BANKING AND FINANCIAL SERVICES

 

 

Banking

 

 

We act as counsel to a number of local and international banking institutions, having a day to day contact with their management and dealing with many aspects of banking law. We act as counsel to financial institutions in their capacity as arrangers and managers of bond issues by Cypriot banks. We have also given opinions to banking institutions regarding their obligations as those have developed following Basle II.

 

The development of new and sophisticated anti-money laundering legislation has also increased the demands for due diligence in assessing potential clients for the banks we work with.

 

Financial Services

 

Our financial services department offers advice on the formation of Cyprus Investments Firms (CIFs) and on their subsequent operation.

 

The department is also involved in drafting and/or adapting the contracts of the CIF’s to comply with the Cyprus Securities and Exchange Commission Standards and Code of conduct. The unique positioning of this department as service provider to many CIFs from the beginning of the promulgation of the CIF law, and the fact that it includes a lawyer specifically trained in Financial Services in the United States, makes it a leader in the field.

 

We think that, with the implementation of CIF law and all other comparative advantages Cyprus has to offer (for e.g. on to taxation), the Financial Services Sector will expand greatly in the future to make Cyprus a leading international financial services centre.

 

CORPORATE

 

The firm has a sizable corporate department tracking its origins from the firm’s beginnings. It offers a team of specialist lawyers who deal with complex corporate matters involving some of the biggest public companies on the island as well as offering advice to many multinationals operating from or through Cyprus. The number of lawyers and paralegals involved gives the group a wealth of experience, disproportionately large to the small size of Cyprus and allows the firm to give complex advice within very tight deadlines. The corporate Department is structured in four main groups.

 

Company Formation and Administration

 

The firm has been a pioneer in the development of Cyprus as an international financial centre. It now possess an efficient system of forming and efficiently managing, as a fiduciary agent, a large number of international business companies in Cyprus (formerly known as offshore Companies). Our dedicated team is ready to address all the demands of a person wishing to acquire any such company and to provide clients with fiduciary services. The department has also expanded to provide for formation of companies in other jurisdictions, such as the Marshall Islands. The group maintains a Russian speaking specialist team, which is dedicated in assisting clients from Russian and C.I.S. countries to meet their needs in Cyprus.

 

Corporate Finance

 

Our very experienced lawyers are ready to help clients in structuring their financial affairs. We have been, throughout the years, involved in a multitude of transactions involving various types of collateral, including equities, bonds and asset based securities. We also advice on loan restructuring.

 

Mergers and Acquisitions / Reorganisations

 

The changes in the tax law have made if more likely that companies should want to consolidate their positions and corporate structure. We have responded to this need by creating solutions that lead to expeditious and smooth approval of reorganisation plans by the Courts.

 

Competition Law

 

Our expert team in Competition Law, both domestic and European, is ready to assist the M&A team in making all the necessary notifications to the Competition Authority as well as defend claims against companies for anti competitive behaviour. We have been involved in a large number of high profile case before the Competition Committee in recent years.

 

Real Estate and Immigration

 

Our Real Estate and Immigration team works in conjunction with the other groups of our Company / Commercial Section.

 

Specifically, Real Estate lawyers advise in drafting of sale contracts and multi party agreements regarding major property developments such as golf courses, shopping malls e.t.c. The department also caters to property law needs relating to staff of the firm’s client’s, such as sale or lease contracts.

 

Our immigration department handles all immigration issues arising out of the client’s requirement to relocate its staff to Cyprus and endeavours to acquire all the relevant licenses for the latter.

 

Intellectual property - the protection of intellectual property is an increasingly important part of business life. Chrysses Demetriades & Co has specialist intellectual propery lawyers who can advise on the protection of copyrights, designs, inventions, trade marks, know how and other propietary information and products. They can also deal with drafting and negotiation of agreements for the sale, acquisition and licensing of intellectual property rights and know-how, computer contracts, Internet subscription agreements and website development agreements.

 

Construction - the department is experienced in handling all stages of a project, from the drafting and negotiation of the building contract and consultant's appointments through to the resolution of disputes, where necessary.

 

Agency, distributorship, franchise, marketing and trading agreements are some of the other types of commercial agreements on which the department regularly advises.