#funds #alternativefunds #aif #moi

The new Alternative Investment Funds Law 2018 (“AIF Law 2018”), regulating AIFs in Cyprus, has introduced a new category of AIFs, the Registered AIFs (“RAIFs”). This has been a long awaited development by the Cyprus Fund Industry, which significantly strengthens the country’s efforts of becoming a funds hub.  

A RAIF will be registered in a Registry held by Cyprus Securities Commission  but will neither be authorized nor regulated directly by CySEC. Responsible for the regulatory compliance of the AIF will be its External Manager, who should be a licenced AIF Manager (“AIFM”).

In addition to its management functions, the AIFM shall be responsible for the supervision and monitoring of the RAIF, by providing certain mandatory services, such as: risk management, compliance/AML and internal audit.   The RAIF will still be considered as ‘AIF’ by virtue of the Law, offering new opportunities for a quick and cost-effective fund launch, but can be marketed only to professional or well-informed investors. It may be organised in any legal form available under Cyprus Law, it can be open or closed ended and be established as an umbrella structure, with multiple compartments.

There are no restrictions in its investment strategy, however the RAIF cannot be set up as Loan Origination, Fund of Funds or Money Market Funds.

Third country AIFMs will also be able to register RAIFs to CySEC, provided that their country of establishment has granted passporting rights pursunt to the AIFMD.
RAIFs may also use EU marketing passport via its AIFM.

For more information check Alternative Funds (AIF) or contact Michael O. Ioannides.

#funds #alternativefunds #aif #moi

Cyprus is now combining its proven tax efficient regime with the required infrastructure for the fund management industry to create a new dynamic and competitive European hub for fund management and administration. With the enactment of the Alternative Investment Funds Law 124(I)/2018 (the “AIF Law”) in July 2018, it now offers a modern and flexible legislative framework to all Alternative Investment Funds (AIF) types within the European AIFM Directive (AIFMD) enabling EU Passporting for AIF's.

The AIF Law of 2018, has introduced the Registered Alternative Investment Funds (RAIFs) regime and in addition fine-tuned the existing types of AIFs, including the AIFs with Unlimited Number of Persons (AIF) and the AIFs with Limited Number of Persons (AIFLNP)).

The regime is combined with the half century international business experience of professionals in Cyprus, the UK based legal system, the low cost and a business friendly government to create one of the most prominent offerings in the Funds Industry.
Cyprus aims to develop a world class fund sector and mark its position as a growing domicile for investment funds and asset management. The continuous upgrading of the legal framework is expected to raise investors confidence in the jurisdiction. For this year two new legislative initiatives are expected to pass into law, for the regulation of Fund Administration and the introduction of the Mini Manager.
Furthermore, the country’s attractive fiscal framework, English-speaking workforce and its competitive operating environment, will likely increase the island’s ranking as a domicile and servicing centre for both Alternative Funds and UCITS. The fact that fund managers are increasingly moving to Cyprus demonstrates the rapid development of the funds sector, attracting additional investments for the Cyprus economy.

For more information check Alternative Funds (AIF) or contact Michael O. Ioannides.

According to the Cyprus Betting Law 2012 electronic betting services are only to be provided by a person who holds a Class B bookmaker's licence, issued following the submission of a relevant application to the National Betting Authority (henceforth the 'Authority'). This licence authorises the provision of the electronic betting services, excluding slot machines, online casino games of chance provided with a direct link, spread betting, betting exchanges and electronics horse-racing.

Class B bookmaker's licence and application
A person interested in the provision of electronic betting services must first submit an application for the issue or renewal of a Class B bookmaker's licence. Where the same person applies for the issue of a Class A and a Class B bookmaker's licence, the applications must be submitted on separate forms for each licence and are examined through separate procedures. Applications to renew a Class B bookmaker's licence must be submitted three months prior to the date that the licence expires.

No Class B bookmaker's licence is issued or renewed unless the Authority is satisfied that the applicant, the officer, the ultimate beneficial owner('UBO') and the holder of a significant interest of the legal person (i) has not been convicted in respect of a related offence by a competent court; and (ii)  has reached the age of 25, in the event that any such persons is a natural person.

An application for a Class B bookmaker's licence may only be submitted by a company, established either in the Republic or abroad and which has a branch (overseas company) in the Republic of Cyprus, the main activity of which is to carry out bets and for which the issued and paid up share capital is at least 500.000 euro.

The application must also be accompanied by a bank guarantee from a commercial bank conducting banking business in Cyprus or in a Member State of the European Union or a cooperative bank, for 550.000 euro, the validity of which extends for a period expiring six month after the bookmaker's licence that has been applied for expires.

The bank guarantee must be such as to create an irrevocable obligation on the bank or on the cooperative bank to pay any amount the licensed bookmaker is obliged to and omits to pay (i) to a player who has participated in a bet and has won, (ii) to the Republic of Cyprus as betting tax and (iii) to the Authority ascertains that the bank guarantee does not cover 100% of the annual turnover of the Class B licensed bookmaker, it may request an increase of such an amount to cover 10% of its annual turnover.

Furthermore, applications must be accompanied by specific particulars with regard to the applicant, the ultimate beneficiary, the officer and the holder of significant interest, whether it concerns a legal or natural person, including (i) the terms and regulations on the basis of which the applicant intends to provide betting services to the players, (ii) their financial information, (iii) statements as to participation in other lawful commercial activities, (iv) their criminal record, (v) information in respect of all their financial and other interests, and (vi) any additional information and information and documents that the Authority may deem necessary to request.

The Authority, when examining the application for the issue or renewal of a licence, having found that the legal or natural persons concerned meet the prerequisites as provided for, may take the following into account, for the purpose of ascertaining the suitability of such persons, namely (i) the current financial condition and background, which includes, but is not restricted, to the financial resources at their disposal for the provision of specific betting services and (ii) in the event that their criminal record is not clean, the nature of previous convictions, and the type and level of the sentence imposed.

A person is capable and suitable to obtain the Class B bookmaker's licence if the Authority find that such a person:

• has, or may obtain, satisfactory resources and retains the minimum required reserves, as defined by the Authority, so as to ensure the payment of winnings to the players;
• maintains a suitable control and accounting system for the provision of betting services;
• applies terms and regulations when providing betting services, which in the opinion of the Authority, ensure satisfactory protection to the player;and
• ensure the suitability of any other equipment proposed to be used.

 The Authority may thereby approve the application and impose any necessary conditions, or dismiss the application. Once issued, a Class B bookmaker's licence may not be transferred or assigned in any manner to any other person and it may be valid for one or two years from the date of its issue or renewal depending on the time specified in the application. The Authority maintains a register of Class B licensed bookmakers, which contains the information mentioned in the application, and it posts a list of Class B licensed bookmakers on its website.

Licence fees
The fee to obtain a Class B bookmaker's licence, determined by the Regulations for a validity of one year, is fixed at 30.000 euro, and at 45.000 euro for a two year licence. The fee is payable at the same time as the submission of the application for the issue or renewal of a Class B bookmaker's licence and is refundable in case the application is dismissed, but in such cases the amount returned will be reduced by 25%.

The prior approval of the Authority is required before a Class B licensed bookmaker effects any significant change, such as the obtaining or release of significant interest in the bookmaker, or a change of the UBO, or a change in the Board of Directors or the officers in the bookmaker's management, or even a change or variation in the information or particulars submitted to the Authority for the purpose of issuing or renewing a Class B bookmaker's licence.

It should be noted that the Authority has the power to suspend or revoke a Class B bookmaker's licence in the case of a number of events of inconformity with the provisions of the Law. One such event is the omission to pay the tax amounts or contributions due, within one month from the expiry of the time specified for payment, in accordance with the present Law or any other law in force.

Gaming tax
Every Class B licensed bookmaker pays the Republic of Cyprus gaming tax and a contribution to the Authority in relation to the bets carried out by it. The amount of betting tax in every accounting period (namely every calendar month), amounts to 10% of the net proceeds from the corresponding period. The amount payable to the Authority as a contribution amounts to 3% of the net proceeds from the bets to a Class B licensed bookmaker for the corresponding accounting period. Every Class B licensed bookmaker is obliged to pay the Republic of Cyprus, at the end of every accounting period, any amount due as gaming tax and the contribution to the Authority.

The amount of net proceeds from a bet, for a particular accounting period, is equal to the total amounts paid to the Class B licensed bookmaker, in relation to bets carried out by the bookmaker, minus the total amounts paid by the Class B licensed bookmaker, as winnings to persons who bet, irrespective of when the bets were placed or played. It should be said that when calculating the amount owed to a player in relation to a bet, other benefits obtained by the player are taken into account and the expenses of the licensed Class B bookmaker are not taken into account.

Processing electronic bets: Class B
The right to participate in electronic bets is only permitted to a person who is registered as a player and retains an account. The person who is registered as a player may not retain more than on account. A Class B licensed bookmaker may register a person as a player provided such a person has submitter an application for registration electronically, in the specific form. The Class B licensed bookmaker must among other things:

• within a period of 30 days from the submission of the application for registration confirm the identity of the player and verify the information furnished;
• retain an account in respect of every registered player and credit the registered player's account with all amounts received by or on behalf of the player, or owed by the Class B licensed bookmaker to the player,
• retain an account of every registered player for a period of five years from the date of the last transaction,
• not accept a bet, unless there are sufficient funds to cover the amount of the bet, in the account maintained in the name of the player,
• only process Class B bets using credit or debit cards, electronic transfers or electronic money. No cash transactions are permitted,
• not provide credit to a player or player portion or act as a representative of a person providing credit, in a manner to facilitate credit to a player or player portion,
• not make a payment of any amount from a player's account to a player unless the identity, the address and the age of the player are all verified,
• at the request of the player in whose name an account has been created, remit the amounts due to the player within five working days from the date of the request, having first ascertained the player's registration, carried out safety procedures in relation to the player's account and ensured that there is compliance with the approved regulations in relation to the payment of winnings to players. It is noted that any amount paid to a player by a Class BB licensed bookmaker is only paid into the bank account from which the amounts to process the bet came from, and
• in the event that there is no transaction instigated from the player's account for a period of 24 months, remit the balance in the account to the player to an account designated by the player, or in the event that the player cannot be traced, remit the amount to the Authority.

A Class B licensed bookmaker is obliged to maintain the player's amounts separate from the own amounts, in a special client account, with a commercial bank or cooperative bank that carries on activities within the Republic.

The bookmaker's website
A Class B licensed bookmaker is obliged to maintain a specialised website, accessible only through website addresses ending in '.com.cy', the homepage of which must contain all of the following:

• the company's registered name, address, official number and date of issue of the licence for the provision of betting services,
• a statement that the Class B licensed bookmaker's activities are regulated by the Authority,
• internet links, such as the website of organisations that specialise in providing assistance to persons who are addicted to gambling, with the websites linked to being those that have been approved by the Authority,
• internet links to information such as terms and regulations on the basis of which the Class B licensed bookmaker offers betting services,
• that the use by children of the betting services provided by the Class B licensed bookmaker is expressly prohibited,
• information to inform the player that they may electronically notify the Class B licensed bookmaker to (i) determine the limit the player may bet on for a specific period of time; (ii) determine the limit the player may lose for a specific time, (iii) determine the limit of time within which player may bet and (iv) be exempt from betting for a specific or indefinite time;
• the procedure for submitting and the procedure for examining complaints by registered players,and
• any other information determined by the Authority.

Here it should be said that internet services providers are obliged to apply a blocking system to prevent their users from accessing betting service providers who do not hold a Class B licence.

Accounts and registers
Class B licensed bookmakers must submit to the Authority by 30 June at the latest every year, annual account for the previous year, audited by an approved accountant and which have been prepared in accordance with the International Financial Reporting Standards and the requirements of Cyprus' Companies Law. Similarly Class B Bookmakers must record, in a designated book in electronic form, the details of every card or other document or electronic form handed to them and to submit, within the specified time and manner, a statement of the amounts collected, or that are collectable, either by the bookmaker or by any of its authorised representatives.

The Article can be found on the below website within the Online Gambling Lawyer, February 2018 edition.
 www.cecileparkmedia.com 

by Christos Ioannides

It should be remembered that when the Cyprus Betting Law of 2012 entered into force the then newly established National Betting Authority ('Authority') only examined what were termed Class A licence applications - namely, physical on premises betting services applications. In October 2016 the Authority published the respective regulations for online betting services and initiated the examination of Class B licence application - namely, applications pertaining to online betting services. Today, from a total of 11 applications, the Authority has approved 10 applications, some from as early as January 2017, while one application was withdrawn without being fully examined. Indeed, it is widely accepted that the betting market in Cyprus, especially with the approval of Class B licences, has become a very popular European betting jurisdiction for bookmakers.

Based on the above, in June 2017, the Government of the Republic of Cyprus notified to the European Commission a draft Law entitled the "Betting Law of 2017" ('draft Law'). The standstill period for the notification of the draft Law elapsed in September 2017 and it is expected that the Cypriot Parliament will enact the draft Law in the coming months. The draft Law provides for the total repeal of the Betting Law of 2012, which is currently in force, with the vast majority of the provisions of the draft Law nevertheless repeating the provisions of the Betting Law of 2012 as it currently applies.

Indeed, a simple comparison between the provisions of the Betting Law 2012 and the new draft Law suffices in order to conclude that concepts such as:

• the establishment, composition and powers of the National Betting Authority;
• the types of Class A and Class B licences;
• the procedures under which the Authority examines applications for these licences;
• the obligations and rights of Class A and Class B bookmakers;
• the vast majority of the substantial provisions incorporated by the Betting Law of 2012;

remain virtually unaltered.

As such the current legislative regime will be substantially the same even after the draft Law is enacted and enters into effect. As the Government of the Republic of Cyprus pointed out in its notification, it was considered necessary to prepare the draft Law to remedy an infringement pointed out by the European Commission during the 'structured dialogue' process relating to the Betting Law of 2012. More specifically, the Betting Law of 2012 included provisions that were more restrictive than those which had been included in the draft law originally notified to the European Commission in 2010 as a 'draft technical rule'.

Consequently, the Cypriot authorities decided to notify this draft Law to the Commission thereby repeating the majority of the provisions. The new provisions relate to the following four categories:

The additional or amendment of definitions in the relevant definitions section of the draft Law
The draft Law incorporates a number of new definitions. The activity of a 'betting exchange' is now specifically defined ass a type of electronic bet conducted using online services provided by an intermediary, as part of which players set the odds on the outcomes of events and accept bets from other players, and a percentage of the player's winnings is paid to the agent as commission. It should be remembered that a 'betting exchange' was a prohibited activity under the provisions of the Betting Law 2012, but the absence of a clear definition left open possible unwelcome interpretations as to which activities fell within the undefined meaning of a betting exchange. The new definition aims at providing a clear and unambiguous reference to operators/bookmakers and competent courts as to what constitutes a betting exchange, and thus avoids future arbitrary interpretations.

The avoidance of such future arbitrary interpretations is also the reason for the new definitions of words such as 'remote' and 'electronic means'. According to the draft Law the definition of 'remote' when referring to bets is provided to mean a bet offered without the contracting parties being present simultaneously, while the definition of 'electronic means' the equipment required for the electronic processing (including digital compression) or storage of data, through which a bet is offered at its starting point and accepted at its end point, that bet being offered, sent and received entirely through telecommunications following a specific order from a bookmaker.

The definition of 'credit institution' has also been extended to mean an undertaking that is accepting deposits or other returnable funds and granting credit to player accounts, and which holds the relevant operating licence from a Member State's competent authority, including a licenced credit institution within the meaning of the Laws on the Business of Credit Institutions. It should be remembered that under the provisions of the Betting Law of 2012, a credit institution did not include undertakings holding and overseas EU licence, and this such institutions are new considered as being able to engage their services for the benefit of bookmakers.

Similarly, the definition of 'betting' has been amended to now include the practice of 'cash-outs', a practice that was not really covered under the wording of the previous definition of what constitutes 'betting'.

New provisions, primarily relating to the National Betting Authority's modus operandi
A number of provisions were added relating to the fee and remuneration of the members of the Board of Directors of the Authority, clarifications setting the Authority's financial year to commence on January 1st and end on December 31st of the same year, the obligation of the Authority to keep full and accurate accounts, which shall be audited by the General Auditor of the Republic and submitted to the Minister, but also the obligation of the Authority within three months of the end of the financial year, to prepare a report and financial statements for the previous financial year, drawn up in line with the International Accounting Standards, and submit them to the Minister.

Similarly, provisions are also made for budgetary planning and spending (allocation of profits) of the Authority. The Authority's net profits for each financial year and the Authority's accumulated surplus from previous years, apart from the 1% levy collected bu the Authority in support of mechanisms and programmes destined to protect young people and addicted players, shall be allocated as follows:

1. 20% share of net profit shall be transferred to the capital reserves;
2. 80% share of net profit shall be transferred to the Consolidated Fund of the Republic; and
3. the accumulated surplus shall be transferred to the Consolidated Fund of the Republic.
   

Provisions relating to Class A and B licence applicants, bookmakers and responsible betting
The provisions relating to the preconditions applicants need to satisfy were also subject to amendment. Namely the minimum age for an applicant was lowered to 18 from 25 years old. Also as far as the required criminal record of applicants is concerned, applicants will now need to produce criminal record:

1. from the Republic, and
2. from the country of nationality, in the case of a natural person, or from the country where the case of a legal person, and
3. from the country of habitual residence, in case of a natural person, and
4.  from the country where the person concerned carries out its main business or personal activity.

In addition, each Class A or B licensed bookmaker must, by the end of the calendar month following each accounting period, pay to the Republic any amount of betting tax due as well as pay the Authority the corresponding levy. In instances in which the betting tax or levy is not paid by the Class A or B licensed bookmaker in time, a fine is now provided, equal to 5% of the amount of the tax or levy due and the tax or levy plus the fine shall become payable along with default interest rate applicable for the State, which is set by a Decree issued by the Minister of Finance pursuant to the Laws on Single Public Default Interest Rate.

Any fine and interest imposed shall be collected as due betting tax or levy. Where the bookmaker continues to fail to pay the betting tax or levy for the specific accounting period for a period of more than 60 days from the date on which the debt arose, the Authority is now able to seize the amount owed from the bank guarantee that the bookmaker provided on receiving the betting licence.

Where, with the Authority's consent, it is proven that the Class A and B licensed bookmaker has paid betting tax or levy higher than the amount due or if the tax assessment changes owing to an administrative action for judicial review as a result of which the bookmaker is in the position of having paid betting tax higher than the amount due, the Authority must refund the excess amount collected to the bookmaker with the relevant default interest referred to in Article 76(1), as applicable, from the first day of the calendar month following the date on which it was collected.

It is important to also highlight the fact that according to the new provisions a licensed bookmaker may now obtain and use additional webpages, other than the '.com.cy' licensed page, which nevertheless should be the only webpage to be used for the provision of Cypriot licensed betting services.

The new provisions add the possibility for a customer to preset the times during which they will be allowed to bet, which the bookmakers must be able to accommodate to assist in enabling responsible gaming/betting.

Provisions facilitating the investigation and prevention of illicit activity
New provisions, which were recommended by the Police to more effectively stamp out illegal gambling/betting, are also incorporated. These provisions aim at facilitating the investigation and prevention of illicit activity. In particular according to the provisions of the draft Law any premises or any place which is entered under the provisions of the draft Law shall be presumed, until proven otherwise, to operated as premises where online casino services are provided or where limited benefit gaming machine services are provided, in any of the numbered example cases. The numbered example cases comprise of a variety of circumstances in which the Police have often faced difficulty in proceeding with a proper investigation.

Additionally, the Authority or a member of the Police on orders from the Chief of Police may now file an ex parte application with a court at any stage after the charges for offences for infringement of the draft Law have been filed, and the court may issue and order banning betting or the provision of betting services, or the possession or operation of limited benefit gaming machines or the provision of services to operate limited benefit machines or the possession or operation of machines which provide online casino services or the provision of such services, and/or an order suspending the operation of any premises or place associated with the offence being examined; this order may be designated as an order to be returned to the court, if the court is satisfied that:

1. the charges contain a reference to the offences referred to in the respective article of the Law, and
2. there is eyewitness testimony associating the specific person or premises with the offcence being examined.

A court that finds a person guilty of specific offences may, in addition to imposing the sentence, and after having taken into account the extent to which there is a reasonable risk of a new similar offence being committed in the future, order that person:

1. to terminate or suspend any activities or practices or services related to the offence for which he/she has been convicted; and/or
2. close  and keep closed any premises connected to the offence for which he/she has been convicted,

immediately or within a reasonable deadline and under conditions which the Court considers necessary or appropriate to set out in the order, for the purpose of ensuring more effective implementation of the provisions of the draft LAW and the applicable regulations issued by the Authority.
A person in respect of which an order under the provisions of the Law has been issued, who fails or neglects to comply with that order within the time period specified therein, irrespective of whether the Chief of Police commenced enforcement or enforced the order, shall be guilty of an offence and, if convicted shall be liable to imprisonment for a period not exceeding five years or a fine no exceeding 300.000 euro, or both.

The Authority is further afforded with a catch-all administrative jurisdictional provision in the draft Law to the effect that where the Authority finds that a person has performed an act, or has omitted to do so, either in breach of the Republic, or in breach of the guidelines issued by the Authority, the Authority may impose an administrative fine, the amount of which will depend the seriousness of the offence but which may not exceed 100.000 euro, on that person regardless of whether that person is criminally liable under the draft Law or under any other legislation.

In addition to the catch-all provision, the draft Law also incorporate specific rules laying out the exact procedure to be followed when an administrative case is being examined.     

1. Notification No.: 2017/273/CY (Cyprus)
2. Section 100 if the draft Law.
3. EU Pilot 6840/14/ENTR document.
4. Section 6(2) and (3) of the draft Law.
5. Section 10 of the draft Law.
6. Section 11 of the draft Law.
7. Section 75-77 of the draft Law.
8. Section 78 of the draft Law, provided however that no default interest shall be paid if the excess payment is due to an error on the part of the Class A and B licensed bookmaker; if the excess amount collected relates to betting tax, the Authority shall recover that amount from the Republic's Consolidated Fund and then refunding to the Class A and B licensed bookmaker.
9. Section 93 of the draft Law.
10. Section 94 of the draft Law.
11. Section 95 of the draft Law.

The Article can be found on the below website within the Online Gambling Lawyer, February 2018 edition.
 www.cecileparkmedia.com 

 
LLPO Law Firm is pleased to announce that Mr. Giannakis Lazarou, joined our firm as Head of Taxation and Public Law.
 
Mr. Giannakis Lazarou was born in Nicosia. He obtained a BA (Hons) Degree in Law from North East London University. He is a qualified lawyer and a member of the Cyprus Bar Association. He has been practicing law since 1983.
 
From 1983 to 2014 he served as Legal Assistant, Counsel of the Republic, Senior Counsel of the Republic and Attorney of the Republic, at the Law Office of the Republic.
 
In 2014 he was appointed Commissioner of the newly created Department of Taxation, which was formed by the unification of the Inland Revenue and VAT Departments. He held this position until his retirement in 2016. As Tax Commissioner he had, inter alia, the responsibility of overseeing the completion of the unification of the two Departments and the implementation of the commitments undertaken by the Government towards the Troika and OECD in relation to the Tax Department, as a consequence of the economic crisis.
 
During his long years of service at the Law Office of the Republic, he served as a Member of the Tax Reform Group which planned and prepared the existing Tax Legislation, as well as a Member of its European Union Division which was responsible for harmonizing the Cyprus legislation with the Acquis Communautaire.
 
He was in charge of the Tax and Public Finance Division of the Law Office of the Republic and Head of its Cultural Heritage Protection Unit, a position from which he was responsible, inter alia, for the handling of the law suits brought against Aydin Dikmen and Others in Germany by the Republic of Cyprus and the Greek Orthodox Church of Cyprus, for the recovery and return of a large number of antiquities stolen from the occupied part of Cyprus and discovered in Munich.
 
  He represented the Law Office of the Republic in the Governmental Committee of Experts of Unidroit responsible for the formation of the Unidroit Convention on Stolen or Illegally Exported Cultural Objects.
 
  Furthermore, he served as Head/Member of the Negotiating Group responsible for the negotiation and conclusion of Bilateral Agreements for the Avoidance of Double Taxation and for the Promotion and Protection of Investments. In this capacity he participated in the negotiations for the conclusion/revision of the Agreements for the Avoidance of Double Taxation and/or for the Protection of Investments between the Republic of Cyprus and Algeria, Armenia, Austria, Barbados, Belarus, Croatia, Czech Republic, Cuba, Denmark, Estonia, Ethiopia, Finland, France, Georgia, Germany, Greece, Guernsey, Iceland, India, Indonesia, Iran, Israel, Italy, Jersey, Kuwait, Latvia, Lebanon, Libya, Lithuania, Luxembourg, Mauritius, Moldovia, Monaco, Morocco, Norway, Poland, Portugal, Russia, Qatar, San Marino, Saudi Arabia, Seychelles, Singapore, Slovenia, South Africa, Spain, Sri Lanka, Switzerland, Thailand, The Kingdom of Bahrain, Tunisia, Ukraine and the United Arab Emirates.
 
  He also served as  Chairman of the Committee responsible for monitoring and controlling the assumption of employment in the private sector by former government officials and by certain former civil servants and employees of the wider public sector  (Law 114(I)/2007).
 
  He was a Member of the Committee which was established under the Law on the Incompatibility in Exercising the Duties of Certain Officials of the Republic and Specific Professional and Other Relevant Activities (Law 7(I)/2008), to monitor and investigate the actions and activities undertaken or performed by officials which are incompatible with their office.
 
  He was a Board Member of the Central Agency for the Equal Distribution of Burdens and the Chairman of the Ministry of Defence’s Advisory Committee on Recruitment Matters, as well as the Chairman of the Committee Examining Applications by Conscripts to be Recognised as Conscientious Objectors.He was also a Member of the Negotiating Team  responsible for negotiating the purchase of military weapons/equipment for the National Guard.
 
  He represented the Law Office of the Republic on the Council of Europe’s Committee of Experts on Legal Cooperation (European Committee on Legal Co-operation – Project Group on Administrative Law).
 
  He also served as a Member of the Negotiating Team appointed by the Council of Ministers to negotiate with Noble Energy International Ltd the supply of natural gas to Cyprus from Plot 12 and the construction of the Natural Gas Liquefaction Terminal(LNG), as well as a Member of the Management Committee of the Central Information Registry (CIR) of the Central Bank and a Member of the Joint Committee established under the provisions of Article 8, Part I of Annex F (Committee on Annex F) of the Treaty of Establishment of the Republic to  review/monitor the customs regulations in force between the Republic and the SBA.
 
  Additionally, he  worked for a period of 3 months in the Tax Division of the European Commission’s Legal Service  in Brussels and has participated in numerous Conferences and Seminars, both in Cyprus and abroad.
 
  During his long service at the Law Office of the Republic, he has dealt, inter alia, with the drafting of legal documents, statutes, contracts,legal opinions on a large number of legal issues, such as,inter alia, taxation  and customs, issues relating to public tenders, antiquities, the Troika Memorandum,International Conventions, the Central Bank, the National Guard, the Public Service, Public Finances, Shipping, Immovable Property, Company Law, as well as with  a great number of litigation cases.
 
He is a member of the Cyprus Bar Association’s Committees on Shipping and on Tax Planning.
 
Welcome to our team Mr. Lazarou!

We are pleased to announce to our clients that on 12/3/2018 we processed and filed with the General Court of the European Union the application for damages in relation to the haircut of deposits. The applicants will be notified of any further procedure or steps, through the Association of Depositors (SYKALA).

#funds #alternativefunds #aif #moi

A new type of a registered alternative investment fund will be introduced by CySeC in Cyprus. This new category of "registered" funds will be available for funds marketed to professional or well informed investors.

The main characteristic of registered alternative investment funds is that they will not be directly authorized or directly supervised by CySeC but only registered in a central registry. Instead, registered funds will be operated by their investment manager and the investment manager authorized by CySeC will be directly responsible for their operation.

Such registered funds are customarily used for a fast route establishment, minimum thresholds of supervision and sometimes the assumption of riskier investment positions. The structure is expected to be used extensively by hedge funds or other alternative structures.

For more information check Alternative Funds (AIF) or contact Michael O. Ioannides.

#cypruspassports #cypruscitizenship #moi #map

On the 13th of September 2016 the Cyprus Government approved the new regime for granting Cypriot - European citizenship for foreign investors.

The new regime is the more competitive Citizenship programme in Europe and it is expected to attract an increase of citizenship applications. The regime provides for the reduction of the required investment to €2.000.000, includes participation in Alternative Investment Funds as a class of approved investments and shortens the time for approval to 3 months.

Investment Requirement and Approved Classes for Investment
The main requirement for acquiring European - Cypriot Citizenship is the investment of €2.000.000 in any of the following classes of investments in Cyprus:

1. Purchasing of Real Estate;
2. Construction;
3. Residential, Commercial or Tourism Development;
4. Infrastructure Development;
5. Acquire, Incorporation or Participation in a Cyprus company with a business plan for investment in Cyprus;
6. Participation in Alternative Investment Funds licensed and regulated in Cyprus;
7. Purchasing of regulated Financial Instruments (i.e. securities or bonds) of Cyprus companies with substantial economic activity;
8. Any combination of the class of investments including a maximum of €500.000 in Cyprus Government Bonds.

Permanent Privately-owned residence in Cyprus
The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500,000 at current prices (plus VAT).

Clean Criminal Record
The applicant must have a clean criminal record from the country of origin and the country of residence (if different). Furthermore, his/her name must not be included on the list of persons whose assets are frozen within the boundaries of the European Union.

Time
It is estimated that a period of 3 months is needed for the approval of the application and the issuance of Cypriot - European Passport.

LLPO Law Firm provides a turnkey solution to its clients to acquire Cypriot - European Citizenship by Investment. For further information please check EU Investor Passports or contact Michael O. Ioannides or Maria Panayiotou

#cypruslottery #gaming #coi #aleo

​Vlaemminck & Partners BV BVBA operating under the brand name of PharumLegal and Angelides, Ioannides Leonidou LLC - LLPO Law Firm, (acting as the legal experts of the KPMG Ltd led advisory team, also including, QLot Consulting AB and J&E Davy Holdings Limited) have been selected by the Ministry of Finance of Cyprus and the Republic’s Privatization Unit as the retained consultants of the Cyprus Government for the provision of professional services regarding the private sector participation in the National Lottery.

Pharumlegal and LLPO Law Firm will offer their legal services to:
(a) provide a legal analysis of the lottery market in Cyprus and the relevant trends in the global gaming market,

(b) identify, analyse and present the private sector participation options and respective legal structures regarding the National Lottery,

(c) assess and adequately develop Cyprus’ existing legislative and regulatory framework pertaining to the lottery activities and any relevant impending legislation and draft/ prepare/ amend all necessary underlying laws and regulations and secure their enactment,

(d) manage all legal aspects of the Project from design, initiation, preparation, execution and management up to the financial close of the Transaction

About PharumLegal - Vlaemminck & Partners BV BVBA (www.pharumlegal.eu)
Pharumlegal, is a leading law firm, with its headquarters located in Brussels, Belgium, specialising in the lottery industry and a key contributor to the relevant EU and national gaming legislations. The lawyers of the firm have been advising governments, regulators and operators all over Europe for the past 30 years, and have been involved in every gambling case at the Court of Justice of the EU since 1994.
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About LLPO Law Firm - Angelides, Ioannides, Leonidou LLC (www.llpolawfirm.com)
LLPO Law Firm is a leading law firm, with its headquarters located in Nicosia, Cyprus, practicing in all major areas of commercial and financial services law, providing amongst other services legislative and regulatory compliance services and advice on commercial law, lotteries, gambling and gaming, intellectual property, corporate and company law.

For more information contact Christos O. Ioannides or Andreas N. Leonidou.