Financial Services

The financial services industry is a sophisticated, highly regulated and evolving industry. Businesses in this industry need to constantly review and revise their operations and practices to meet the challenges of the fast-changing landscape and regulatory regimes. We consider that it is our business to be at the forefront of anticipating and understanding these developments so we can guide, assist and support our clients through changes and to provide them with up-to-date advice. Our lawyers constantly monitor industry developments and ongoing regulatory reforms in Cyprus and the EU and aim to advise clients taking into consideration potential changes and opportunities.

Our team has built broad, deep and practical knowledge of the financial sector. Members of our practice have been engaged in the financial services sector business a long time, following the regulatory regimes are they have evolved. Through past engagements we have developed institutional relations and we have acquired insights of the priorities of regulators as well as a good understanding of how they think and act.

In the past Georghios Colocassides advised the Cyprus Securities and Exchange Commission (CySec) and served on an advisory committee of professionals to the president of CySec at the early stages of its establishment consulting in particular on policy making and regulatory issues. Also he was the Cypriot member of the Legal Certainty Group, a group composed of legal experts from the European Union member states, to advise the European Commission on the integration of EU securities clearing and settlement systems.

We were mandated to draft the domestic legislation transposing Directive 2004/39/EC on Markets in Financial Instruments (MIFiD) and related implementing directives into Cyprus law. Our firm was commissioned by the Association of Licensed Investment firms for the preparation of documentation and model contracts required by investment firms under the relevant legislation.

Having held positions in licensed investment firms, members of our firm acquired technical in-depth knowledge of the operational aspects of the business and are in a position to bring greater insights to the project at hand and to provide practical and often innovative solutions.

Our clients come from the range of the financial services industry: international financial institutions, investment firms licensed in Cyprus, credit institutions and insurance companies, asset managers, investment funds, financial advisors and executives including investment firms. Serving this variety of clients has broadened our know-how and abilities in this practice area.

Our experience and industry knowledge combined with the diverse skills of our team members allow us to understand our clients’ needs and provide high quality services. We assist our clients with day-to-day regulatory compliance matters and legal issues relevant to their activities and products and where instructed we may take an active role in the management of dealings with the regulators. We also consult with regard to structuring and establishment of investment firms in Cyprus, on questions relevant to the corporate governance and other matters that may arise in the early stages of operations. Our team offers capabilities for transactional work that might be relevant to such clients including preparation and negotiation of documentation and advice on legal aspects of products, investments and transactions that they or their clients might enter into. On the contentious front we act for our clients in disputes relating to financial services and we advise and defend clients who are subject to investigations by regulators or in other claims.