CYPRUS Trends and Developments Contributed by: Ioannis Economou, Eleftherios Economou and Michalis Zivanaris, Economou & Co LLC
• the award concerns a dispute not contemplated by or not falling within the scope of the arbitration agreement; or • the composition of the tribunal or the arbitration procedure was not according to the parties’ agree - ment or, failing such agreement, was not according to the law of the country where the arbitration took place; or • the award has not yet become binding on the par - ties or has been set aside or suspended by a com - petent authority of the country in which, or under the law of which, that award was made. Conclusion To sum up, Cyprus plays a crucial role in the interna - tional legal landscape, particularly in the enforcement of foreign judgments and arbitral awards. Cypriot law incorporates multiple instruments to facili - tate the recognition and enforcement of foreign judg - ments. The Foreign Judgments (Reciprocal Enforce - ment) Law (Cap 10), modelled after English legislation, allows for the enforcement of judgments from the UK and its dominions. Additionally, in the absence of a bilateral treaty, Cypriot courts apply common law prin - ciples as stipulated by Section 29 (1)(c) of the Courts of Justice Law (14/60). The numerous bilateral agreements Cyprus has with non-EU states, such as Syria, Russia, Egypt, China, Libya, Ukraine and Qatar, demonstrate a strong com - mitment to international co-operation in legal matters. These treaties ensure that judgments can be recog - nised and enforced across borders, providing a reli - able legal environment for international parties.
For EU member states, Regulation (EU) No 1215/2012 has streamlined the process, enabling the almost automatic recognition and enforcement of judgments. This regulation eliminates the need for additional dec - larations of enforceability, making cross-border legal proceedings more efficient. Similarly, the EPO estab - lished by EU Regulation 1896/2006, facilitates the col - lection of uncontested claims within the EU. In the realm of arbitration, Cyprus adheres to the prin - ciples of the New York Convention, as reflected in its domestic legislation. Law 101/1987 ensures that inter - national arbitral awards are recognised and enforced, provided they meet specific legal criteria. The recent implementation of the Hague Convention on the Recognition and Enforcement of Foreign Judg - ments in Civil or Commercial Matters further strength - ens Cyprus’s position in the international legal arena. This convention, effective since September 2023, is expected to enhance legal predictability and reduce litigation costs, promoting smoother international transactions. In conclusion, the enforcement of foreign judgments and arbitral awards in Cyprus is underpinned by a robust legal framework that integrates national laws, bilateral treaties and EU regulations.
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