SOTERIS PITTAS & CO LLC is a boutique law firm, in size only, focusing on the areas of law related to business activity and dedicated to providing its clients with outstanding, highly personalized, legal representation. Profile

Our lawyers are specialized in dispute resolution of complicate and multi-jurisdictional commercial and corporate disputes and they have been involved in all major litigation disputes raised before Cypriot Courts. Practices

CYPRUS PRIVATISATION OF THE CSE

 

The Cyprus Privatisation Unit has announced a tender for the appointment of a reputable independent advisor to prepare a strategic plan for the privatisation of the Cyprus Stock Exchange (CSE) by the end of March 2018.

 

According to the tender, the advisor should have “extensive expertise to prepare a strategic plan for the Cyprus Stock Exchange, identify and recommend the optimal private sector participation option and, on the basis of the relevant decisions of the Inter-ministerial Committee for Privatisations and/or the Council of Ministers, provide all transaction and other relevant services for the selection of the most suitable Strategic Partner/ Investor."

The indicative timetable for completion of the transaction is by the end of the first quarter of 2018. The terms of reference include the maximisation of the CSE value at a time when the Cyprus stock market lacks liquidity.

In the first phase, the contractor should prepare and present before the Privatisation Unit a strategic plan.

The plan should include “based on analysis, the optimal strategy and way forward for the CSE and the identification and presentation of feasible private sector participation options and respective privatisation structures, together with an evaluation of these options and a recommendation on the preferred/most advantageous one for the Republic.”

In this context, it is provided analysis of the stock exchange industry, providing an analysis of the global and regional stock exchanges industry including trends and key developments with clear emphasis on countries/ markets/ trends that are relevant to Cyprus and the strategic plan for the CSE as well as benchmarking the CSE with other comparable stock exchanges.

The advisor should meet with CSE stakeholders and discuss any suggestions presented for the formulation of the Strategic Plan, identifying and suggesting corrective or mitigating actions for any financial, legal, technical and commercial or industry issues, reviewing and developing, if considered necessary, the current corporate governance structure of CSE, performing investor soundings, identifying the potential investor landscape and submitting an analysis of the profile/ key characteristics of such investors.

Also the investor should assess Cyprus’ existing legal and regulatory framework pertaining to the CSE as regards any changes that may be required because of the approved privatisation option to be implemented.

The consultant will be asked to recommend the private sector participation option and structure which is considered to be the preferred or most advantageous for the Government. It should also demonstrate for each option its advantages and disadvantages, benchmarking it in relation to the Government objectives and assessing its impact on the implementation of the strategic plan, the Cyprus economy, the CSE future and its valuation and the overall proceeds for the Government.

 

In the second phase, after the required approvals from the inter-ministerial committee and the Cabinet, the process enters the transaction stage, which includes the provision of services in relation to possible rules changes and managing legal issues related to staff.

 The Contract will remain in force for an additional period of six months following the signing and closing of an agreement with a strategic partner/ investor, during which the Contractor will provide any ad hoc support and analyses that may arise in order to assist the Government in their communication strategy with the stakeholders of the Cyprus Stock Exchange as well as with the general public.

 

Source: CNA

 

PUBLICATIONS

  • 24 Jan 2017

    Cyprus – Commercial Law - Promissory Notes

  • 16 Jan 2017

    Cyprus: Issuance of electronic disclosure by the Cypriot Courts

  • 27 Dec 2016

    Cyprus: Guidance on the impact of no signature on binding written agreements

  • 7 Dec 2016

    Cyprus: The new EU Electronic Signature Regulation 910/2014/EU

  • 1 Dec 2016

    CYPRUS: THE DUTY OF DISCLOSURE AT AN EX PARTE HEARING EXTENDS ALSO TO WITHOUT PREJUDICE CORRESPONDENCE

  • 21 Nov 2016

    CYPRUS: THE DUTY TO DISCLOSE AT EX PARTE HEARINGS EXTENDS ALSO TO RELEVANT LAW AND APPLICABLE LEGAL PRINCIPLES

  • 3 Nov 2016

    Convention between the Republic of Cyprus and Latvia

  • 26 Oct 2016

    Cyprus: Recognition and enforcement of judgments under the EU Regulation 1215/2012

  • 19 Oct 2016

    Cyprus: Worldwide freezing orders

  • 14 Oct 2016

    Cyprus: European Court of Justice importance in ruling on the Cyprus haircut case

  • 12 Oct 2016

    Cyprus: Changes to the Civil Procedure Rules by the Supreme Court of Cyprus

  • 28 Sep 2016

    Cyprus: Implementation of the EU Regulation No. 655/2014

  • 14 Sep 2016

    CYPRUS: ARBITRATION – ANTI-SUIT INJUNCTION ISSUED BY ARBITRATORS

  • 29 Aug 2016

    Cyprus:Announcement by the Department of Registrar of Companies and Official Receiver in relation to the Annual Company Fee

  • 28 Jul 2016

    Cyprus: Clarification on Cross border Insolvency which may be applied by the Cypriot Courts

  • 4 Jul 2016

    Convention for the Avoidance of Double Taxation and the prevention of fiscal evasion with respect on taxes on income between the Republic of Cyprus an...

  • 29 Jun 2016

    CYPRUS: The Grand Chamber of the European Court of Justice to decide on the haircut of Cyprus

  • 14 Jun 2016

    Enforcement of Judgments under the New Recast Regulation 1215/2012 and the issuance of protective measures

  • 7 Jun 2016

    CIRCULAR OF THE UNIT FOR COMBATING MONEY LAUNDERING - “PANAMA PAPERS”

  • 14 Apr 2016

    CYPRUS: JURISDICTION OF CYPRUS COURTS TO RECOGNISE AND ENFORCE FOREIGN JUDGMENTS AND FOREIGN ARBITRAL AWARDS IN CYPRUS

  • 7 Apr 2016

    AGREEMENT BETWEEN THE REPUBLIC OF CYPRUS AND THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

  • 31 Mar 2016

    CYPRUS : English Court Guidance on Anti- suit Injunctions

  • 24 Mar 2016

    Cyprus: Implementation of the Common Reporting Standard by the Republic of Cyprus

  • 17 Mar 2016

    CYPRUS: English Court guidance on the wording of a Freezing Order

  • 9 Mar 2016

    CYPRUS : English Court Guidance on the liability of an agent – towards his principal for benefits and assets acquired during agency

  • 2 Mar 2016

    CYPRUS: LEGAL PROFESSIONAL PRIVILEGE

  • 22 Feb 2016

    Cyprus: The strict approach of the provisions laid under the New York Convention on the enforcement of foreign arbitral awards

  • 18 Feb 2016

    CYPRUS: LAW APPLICABLE TO CONTRACTUAL OBLIGATIONS – ROME I REGULATION

  • 11 Feb 2016

    CYPRUS: An update of the European Criminal Records Information System

  • 4 Feb 2016

    CYPRUS: Enforcement of Foreign Arbitral awards under New York Convention

  • 29 Jan 2016

    CYPRUS : WARRANT OF SEARCH ISSUED AGAINST A LAWYER CANCELLED DUE TO VIOLATION OF LEGAL PROFESSIONAL PRIVILEGE

  • 15 Jan 2016

    CYPRUS: English guidance on the principle of legal advice privilege

  • 7 Jan 2016

    Cyprus: Guidance of Cyprus Courts on issue of appointment of Lawyers by the Directors of a Company

NEWS

  • 21 Mar 2017

    METHODS OF PAYMENT / OTHER INSTRUMENTS - In House Seminar

  • 21 Mar 2017

    EU Regulation 655/14 - In House Seminar

  • 3 Mar 2017

    Update from the Registrar of Companies and Official Receiver

  • 22 Feb 2017

    LAWYER MONTHLY LEGAL AWARDS - Corporate Law Firm of the Year 2016 in Cyprus

  • 13 Feb 2017

    Update on the collection of information of financial instruments offered by the Cyprus Investment Firm

  • 22 Dec 2016

    DELETION OF COMPANIES DUE TO NON PAYMENT OF ANNUAL LEVY

  • 19 Dec 2016

    CHRISTMAS - NEW YEAR PREPARATIONS 2016-2017

  • 13 Dec 2016

    MEA Markets Business Awards 2016 - BOUTIQUE LAW FIRM of the year in Cyprus

  • 22 Nov 2016

    ORDER 30 OF THE CIVIL PROCEDURES RULES - In House Seminar

  • 9 Nov 2016

    SERVICE OF COURT DOCUMENTS - In House Seminar

  • 10 Oct 2016

    Cyprus- Health-NHS System

  • 4 Oct 2016

    CYPRUS PRIVATISATION OF THE CSE

  • 3 Oct 2016

    ACQUISITION INTERNATIONAL Awards 2016 - CORPORATE ADVISER of the year in Cyprus

  • 23 Sep 2016

    ACQ Global Awards 2016 - Corporate and Commercial LAW FIRM of the year in Cyprus

  • 20 Sep 2016

    No interest to buy loans from BoC - CySec

  • 15 Sep 2016

    The Cabinet has approved on Tuesday (13.0916) the revised scheme for granting Cypriot citizenship to non–Cypriot entrepreneurs/investors.

  • 30 May 2016

    Cyprus Investment Firms (CIFs) - In House Seminar

  • 24 May 2016

    Private Equity Law Firm of the year by CorporateINTL Global Awards 2016

  • 23 May 2016

    Due Diligence for Real Estate Conveyance - In House Seminar

  • 18 Apr 2016

    Ammendments in orders 25 & 30 - In House Seminar

  • 12 Apr 2016

    Participation of our members at the 5 Km Marathon - Run with Smile in Limassol

  • 7 Mar 2016

    Fire Protection and Safety - Training

  • 8 Feb 2016

    Highly Recommended Lawyer by Chambers Global Clients Guide 2016

  • 21 Dec 2015

    BASIC PRINCIPLES OF CORPORATE LAW - In House Seminar

  • 16 Dec 2015

    CHRISTMAS - NEW YEAR PREPARATIONS 2015-2016

  • 9 Dec 2015

    Mr. Soteris Pittas roundtable discussion with law students of UCLAN University - Cyprus

  • 1 Dec 2015

    Case Management - In House Seminar

  • 13 Nov 2015

    CONFERENCE “KIЕV ARBITRATION DAYS 2015: "THINK BIG"

  • 12 Nov 2015

    Mondaq's Contributor Most Read in Cyprus Award October 2015

  • 3 Nov 2015

    Our MD Mr. Soteris Pittas attended a seminar organised by the Ukrainian Bar Association and the Association of Judges of Ukraine in Kiev 02-11-2015

  • 27 Oct 2015

    Recent changes in Companies Law - in house seminar

  • 22 Oct 2015

    Acquisition International Best Boutique Law Firm - Cyprus Award

  • 28 Sep 2015

    Introduction to the Anti-Money Laundering Legislation - In house Seminar

  • 18 Dec 2014

    FIRST AID training session - Defibrillator

  • 18 Dec 2014

    CHRISTMAS - NEW YEAR PREPARATIONS 2014-2015

  • 11 Nov 2014

    CONFERENCE “KIЕV ARBITRATION DAYS 2014: "THINK BIG"

  • 21 Jul 2014

    25 years of progress – Grand Opening of New Premises (Press Release)

  • 10 Dec 2013

    CHRISTMAS - NEW YEAR PREPARATIONS 2013-2014

  • 21 Nov 2013

    Sponsor in Charity Event

  • 15 Oct 2013

    Participation of our members to charity event

  • 7 Oct 2013

    INTAX EXPRO - VIII Annual Conference and Exhibition

  • 4 Oct 2013

    Conference “Dispute Resolution in M&A Transactions: Tactics, Challenges, Defences“

  • 10 Jul 2013

    “Peculiarities of disputes in Cyprus in post-M&A and shareholder disputes

  • 10 Jul 2013

    Vote of Confidence for Cyprus Banks by Russian Businessmen

  • 10 Jul 2013

    New photos of the construction for our New Premises

  • 10 Jul 2013

    Visual Photos for our New Premises

  • 10 Jul 2013

    VAT Update on the changes as from 1 January 2010 in relation to the following matters

  • 10 Jul 2013

    The visit to Cyprus of the Russian President Mr. Dmitry Medvedev.

  • 10 Jul 2013

    Participation of Members of our Law Firm in Charity Event

  • 10 Jul 2013

    New Photos of the Construction of our new premises.

  • 10 Jul 2013

    Less Bureaucracy for Business Enterprises

  • 10 Jul 2013

    Latin Legal Maxims and Phrases

  • 10 Jul 2013

    Increase of the Cyprus VAT Rate, but still the second lowest in EU

  • 10 Jul 2013

    CONFERENCE “KIЕV ARBITRATION DAYS 2012: "THINK BIG"

  • 10 Jul 2013

    Commission takes action against Cyprus and other 11 Member States to implement the Shareholder’s rights Directive

  • 10 Jul 2013

    Beginning of the Construction for our new Premises

  • 10 Jul 2013

    Agreement for the Avoidance of Double Taxation between Cyprus and Slovenia

  • 10 Jul 2013

    Agreement for the Avoidance of Double Taxation between Cyprus and Qatar

  • 10 Jul 2013

    Agreement for the Avoidance of Double Taxation between Cyprus and Kuwait.

  • 10 Jul 2013

    ABA Conference / Moscow / September 2011