Andria Papageorgiou Law Firm Founder & Managing Director: Common Disputes or Legal Issues Most Financial Institutions Face

Andria Papageorgiou Law Firm is a Limassol-based law firm delivering clear and effective legal solutions.

We are honored to welcome Andria Papageorgiou, an experienced lawyer who once worked for top-tier law firms and head of legal and compliance in various forex brands, as well as the founder and managing director of her law firm, to join Fazzaco and provide us a professional perspective to look at forex brokers.

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Fazzaco: Thanks for joining Fazzaco! Could you tell us more about Andria Papageorgiou and what you do?

Andria: By way of introduction, my name is Andria Papageorgiou and I am the Founder and Managing Director of Andria Papageorgiou Law Firm, providing services on Licensing and Regulatory Compliance, Business Law, Corporate and Commercial Law, Employment Law, Intellectual Property Law, Property Law, Data Protection Law and Banking Law.

Prior to founding Andria Papageorgiou Law Firm, I was holding key positions as Senior Associate Lawyer in top tier law firms and furthermore as a Head of Legal and Compliance in various forex brands, gaining an extensive experience in both the legal practice and the forex industry, enabling me to understand both angles of legal and business insights. I am a holder of LLB, LLM, LPC, CySEC Advanced Certificate, CySEC AML Certificate and I am an Affiliate Member in various organisations such as International Compliance Association and International Compliance Professionals Association. Recently I joined G100: Mission Million, the Group of 100 Global Women Leaders, as the Cyprus Country Chair of Mergers and Acquisitions.

Our law practice is one of the new generations of Cyprus law firms based in Limassol, built on delivering personal attention and unflagging dedication to individuals and corporations. Our practice is structured in such a way so as to offer our Clients the opportunity to get a tailored and robust legal support with legal insight and a business instinct, where appropriate.

Fazzaco: Cyprus is known for its free and prospering financial market in the world. What is the average percentage of financial cases, forex-related in particular, that your firm handled?

Andria: Very well said, Cyprus has a modern, free-market, service-based economy giving international investors and domestic businesses confidence to invest, grow and prosper. The tertiary sector of services is considered the backbone of the Cyprus economy and with a high income per capita, the consumer market is particularly strong.

Due to my experience as a Head of Legal and Compliance in various forex brands, I believe I can understand better the legal/compliance and business needs of a regulated entity, whether this is an investment firm or an electronic money institution. Currently, I am providing my services to various licensed entities, assisting them with their legal, corporate and compliance related matters.

Fazzaco: What are the common disputes or legal issues that most financial institutions face?

Andria: In terms of common disputes, I would say that financial institutions usually face various clients' complaints either directly or indirectly through the competent Authority/Regulator. Possible disputes that might arise are also the ones between various investment firms and their engaged financial institutions (i.e. EMIs, PSPs etc.).

As of the legal issues, these might vary from time to time, depending on each entity's needs. They might need legal opinions on various topics, legal assistance in relation to various employment and immigration matters or corporate services, such as an incorporation of an entity as a way of their business expansion or any other legal matter they might have, that our Law Firm is always willing to assist in the best professional way. Andria Papageorgiou Law Firm is a dynamic and independent Limassol-based law firm with a professional network across Europe, North America, Middle East, Asia and South Africa, delivering clear and effective legal solutions, where required.

Fazzaco: What are the most important laws / CySEC regulations that you believe any forex broker who wants to do business in Cyprus must be aware of?

Andria: There are currently various laws and applicable regulations, as issued by both local and European Authorities (i.e. CySEC, ESMA etc.), that each forex broker who is interested to do business in Cyprus should be aware and well informed prior starting any business activities. In Andria Papageorgiou Law Firm, we are well educated and aware, as well as trained on a yearly basis of all the regulatory and legal updates that might arise, and we can assist any interested party over this matter. Worth mentioning is the fact that I am personally a holder of CySEC Advanced Certificate and CySEC AML Certificate.

Fazzaco: How different could it be for a broker being regulated by CySEC / FCA?

Andria: Although both CySEC and FCA have many common requirements and standards, I would say that there are quite few differences between them two. The main difference between CySEC and FCA became more evident when Brexit actually went through. The markets that the FCA will have to be narrowed down to quite a few. In order for the regulator to continue operating at the rate it operates now, it will have to form some kind of partnerships with various other European Union countries so that the laws and guidelines are at least a little bit similar.

For example, ESMA which is the financial regulator of the entire European Union, does not have any authority over the FCA once the UK left the EU. Because of this, several agreements on guidelines will have to be made. If not, then the FCA will only cover places like the UK and maybe, just maybe, markets outside of the EU as well.

As of right now though, CySEC seems to be covering a bit more markets than the FCA, but in the grand scheme of things, there's no big difference.

Also, the process of getting an FCA Forex license is completely different from getting a CySEC license. The first difference is, of course, the price. CySEC is much cheaper simply because Cyprus is much cheaper, in both real estate as well as labour. Labour is one of the few things that both regulators are similar. All regulated brokerages are required to have local staff one way or another. And considering how an office full of staff could cost two times less than one in the UK, it's understandable why some new brokers prefer to go with CySEC.

But, eventually, as every company grows they become much more capable of acquiring an FCA license which has become something similar to a status symbol.