Summary

The Companies (Amendment) (No. 3) Act 2017 is a piece of legislation in Cyprus that amends the Companies Law. The amendment aims to enhance the corporate governance framework of companies by introducing new requirements for transparency and accountability. The key changes introduced by the Act include provisions for the registration of beneficial owners, the disclosure of significant beneficial ownership, and the establishment of a central register of beneficial ownership. The Act also introduces new requirements for the disclosure of financial statements, including the publication of audited financial statements and the submission of an annual return. Overall, the Act aims to improve the transparency and accountability of companies in Cyprus and enhance their ability to comply with international standards on anti-money laundering and countering the financing of terrorism. The Companies (Amendment) (No. 3) Act 2017 is a legal requirement for companies in Cyprus. The provisions introduced by the Act, such as the registration of beneficial owners and the disclosure of financial statements, are mandatory requirements for all companies registered in Cyprus. Failure to comply with the Act's provisions may result in penalties or other enforcement actions by the regulatory authorities. Therefore, it is essential for companies operating in Cyprus to ensure that they are in compliance with the requirements of the Companies Law as amended by the Act.