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By Chrysovalantis Papantoniou, Lawyer at S.Dionysiou & Partners LLC Crowdfunding is one of the most innovative financial schemes, which provides the opportunity of increase in capital by expanding the pool of investors beyond the traditional circle of owners.  Most often used by startup companies or growing businesses, whose owners aim at obtaining alternative funds through online platforms. The abovementioned services are regulated in Cyprus by the Cyprus Securities and Exchange Commission (“CySec”) under the Crowdfunding Directive D187-10 (“The Directive”). The main aim of the Directive is to heighten the guidance and protection already provided to investors by the Investment Services and Activities and Regulated Markets Law.It is important to point out that that the current legislation safeguards the interest of crowdfunding investors only through the issuance of transferrable securities and it excludes other forms of crowdfunding such as loans, rewards, or donations. As per

The Council of Bars and Law Societies of Europe (CCBE) published a position paper on the proposal for a regulation laying down harmonised rules on Artificial Intelligence (Artificial Intelligence Act).  On 21 April 2021, the European Commission presented a proposal for a regulation laying down harmonised rules on Artificial Intelligence (Artificial Intelligence Act) and amending certain Union legislative acts. The proposal is supplemented by 9 annexes.  The CCBE previously issued comments on the communication on the digitalisation of Justice in the EU, a response to the consultation on the European Commission’s White Paper on Artificial Intelligence as well as its own considerations on the legal aspects of Artificial Intelligence.  With the recent paper, the CCBE wishes to further develop its position in relation to several aspects of the proposal for an Artificial Intelligence Act (hereafter “the AIA” or “the proposal”).  In particular, the CCBE considers that:  • Despite the choi

The International Fund for Agricultural Development (IFAD) seeks to recruit a Senior Legal Officer (Finance and Impact Investments) in Italy (full time- assignment duration 2 years ) The International Fund for Agricultural Development (IFAD) is an international financial institution and a specialized United Nations agency dedicated to eradicating rural poverty and hunger. It does so by investing in rural people. IFAD finances programmes and projects that increase agricultural productivity and raise rural incomes, and advocates at the local, national and international level for policies that contribute to rural transformation. The incumbent is accountable for authoritative provision of qualitative legal advice and services in general legal matters and, more specifically, in financial legal matters to the General Counsel / AVP, the departmental Team and other divisions and clients. S/he plays a lead role in supporting the legal framework of IFAD's operations, both technical and s

The Committee of Ministers of the Council of Europe has adopted a  Recommendation  aiming to respond to the radical changes in profiling techniques in the last decade and to the consequent need for additional safeguards to protect personal data and private life of individuals. The text, which updates a previous recommendation on the same topic adopted in 2010, aims to align its provisions with the modernised data protection “Convention 108”, known as “ Convention 108+ ”. The recommendation provides that respect for fundamental rights and freedoms, notably human dignity, privacy, freedom of expression, non-discrimination, social justice, cultural diversity and democracy should be guaranteed in both the public and private sectors during all profiling operations. The recommendation refers to profiling as any form of automated processing of personal data, including use of machine learning systems, consisting in the use of data to evaluate certain personal aspects relating to an indiv

In its Judgment in Case C-35/20 (6.10.2021) , the European Court of Justice ruled that a Member State may require its nationals to carry a valid identity card or passport when travelling to another Member State, irrespective of the means of transport used and the itinerary, subject to sanctions. While EU law does not preclude the imposition of a criminal penalty, it does preclude disproportionate penalties, such as a fine amounting to 20% of the offender's average net monthly income. A, a Finnish national, made a round trip between Finland and Estonia in August 2015 on a pleasure boat. During that trip, he crossed the international waters between Finland and Estonia. He was the holder of a valid Finnish passport, but did not have it with him during that trip. As a result, during a border check in Helsinki on his return, A was unable to produce his passport or any other travel document, although his identity could be established on the basis of his driving licence. The syyttäjä

The European Investment Bank (EIB), the European Union's bank, is seeking to recruit for its Legal Directorate (JU), Legal Department, Operations 1 (OPS 1), New Products Division (NP) at its headquarters in Luxembourg, a (Associate) Officer Legal Services – Venture Debt. This is a full time, temporary position at grade 4/5. The term of this contract will be until 31st December 2022. Panel interviews are anticipated to take place during November.  The New Products Division deals with EIB new products development and implementation, including corporate finance, infrastructure finance and structured finance for financial intermediaries (risk sharing, securitisation). The Division also handles for the Legal Directorate a broad range of transversal matters including the legal aspects of implementation of new policy or strategic initiatives, and questions of contractual standards/templates for EIB lending operations. Deadline for applications: 11th November 2021  More details and a

The Council of Europe issued a  Recommendation  to its 47 members states containing new guidelines regarding the assessment, management and reintegration of persons accused or convicted of a sexual offence. Adopted by the Committee of Ministers, the Recommendation aims to guide national authorities in their legislation, policies, and practice to prevent and reduce sexual reoffending. The Committee of Ministers recommends that risk assessments, treatments and intervention plans be individually tailored to persons accused or convicted of sexual offences. Prison services and probation agencies should manage and seek to reintegrate persons accused or convicted of a sexual offence in line with the risk they pose. Therefore, the focus should be on an individual’s distinct needs rather than the type of offence committed, especially concerning interventions or treatments. Whilst noting that cooperation between offenders and the professionals is central for effective reintegration, the

In Chamber's judgment (19/10/2021) in the case of Vedat Şorli v. Turkey (application no. 42048/19) the European Court of Human Rights held, unanimously, that there had been a violation of Article 10 (freedom of expression) of the European Convention on Human Rights. The case concerned the sentencing of the applicant to a term of imprisonment – with delivery of the judgement suspended for five years – for insulting the President of the Republic, on account of two posts which he shared on his Facebook account. The content comprised, among other things, a caricature and a photograph of the President of the Republic accompanied by satirical and critical comments concerning him.  The judgment convicting the applicant was based on Article 299 of the Criminal Code, which afforded a higher level of protection to the President of the Republic than to other persons. The Court found in particular as follows.  - There had been no justification in the present case for Mr Şorli’s placement in po

Article by Giorgos Kazoleas, Lawyer LL.M. The right to communicate with a lawyer since the very beginning of the criminal proceedings is an important aspect of the right of access to a lawyer. Article 6 (3) (c) of the ECHR and Article 48 (2) of the EU Charter of Fundamental Rights expressly guarantees the right to legal aid in criminal matters. The right to legal aid applies throughout the criminal proceedings, i.e. from the police interrogation -and more precisely, before the commencement of the interrogation - to the termination of the second instance appeal. Suspects or defendants must have access to a lawyer without undue delay. The term "lawyer" refers to any person who, in accordance with national law, is qualified and entitled, inter alia, through accreditation to an authorized body, to provide legal advice and legal assistance to suspects or accused persons. The relevant Directive 2013/48 / EU [1] , delimits the time frames during which the arrested suspect or acc

In European Court of  Human Rights Chamber judgment in the case of Carter v. Russia (application no. 20914/07) the Court held unanimously, that there had been a failure by the Government to comply with their obligations under Article 38 (obligation to furnish necessary facilities for the examination of a case) of the European Convention on Human Rights, and by 6 votes to 1, a violation of Article 2 (right to life) in its substantive and procedural aspects. The case concerned the poisoning and death of the applicant’s husband, Aleksandr Litvinenko, in the United Kingdom, and the investigations into his death. Mr Litvinenko had worked for the Russian security services before defecting to the United Kingdom where he was granted asylum. In 2006 he was poisoned with polonium 210 (a radioactive substance) in London and died. A public inquiry in the UK found that the assassination had been carried out by a certain Mr Lugovoy and a Mr Kovtun, who had been acting on behalf of someone else.  The

High Representative on behalf of the European Union and the Secretary-General on behalf of the Council of Europe made a joint statement on the European and World Day against the Death Penalty (10 October 2021): "The European Union and the Council of Europe reaffirm their firm opposition to capital punishment at all times and in all circumstances. The death penalty is a cruel, inhuman and degrading punishment contrary to the right to life. Its abolition is essential to ensure respect for human dignity.  This year’s World Day is dedicated to women. Although women represent a small percentage of global death sentences, gender-based discrimination continues to impact women at all levels of the criminal justice system. In some countries, women are sentenced to death at higher rates than men for offences linked to sexual morality, such as adultery. Moreover, mitigating circumstances related to gender-based violence and abuse are rarely taken into consideration during the criminal proces