At Thadden & Puckler, we are dedicated to maintaining the highest standards of regulatory compliance, transparency, and client protection. As a firm regulated by the Cyprus Bar Association under the ASP License No.2105, we ensure that all our services meet the rigorous requirements established by Cypriot law. This page outlines the regulatory framework governing our fiduciary services, details the specific services subject to regulation, and emphasizes the importance of regulatory oversight in safeguarding client rights and adhering to national and international anti-money laundering (AML) standards.

Regulated Fiduciary Services in Cyprus

Cyprus has established a comprehensive regulatory framework to govern the provision of fiduciary and administrative services. The key legislation in this area is the Law Regulating Companies Providing Administrative Services and Related Matters (Law 196(I)/2012), as amended. This law specifically outlines the services that are subject to regulation and sets the standards that companies like Thadden & Puckler must meet to operate legally and ethically.

Services Subject to Regulation

The following fiduciary and administrative services provided by Thadden & Puckler are regulated under this law:

1. Trust Management and Directing: This includes the management or direction of trusts, including acting as a trustee or protector of trusts, regardless of where these trusts are created or established. It also involves the management, investment, or marketing of trust assets. However, it’s important to note that if the protector of a trust is a beneficiary, settlor, or a relative up to the third degree of the settlor, these services are not considered administrative services under this law.
2. Company Management: This encompasses the management of companies, general or limited partnerships, or other organizations with or without separate legal personality, regardless of where they are registered or established. The following services are included under company management:
   • Provision of Directors: Supplying directors for legal entities.
   • Secretary Services: Providing a company secretary or assistant secretary for legal entities.
   • Shareholder Services: Holding the share capital of legal entities and registering the holder in the respective registers of shareholders on behalf of third parties.
   • Registered Office Services: Providing the registered office address, official mail, and/or electronic address of companies.
   • Provision of Partners: Offering general or limited partners in partnerships.
   • Other Related Services: Offering other similar services or those in conjunction with the services described above, concerning other legal entities or organizations, whether they have separate legal personality or not.
3. Bank Account Services: This includes opening or managing bank accounts on behalf of clients, ensuring that all financial transactions are conducted in accordance with regulatory standards.
4. Safekeeping of Financial Instruments: Providing safekeeping services for financial instruments on behalf of clients, including acting as a depositary, as defined in the Investments Services and Activities and Regulated Markets Law. This does not include ancillary services provided by an Investment Firm (IF) within the framework of the Investment Services and Activities and Regulated Markets Law.

Key Provisions of the Law

The Law Regulating Companies Providing Administrative Services and Related Matters establishes several key provisions that Thadden & Puckler adheres to:

1. Licensing Requirements: To offer the regulated services listed above, Thadden & Puckler must hold a valid license from the appropriate regulatory authority. We are licensed under the Cyprus Bar Association, ensuring that we meet all necessary qualifications to provide these services competently and legally.
2. Fit and Proper Criteria: Individuals involved in the provision of these services must meet specific “fit and proper” criteria, including the requisite qualifications, experience, and ethical standards. Thadden & Puckler’s team comprises professionals who satisfy these criteria, ensuring our clients receive the highest level of expertise.
3. Anti-Money Laundering (AML) Compliance: A crucial aspect of the law is the implementation of stringent anti-money laundering measures. Thadden & Puckler has established comprehensive AML policies, including rigorous client due diligence, ongoing monitoring, and reporting of suspicious activities, thereby contributing to the global effort against financial crime.
4. Corporate Governance: The law mandates that firms providing these services implement robust corporate governance structures, including clear separation of duties, regular audits, and transparent reporting mechanisms. Our governance framework at Thadden & Puckler is designed to promote accountability and transparency, ensuring that our operations meet the highest standards.
5. Client Asset Protection: Protecting client assets is a fundamental principle of the law. Thadden & Puckler ensures that client assets are segregated from company assets, properly recorded, and managed according to the client’s best interests, safeguarding them at all times.

Regulation by the Cyprus Bar Association

In addition to the specific legal requirements of the Law Regulating Companies Providing Administrative Services, Thadden & Puckler is also governed by the Cyprus Bar Association. This regulatory body oversees the legal profession in Cyprus and ensures that law firms and fiduciary service providers adhere to stringent ethical and professional standards.

Key Regulations of the Cyprus Bar Association

The Cyprus Bar Association enforces several directives and regulations that guide our operations:

1. Code of Conduct: The Code of Conduct for Lawyers, as issued by the Cyprus Bar Association, outlines the ethical standards that all legal professionals must adhere to. This includes maintaining client confidentiality, avoiding conflicts of interest, and providing competent representation. Thadden & Puckler is committed to these ethical principles, ensuring that our clients receive professional and trustworthy service.
2. Disciplinary Procedures: The Cyprus Bar Association has established disciplinary procedures to address any breaches of its regulations, ensuring that any misconduct is swiftly and appropriately addressed. Thadden & Puckler’s compliance with these procedures underscores our commitment to integrity and professionalism.
3. Continuing Professional Development: The Cyprus Bar Association mandates continuing professional development (CPD) for all regulated professionals. Our team at Thadden & Puckler is dedicated to ongoing education and training, ensuring that we stay updated with the latest legal and regulatory developments.
4. Transparency and Accountability: The Cyprus Bar Association’s regulations emphasize the importance of transparency and accountability in all client interactions. This includes clear communication regarding fees, terms of engagement, and regular updates to clients. Thadden & Puckler upholds these principles, providing our clients with the clarity and information they need to make informed decisions.

The Importance of Regulation

Regulation is not merely a legal obligation; it is the foundation of trust between service providers and clients. At Thadden & Puckler, we recognize that our clients depend on us to manage their assets, provide sound legal advice, and ensure compliance with all relevant laws. Our regulated status under the Cyprus Bar Association and the Law Regulating Companies Providing Administrative Services ensures that we operate with the highest levels of integrity, transparency, and professionalism.

Protecting Client Rights

Regulation is essential for protecting our clients’ rights at every stage of our engagement. Whether through rigorous AML compliance, the safeguarding of client assets, or adherence to strict ethical standards, our regulatory framework is designed to protect our clients’ interests. This commitment to regulation not only provides peace of mind but also guarantees that our clients receive the highest standard of service.

Adherence to National and International Standards

In a globalized economy, compliance with national and international standards is crucial. Thadden & Puckler’s regulatory compliance ensures that we meet the highest standards of fiduciary responsibility, both in Cyprus and internationally. This includes adherence to the latest AML regulations, corporate governance practices, and legal standards, all of which are critical in maintaining the trust of our clients.