Areas of Practice

Banking Advisory Services

Prountzos & Prountzos LLC is a leading firm in the area of Banking & Finance, regularly advising local and international lenders and borrowers on the Cyprus law aspects of complex transactions.

Indicatively, our firm’s lawyers advise clients on

  • financing and refinancing transactions;
  • secured/unsecured, syndicated, subordinated and mezzanine lending transactions;
  • project financing;
  • asset financing;
  • loan documentation for single-lender and syndicated loans;
  • bond issues;
  • public and private offers of securities;
  • legal opinions and legal due diligence;
  • compliance with perfection requirements and registration of charges.

Regulated Financial Services and Capital Markets

As a firm we have built a strong reputation for delivering high-end added value advice for our clients operating in financial services markets. We frequently advice some of the most prominent investors in Cyprus and international key players, allowing us to position ourselves as a go-to provider for international funds and investment firms operating in and through Cyprus.

Our firm’s lawyers regularly advise on matters focusing around:

  • The directives and regulations issued by the Cyprus Securities and Exchange Commission (the “CySEC”) and the Central Bank of Cyprus (the “CBC”);
  • The Cyprus Credit Institutions Law;
  • Legislative reforms in relation to non-performing loans and credit-acquiring companies, including the Sale of Credit Facilities and Related Matters Law and Transfer and Mortgage Law;
  • The Transfer of Banking Loans Law;
  • MiFID II and MiFIR;
  • The Payment Services Law and the E-money Institutions Law;
  • The Prospectus, Public Offer and Takeover Bids laws and regulations;
  • The Market Abuse law and regulatory requirements regarding market disclosures and transparency.

Funds & Fund Management Services

Our Firm has a specialised fund management team offering advice on the determination of the optimum legal form and structure for a fund in accordance with the client’s needs, including regulatory guidance in obtaining authorization and approvals were required.

Our team’s lawyers have advised prominent clients on matters such as:

  • Fund structuring for Alternative Investment Funds (“AIFs”) and Alternative Investment Fund Managers (“AIFMs”);
  • Undertaking the application process for authorisation by the Cyprus Securities and Exchange Commission for both AIFs, Registered Alternative Investment Funds (“RAIFs”) and AIFMs;

Financial Regulatory Mapping Services

Our firm offers comprehensive advice on the authorisation of payment institutions and electronic money institutions regulated by the Central Bank of Cyprus for the offering of the full scope of services in accordance with Cyprus and EU legislation. We assist clients with the preparation of the application for authorization, drafting the required questionnaires which applicants must fill, collecting all the relevant documents to be submitted to the CBC, and providing regulatory compliance advisory services.

Bankruptcy, Insolvency & Restructuring Services

Economic crises, unexpected market events and other challenges may induce even well-run businesses to experience financial distress. We are often engaged to assist our clients to achieve a successful corporate restructuring which will meet their needs and maximise returns. We assist creditors, debtors, financial institutions and government agencies to navigate through all forms of insolvency proceedings. As part of a network of multidisciplinary experts, our team offers a holistic approach to address insolvency matters by drawing from the expertise of our colleagues in the areas of real estate, pensions, employment, finance and tax.

Non – Performing Exposures and Distressed Asset Transactions

The experience we have amassed in Non-Performing Exposures (NPEs) and Non-Performing Loans (NPLs) derives from being instructed both by lenders and default borrowers separately. We take pride in our contribution to the NPL scene the past three years and are currently advising lenders and market leaders in the retail, tourism and leisure industries on proactive ways to plan ahead on existing and new facilities to address challenges such as imminent financial crises and pandemics. We have concluded significant restructuring and refinancing transactions involving real estate assets of a private equity investment fund, the ownership and operations of a hotel and the construction and operation of photovoltaic parks.

The restructuring arrangements we have acted for included the negotiation of concessions adopted by the parties involved, Debt-For-Asset-Swap (DFAS) and partial participation of/complete sale to investors.

Insurance Regulatory Advisory Services

Insurance is a heavily regulated sector due to its inverted production cycle, whereby customers of insurance companies pay premiums for a product that they will receive at a later point in time. This business model is susceptible to excessive risk-taking and in order to safeguard market stability as well as consumer protection, such companies must be licensed and supervised by the Superintendent of Insurance. Clients are often subject to numerous obligations including corporate governance, capital adequacy requirements and risk management.

Our firm can assist you in establishing a seamless and timely incorporation and licensing process for insurance undertakings, branches and representative offices, including drafting of the necessary legal documents and representation to the regulatory authorities.

We provide our clients with a full range of legal services, addressing regulatory matters from governance to solvency. In particular, we:

  • Provide liaison with supervisory regulatory authorities in order to address our clients’ needs;
  • Advise our clients in relation to the Law on Insurance and Reinsurance Business and Other Related Issues of 2016 as amended (No 38(I)/2016), on matters of implementation and transposition of the Solvency II Directive in Cyprus;
  • Provide assistance and advice in the implementation of new regulatory requirements, outsourcing, third party (risk) management, public procurement process relating to insurance agreements, money laundering prevention and the implementation of new data privacy regulations, preparation of organizational handbooks and internal guidelines

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