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29 September 2014

The relevant bill was passed by 47 votes following days of a well heated debate. Seven deputies voted against and one abstained. Approval of this bill removed any concerns of the external creditors who threatened to refuse the payment of the next tranche of the international financial aid to the island, should the parliament have the regulation cast off.

29 August 2014

Companies registered in «aggressor-states», and their subsidiaries, will not be allowed to operate in Russia. State Duma deputies intend to introduce a new concept in the Russian legislation: «aggressor state». According to some deputies, the law will stipulate that an «aggressor state is the one imposing sanctions against the Russian Federation, Russian citizens and Russian legal entities».

31 July 2014

BRICS countries intend to create an alternative to the existing global financial institutions controlled by the European Union and the United States. The creation of a New Development Bank (NDB) and a Reserve Fund was announced at the summit of this group of major developing economies (held in Fortaleza, Brazil on 14-16 July).

30 June 2014

Second Annual Conference of the Cyprus Fiduciary Association (CFA, Cyprus Fiduciary Association) was held on June 11 in Limassol. The representatives of companies involved in this business field were welcomed by the Minister of Finance of Cyprus, Haris Georgiadis, and the Head of the Cyprus Securities and Exchange Commission, Demetra Kalogerou.

31 May 2014

Midland Consult (Cyprus) received a new operating licence from the Cypriot authorities in May 2014, allowing the company to provide fiduciary services. Consistent with the highest EU standards, Midland Consult now has the right to provide a wide range of consulting services.

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