compliance

CySEC slaps two entities with fines totalling , €76,500

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CySEC slaps two entities with fines totalling , €76,500

– The Cyprus Securities and Exchange Commission (CySEC) imposed fines totaling €76,500 on two entities for various violations in March.
– Treefund AIFLNP V.C.I.C. Ltd was fined €25,000 for violations related to investor protection, disclosure of changes, net asset value calculations, share acquisitions, and failure to submit reports.
– CySEC considered factors such as seriousness of violations and investor protection in determining the fine amount.
– Treefund AIFLNP V.C.I.C. Ltd had not committed similar violations before.
– AIFM Fiduserve Asset Management Ltd was fined €50,000 for violations of the Investment Services and Activities and Regulated Markets Law of 2017.
– Fines were imposed on AIFM Fiduserve Asset Management Ltd for failing to collect necessary investor information, provide required content in periodic statements, notify investors of portfolio value decreases, and disseminate fair and clear information to investors.

Once burnt, investors curb enthusiasm for India, ’s startups

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Once burnt, investors curb enthusiasm for India, ’s startups

Fact: India’s startups raised about 0 million in January and February, signaling a slow year after a six-year low of just billion in 2023.

Editorial. Interesting shift in tax contribution

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Editorial. Interesting shift in tax contribution

Direct tax revenue is growing at a healthy rate, with net direct tax collection at ₹18.9-lakh crore, a 20% increase compared to the previous year. Personal income tax is driving this growth, with a 23% increase, while corporate tax collections have only grown by 12%. The tax base is not increasing at the same rate as tax collections, with the number of individuals filing tax returns growing at a slower pace. Since FY21, revenue from personal income tax has been higher than that from corporate tax.

The fifth freedom: Corporate mobility within the EU

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The fifth freedom: Corporate mobility within the EU

The text discusses the impact of Directive (EU) 2019/2121, which amends Directive (EU) 2017/1132, on the legal and business environment in Cyprus. This Directive enhances the mobility of companies within the EU internal market by facilitating cross-border conversions, mergers, and divisions, thus acting as an extension of the freedom of establishment. It aims to promote economic growth, competitiveness, and stability within the European single market by harmonizing rules and procedures across member states. The Directive includes provisions to protect the interests of shareholders, employees, and creditors during cross-border operations. Its implementation in Cyprus is expected to increase cross-border business activity, enhance competitiveness, improve legal certainty, and ensure stakeholder protections, but it may also present challenges in terms of compliance and adaptation for Cypriot companies. The text also notes that the existing Companies Law in Cyprus, CAP 113, already regulates cross-border mergers and the transfer of company seats in line with the Directive, but the new provisions on cross-border divisions represent a significant development for the Cyprus legal corporate system.

Tax department to look into scandal hit monastery

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Tax department to look into scandal hit monastery

The tax department in Cyprus is examining the books at Osiou Avakoum monastery to determine if it has met all taxation requirements. This action is part of an audit to assess compliance with tax obligations by the monastery and individuals involved. The investigation follows the suspension of five monks by the Holy Synod amid scandals involving suspect economic activities, financial crimes, sexual harassment, and abuse allegations. The monastery had previously applied for a €3 million fundraiser in 2020 without submitting necessary financial statements. A safe box containing €800,000 was found at the monastery, which was transferred to the Tamassos Bishopric under police supervision.

Western banks warn of risks in EU plan to grab Russian assets, sources say

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Western banks warn of risks in EU plan to grab Russian assets, sources say

Western banks are lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets due to fears of costly litigation. EU leaders have agreed to work on a plan to use up to 3 billion euros a year to supply arms to Ukraine, funded by the interest from these assets. Banks are concerned about potential liability from Russia, the erosion of trust in the western banking system, and the legal implications of transferring money to Ukraine. Euroclear holds 190 billion euros of Russian central bank securities and cash, and more than 3.5 million Russians have frozen assets abroad worth around 1.5 trillion roubles. The EU plan includes paying a fee to Euroclear and allowing it to retain 10% of the profits as a safeguard against litigation. Ninety percent of the seized cash would be used to buy arms for Ukraine, with the rest for recovery and reconstruction. The proposal has raised concerns about the legal risks for banks and the potential for prolonged international legal disputes.

‘Wild West’ of neuroscience drives new laws on brain privacy

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‘Wild West’ of neuroscience drives new laws on brain privacy

U.S. neurologist Sean Pauzauskie has started using consumer headbands, designed to monitor sleep patterns or boost brain function, for capturing the brain activity of patients suffering from seizures. These headbands are cheaper and easier to use compared to traditional hospital equipment, and they capture similar electronic data. Advances in brain science have facilitated the capture and interpretation of detailed brain data flows, with some experiments showing the possibility of manipulating thoughts through neurological intervention. Researchers at the University of Texas have used AI to predict words running through a participant’s head based on electronic brain images. This technology has helped paralyzed patients communicate via brainwaves and assisted in rewiring dormant neural pathways after spinal injuries. Pauzauskie expressed both excitement for the insights this technology can provide and concern over the potential for abuse of brain data. Consequently, he joined a coalition advocating for privacy guarantees for brain data in Colorado, leading to legislation that passed the Colorado assembly and is now before the state senate. Similar bills are under consideration in Minnesota and California. The Colorado law would categorize neural data as “sensitive data,” requiring companies to obtain consent before collection and to allow customers to limit data use and request deletion. The United States lacks federal privacy laws specifically addressing neural data, and the Neurorights Foundation is working to enshrine rights for the brain globally.

‘, A very big and increasing presence of Israeli businesses in Cyprus’

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‘, A very big and increasing presence of Israeli businesses in Cyprus’

The Israel Tax Authority (ITA) is investigating Israeli assets in Cyprus due to the increasing presence of Israeli businesses on the island. Cyprus’ finance ministry and accounting associations acknowledge this growth. Finance ministry spokesperson Michalis Papadopoulos stated that the ITA’s operation is a result of the increased presence of Israeli nationals in Cyprus but clarified that Cyprus is not directly involved in the operation. The head of the accountants’ association, Nikos Chimarides, mentioned the significant presence of Israeli businesses in sectors like fintech, investment, real estate, and foreign exchange trading in Cyprus and noted that these businesses do pay their taxes in Cyprus. However, he also highlighted the absence of a double tax treaty between Cyprus and Israel, which has been a longstanding issue. The ITA’s operation is part of a wider campaign against tax evasion and the black economy in Israel. The investigation involves analyzing travel patterns of businesspeople between Cyprus and Italy, examining offshore companies linked to Israelis, and leveraging information sharing agreements with several countries. It is estimated that between 10,000 to 20,000 Israelis reside in Cyprus.

India ‘screwed up’: How the U.S. lobbied New Delhi to reverse laptop rules

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India ‘screwed up’: How the U.S. lobbied New Delhi to reverse laptop rules

India reversed a laptop licensing policy after U.S. officials lobbied behind the scenes. The policy initially required companies like Apple, Dell, and HP to obtain licenses for all imported laptops, tablets, PCs, and servers, which raised concerns about potential sales slowdowns. However, India decided to only monitor imports and reassess the policy a year later. U.S. trade officials and government emails revealed concerns about India’s compliance with WTO obligations and the impact of sudden policy changes on the business climate. The U.S. Trade Representative Katherine Tai met with Indian Commerce Minister Piyush Goyal to discuss the policy, and India later admitted the policy’s sudden rollout was a mistake. The USTR is tracking India’s scrutiny of imported devices to ensure compliance with WTO obligations. India stated the policy reversal was not due to U.S. pressure but a realization that local manufacturing of laptops and tablets was not significant at this stage.

Cyprus-based Infocredit announces rebranding, new site

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Cyprus-based Infocredit announces rebranding, new site

Cyprus-based Infocredit Group, specializing in business intelligence and regulatory technology (RegTech) solutions, announced a comprehensive rebranding and website redesign focused on improving customer experience. The rebranding includes a new logo and brand identity, reflecting the company’s commitment to innovation, excellence, and customer focus. The redesigned website aims to offer an enhanced user experience with intuitive navigation and a modern design, aligning with the company’s motto “Securing Ease of Mind”. The initiatives are part of Infocredit Group’s digital transformation strategy, aiming to position the company as a leader in the credit and compliance risk solutions industry.