compliance

Our View: Political will to protect environment is nonexistant

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Our View: Political will to protect environment is nonexistant

Cyprus governments have historically not prioritized environmental protection, often disregarding their own regulations and laws to favor local communities, developers, and interest groups, despite pressure from the European Union. This has led to Cyprus being referred to the European Court for not adequately protecting Natura 2000 sites. All governments have failed to protect the environment, with a notable example being unauthorized road works in the Akamas area. Despite two investigations into these road works, the reasons behind the deviation from agreed specifications remain undisclosed, prompting a third investigation. The European Commission has criticized Cyprus for approving projects that could harm Natura 2000 areas without proper impact studies, despite a warning letter sent in 2019. Cyprus has designated 37 sites as Special Areas of Conservation, yet no conservation measures have been established for 28 of these. In response to the Commission’s report, the agriculture ministry claimed to have initiated inter-departmental working groups to complete the legal framework for managing Natura 2000 areas, aiming for full compliance with EU directives. However, the lack of political will is seen as a significant barrier to genuine environmental protection.

Cyprus government takes aim at influencer marketing

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Cyprus government takes aim at influencer marketing

The Consumer Protection Service (CPS) and the Advertising Control Agency (ACA) signed a 5-year memorandum of understanding to inform consumers about the commercial intent of influencers’ posts on social media. They aim to educate businesses, consumers, and influencers on the necessity of clear promotional disclosures in posts, establishing rules for these disclosures to be easily understandable across various content forms on platforms like Instagram, YouTube, Facebook, and TikTok. The ACA has also created a Guide for Influencer Marketing, recognized by the Ministry of Health as a best practice. This initiative responds to the significant growth of influencer marketing and its impact on the digital economy, highlighted by the European Commission’s 2023 Sweep survey on influencers, which indicated the need for further actions in this domain.

Cyprus Shipping Chamber delves into emissions trading system

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Cyprus Shipping Chamber delves into emissions trading system

The Cyprus Shipping Chamber held a meeting to discuss the EU Emissions Trading System (EU ETS) that became effective on January 1, 2024. The meeting aimed at informing member companies about their obligations under this new system. The Ministry of Agriculture, Rural Development and Environment, which is the Managing Authority of the EU ETS in Cyprus, provided a presentation on compliance with Community Regulations. The event also included strategic group meetings between participants and service providers to discuss solutions to challenges posed by the EU ETS. The meeting saw participation from representatives of seven service providers and over a hundred executives from member companies.

KPMG Academy: Specialised services through academic expertise

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KPMG Academy: Specialised services through academic expertise

The Academy, associated with KPMG in Cyprus, provides specialized services, solutions, and insights across various industries by combining professional and academic expertise. It has adapted successfully to market changes, regulations, and technological advancements over the years. The Academy offers a range of training services including open seminars/webinars, tailored trainings, learning advisory, and digital learning in areas such as Organisational Strategy and Operations, HR Advisory, Restructuring, IFRS and Accounting, Taxation, Corporate Finance, Financial Risk Management/consulting, IT Advisory, and Soft Skills. Its trainers, certified by the HRDA as Vocational Trainers, come from KPMG in Cyprus, the broader KPMG network, prestigious universities, and successful companies. The training programs are suitable for professionals from various industries and may fulfill Continuing Professional Development requirements, with many approved by the Human Resource Development Authority (HRDA) for subsidies. Upcoming trainings from March to June 2024 cover topics like VAT legislation in Cyprus, AML regulations, Blockchain and the Metaverse, corporate tax principles, tax updates, cybersecurity basics, data intelligence and AI, ESG assurance, real estate transactions, and the CRR III framework for banks.

CySEC oversight on 50 companies , ‘unacceptable’

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CySEC oversight on 50 companies , ‘unacceptable’

Bar Association chairman Michalis Vorkas criticized the plan to only oversee 50 of the biggest service-industry firms for compliance, arguing that company size should not be the sole criterion for scrutiny. This discussion took place at the House legal committee, following the announcement of a new oversight authority by Finance Minister Makis Keravnos. The Cyprus Securities and Exchange Commission is being considered to oversee these 50 companies. Vorkas also mentioned that the government had not invited relevant parties for dialogue, although a presentation is scheduled for March 22. Concerns were raised about the potential for this oversight to violate lawyer-client confidentiality, with Vorkas emphasizing the importance of privacy and established legal principles. The committee plans to invite representatives from various associations and finance ministry officials for further discussions.