The EU Prospectus Regulation in full force as from 21 July 2019
On the 21st of July 2019, the European Regulation 2017/1129 (the “EU Prospectus Regulation”) which lays down the requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on the regulated market within a Member State, came into full applicability. It should be reminded that the applicability of the EU Prospectus Regulation was gradual with some of its provisions being applicable since 2017 and 2018 respectively.
In view of the above, the Cyprus Securities and Exchange Commission has announced that the repeal of the Prospectus Law, N.114(I)/2005, is expected within the year. New legislation will be adopted for the matters that need to be addressed at national level.
It should be noted that Article 4(3)(e) of the Prospectus Law,N.114(I)/2005 on the exercised discretion of the Republic of Cyprus to exempt offers of securities to the public from the obligation to publish a prospectus provided that the total consideration of each such offer in the European Union is less than €5.000.000 calculated over a period of 12 months shall remain in force until the adoption of the new national legislation.
Partner – Financial Services
Associate Lawyer – Financial Services
We are a Law Firm with offices in Cyprus and Malta and a representative office in Shanghai China comprising of more than 80 lawyers, accountants and other professionals who advise, international and local clients.
The Firm has been offering legal and consulting services since 1983 evolving from a traditional law firm to an innovative cutting-edge multidisciplinary law firm combining exceptional expertise in law, tax, vat and accounting.
From its establishment the Firm’s focus has been heavily business oriented and always abreast with the latest global developments and innovations. Drawing from our pool of experienced professionals we provide our clients’ businesses full legal and accounting support on an everyday basis as well as customized solutions in today’s global financial and legal challenges.
We consider ourselves as ‘traditional pioneers’ and our motto is to foresee and anticipate any issues that may potentially impact our clients’ business and to offer effective advice and solutions proactively.
Lawyers’ Limited Company
12 Egypt Street, 1097, Nicosia
P.O. Box 22303, 1520 Nicosia, Cyprus
Tel: + 357 22 55 88 88 – Fax: + 357 22 66 25 00
Civil Partnership, Law Firm
Kinanis Fiduciaries Limited
Suite 20, The Penthouse, 4th Floor, Ewropa Business Centre,
Dun Karm Street, Birkirkara, BKR 9034, Malta
Tel: + 356 27 54 00 24, Fax: + 356 27 54 00 25
Kinanis (China) Limited
China Representative Office
Unit 661, 6/F CIROS PLAZA,
388 Nanjing West Road, Huangpu District,
Shanghai City, 200003, China
Tel: + 86 18 410 072 690
is the service mark through which Kinanis LLC of Cyprus, Kinanis Fiduciaries Limited of Malta, Kinanis, Civil Partnership, of Malta, Kinanis (China) Limited of Cyprus and their affiliated companies are conducting their business each of which is a separate legal entity.
Disclaimer: This publication has been prepared as a general guide and for information purposes only. It is not a substitution for professional advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.
refers to the service mark through which Kinanis LLC of Cyprus, Kinanis Fiduciaries Limited of Malta and their affiliated
companies are conducting business, each of which is a separate legal entity.