In a significant step, on the 13th of February, 2025, the Commission and the European Board for Digital Services endorsed the integration of the 2022 Code of Practice on Disinformation into the framework of the Digital Services Act (DSA), therefore becoming the Code of Conduct on Disinformation. The Code of Conduct aims to combat disinformation risks while fully...Read More
On February 11, 2025, the European Commission made available its 2025 work program, outlining legislative priorities for the year ahead. Among the notable developments is its intention to withdraw three major draft proposals: the ePrivacy Regulation, the Standard Essential Patents (SEPs) Regulation, and the AI Liability Directive. The ePrivacy Regulation aimed at replacing ePrivacy Directive currently...Read More
Following its formal adoption by the Council, Directive (EU) 2025/25—amending previous directives on the use of digital tools and processes in company law—was officially published in the Official Journal of the European Union on January 10, 2025. This Directive represents a major advancement in enhancing transparency, streamlining administrative processes, and facilitating cross-border business through the...Read More
The Digital Operational Resilience Act is a landmark regulation that entered into force on the 16th of January 2023 and became applicable on the 17th of January 2025. Designed to enhance the digital security and resilience of the financial sector, DORA applies to a wide range of financial entities, including banks, insurance companies, and investment...Read More
In an effort to enhance transparency and ensure compliance with legislative provisions, two significant changes have recently come into effect in Cyprus. On December 20th, 2024, The Transparent and Predictable Terms of Employment (Essential Terms of Employment for Registration in an Electronic System) Decree of 2024 was published, under the Transparent and Predictable Working Conditions...Read More
In July 2024, the European Securities and Markets Authority (ESMA) released a consultation paper detailing proposed Regulatory Technical Standards (RTS) on Liquidity Management Tools (LMTs) under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. This initiative aims to enhance the resilience of investment funds during...Read More
In June 2024, the Cyprus Court of Appeal issued a pivotal ruling that has profound implications for ‘trapped buyers’—individuals who, despite fulfilling their contractual obligations, have been unable to obtain title deeds for properties due to developers’ outstanding mortgages. This decision scrutinizes the constitutionality of the 2015 “Trapped Buyers Law,” which was enacted to address...Read More
In July 2024, the European Securities and Markets Authority (ESMA) released a consultation paper detailing proposed Regulatory Technical Standards (RTS) on Liquidity Management Tools (LMTs) under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. This initiative aims to enhance the resilience of investment funds during...Read More
In 2024, Cyprus embarked on an ambitious journey to reform its tax system with a focus on environmental sustainability. The initiative, often referred to as the green tax reform, seeks to address critical environmental challenges, align with global standards, and foster a culture of sustainability throughout the nation. Core Elements of the Reform The reform...Read More
1. Introduction Although Cyprus provides for taxation in several different circumstances, the taxation system in Cyprus can be divided into three notable categories: personal income tax, corporation tax and VAT. All individuals who are tax residents of Cyprus are subject to taxation on their total taxable income, including specific employment benefits, earned from both Cypriot...Read More
