior associate Anna Rossides by her peers, as one of the world’s pre-eminent Competition lawyers. Ms Rossides’ name shall appear alongside other leading Competition lawyers in the forthcoming edition of The International Who’s Who of Competition Lawyers & Economists 2008, due to be published in March and launched at the ABA 56th Antitrust Law Spring Meeting (Washington DC, 26 March 2008).

The publication will also form the Competition chapter in the 2008 Global Competition Review compendium volume of Who’s Who Legal – The International Who’s Who of Business Lawyers.

January 2008
Dr. K. Chrysostomides & Co. contribute to the 2008 PLC/Lex Mundi Doing Business in…….Handbook

Our firm will appear in the forthcoming 2008 edition of the Practical Law Company (PLC)/Lex Mundi Doing Business in …… Handbook, as the exclusive contributor for the Cyprus chapter. The chapter will include, inter alia, up to date information on the legal system, foreign investment, business vehicles, foreign employees, tax, intellectual property and marketing agreements.

The Handbook will be published shortly and distributed with the Which Lawyer Yearbook at key events organised by the IBA and ACC throughout the year, as well as Lex Mundi events.

December 2007
Dr. K. Chrysostomides & Co are represented at the 2007 European Regional Meeting of the Lex Mundi Antitrust Competition and Trade Practice Group

Two of our senior associates, George Mountis and Anna Rossides, attended the Lex Mundi Antitrust Competition and Trade Practice Group European Regional meeting, which was held in Paris on 5 December, 2007.

The first session of the meeting focused on the issue of legal privilege and competition law enforcement procedure, following the outcome of a landmark case. At the second session of the meeting, emphasis was placed on the issue of customers’ claims in connection with a breach of a competition law regulation, covering both possible remedies and actions. During both sessions, each participant gave a short presentation on the relevant issue in their jurisdiction. Discussions among all participants followed.

November 2007
Dr. K. Chrysostomides & Co. proudly announce the appointment of partner, Chryso Dekatris, as Chair of the Lex Mundi Trusts and Estates Practice Group

Chryso Dekatris has been a member of the Lex Mundi Trusts and Estates Practice Group for the past 4 years, and has already served as Regional Vice-Chair for the Europe/Middle East/Africa region.

The Trusts and Estates Practice Group, one of a total of 31 Lex Mundi practice groups, aims to identify ways for member firms to work together to serve clients while enhancing their trusts, probate and estates practices. Regular meetings and conference calls are scheduled throughout the year, offering experts from each of the Lex Mundi member firms networking opportunities, and the chance to discuss and exchange information on business development practices. Member firms are able to improve their respective Trust and Estate law practice by exchanging information on managing the practice and delivering services in specific substantive areas, in addition to discussing new services that could be offered to clients.

October 2007
Senior partners of our firm attend the 2007 Lex Mundi Annual and Asia Pacific Regional Conference, and the 2007 International Bar Association Conference, in Singapore

Dr. Kypros Chrysostomides, Eleni Chrysostomides and Chryso Dekatris were in Singapore between 11-17 October, to attend the 2007 Lex Mundi Annual and Asia Pacific Regional Conference (11-14 October) and the 2007 International Bar Association (IBA) Conference (14-19 October).

Over 160 representatives from Lex Mundi member firms, in addition to individuals from the Client Advisory Council, sponsors and speakers, participated in the Lex Mundi conference. Our firm’s senior partners attended Practice Group meetings (Intellectual Property, Insolvency Bankruptcy & Restructuring, Labor & Employment, Bank Finance & Regulation), and sessions, such as those targeted at improving and revising Client Service Standards, Attracting Motivating and Retaining Young Lawyers, and evaluating the 2007 Lex Mundi Strategic Initiatives.  

The opening of the IBA conference, which followed on from the Lex Mundi closing sessions, signalled the beginning of numerous showcase sessions, meetings and workshops, as well as networking opportunities, such as the World Services Group luncheon and the United States Law Firm Group reception, which our senior partners attended.

September 2007
Memorandum for the conversion of Cyprus Companies’ share capital, from Cyprus Pounds to Euro

Dr. K. Chrysostomides & Co. wish to remind all their clients that Cyprus will join the Euro Zone on 1st January 2008 and will adopt Euro as its official currency, thus replacing the Cyprus Pounds.

The rules for the adoption of the Euro are governed by Law which provides, inter alia, that the share capital of Companies currently expressed in Cyprus Pounds will be converted to Euro as from the date of the adoption of Euro, using the irrevocable fixed conversion rate of  €1 = C£ 0.585274 and rounded up to two decimal places.

The conversion and rounding up of the nominal value of shares will be done in accordance with the prescribed rules and, as a result, the Company’s share capital may be increased or decreased accordingly. The increase or decrease of the capital must be approved by a resolution of the Company in general meeting, and then filed with the Registrar of Companies. Certain provisions of the Companies Law, concerning the increase or decrease of share capital are being suspended for a year (i.e., 2008) following the adoption of the Euro, so as to facilitate the necessary changes in the share capital.

Any resultant increase of the share capital can be achieved through the capitalization of reserves or the payment of cash. Any decrease in the share capital can be recorded in a special reserve to be used for any future capital increase or be distributed by way of dividend without any tax repercussions.

From the date of the adoption of the Euro, the Registrar of Companies will not approve any changes to the Memorandum and /or Articles of Association or accept notification for any change of the data in the Company’s Register if the resolution for the conversion of the Company’s Share Capital has not already been filed.

It should be noted that the aforementioned provisions only apply to the conversion of a Company’s share capital from Cyprus Pounds to Euro.  If a Company’s share capital are to be changed from Cyprus Pounds into a currency other than Euro, then appropriate similar steps must be taken.

Dr. K. Chrysostomides & Co. are at your disposal for the provision of any additional information you may require on the matter, and to handle, on your behalf, the necessary administrative issues concerning the conversion of the Company’s share capital from Cyprus Pounds to Euro during the year 2008.