1st ENGLISH- CYPRIOT LAW DAY

English Cyprus Law Day _pic2

CHRISTODOULOS G. VASSILIADES & Co LLC has attended the 1st English – Cypriot Law day conference which took place on Friday 3rd June in Nicosia. This was the first event co-organised by the two Bar Associations with main emphasis at the strengthening and promoting on the longstanding relations between them.

The attendees had the opportunity to listen to interesting speeches and participate in round table discussions covering a variety of topics, all being on the everyday agenda of legal professionals.

The Brussels Regulation recast (REGULATION (EU) No 1215/2012 of the European Parliament and of the Council) and the key improvements made to Brussels Regulation (COUNCIL REGULATION (EC) No 44/2001) were presented during the first session. Among others, the prevention of the so called “Torpedo actions” was highlighted, as Article 31.2 of the recast gives priority to the court selected by the parties to an agreement, even in case proceedings that have already been brought before another court, ensuring the effectiveness of jurisdiction clauses.

Additionally, the new “compliance era” was examined under the prism of the 4th Anti Money Laundering Directive (DIRECTIVE (EU) 2015/849 of the European Parliament and of the Council) and the current requirements of the regulating authorities in the UK and Cyprus, hence highlighting the necessity for keeping updated client records. Issues such as the obligation to report suspicious activity, legal privilege, new systems of sharing information and the balance between human rights and prevention of criminal activities, were raised, as part of the round table discussions.

The next session dealt with the developments in urgent interim relief. Relevant case law was presented in detail, beginning with the Chabra case (TSB Private Bank International v Chabra [1992] 1 WLR 231) where it was established that Courts have jurisdiction to grant freezing orders against not only parties to a cause of action but also third parties. Recent cases were also presented, in which both Cypriot and English Courts addressed the matter under different perspectives (eg Seamark Consultancy Services Ltd και Άλλοι ν. Joseph P Lasala και Άλλων, (2007) 1 Α.Α.Δ. 162, Helington Commodities Ltd και Άλλοι , (2009) 1 Α.Α.Δ. 926, Αποστόλου Μάριος και άλλη ν. Ροδούλας Ιωάννου και άλλου (2012) 1 Α.Α.Δ. 604, EAGLE PROPERTIES (NO 14) LIMITED ν. KM LOTURE AGRO HOLDING LIMITED κ.α., Αρ. Αίτησης: 2418/13, PJSC Vseukrainskyi Aktsionernyi Bank v Maksimov & Ors [2013] EWHC).

In closing, the developments on the registration and enforcement of judgments in the UK and Cyprus as well as various UK and EU issues in a Cypriot context were discussed, on which the attendees had a chance to raise questions and express their views.

Initiatives like this event undeniably bring closer the members of the Cypriot and English Bar Associations, strengthening the ties between them along with building a better legal network. The attendees have witnessed fruitful discussions and insightful remarks. Hopefully this conference is the first of many to follow.

For the event’s presentations, please see : Presentation for English-Cypriot Law Day 2016