Abstract
The present chapter explores the type of security rights that may be created over intellectual property in the Republic of Cyprus. The chapter begins with a general overview of IP rights recognised in Cyprus, focusing on patents, trademarks, and copyright. Thereafter, the chapter examines the categories of security rights that can be created over IP in Cyprus. The Chapter draws a distinction between security rights over tangible and intangible property, aiming to demonstrate the distinct features of IP that make traditional security interests over tangible property unsuitable for securing interests over IP. This is important as Cypriot law does not specifically regulate security interests over IP rights and therefore it falls in the hands of practitioners to properly recognize the type of security interest best suited for their IP transactions. Thereafter, the Chapter examines such security interests that are mostly used in IP transactions in Cyprus and studies the structure of such transactions and any creation or perfection requirements. Lastly, the final parts of this chapter deal with enforcement issues and provide practical tips for practitioners. Importantly, the Chapter offers a comparative view between English law practice in security interests over IP rights and the practice in the Republic of Cyprus, allowing for useful conclusions.
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Notes
- 1.
Kur and Dreier (2013), p. 2.
- 2.
Patents Law of 1998 (No. 16(I)/1998).
- 3.
Trade Marks Law, Cap. 268.
- 4.
Copyright Laws 1976 to 1993 (No. 59/1976).
- 5.
Law No. 4(I)/2002.
- 6.
Appellation of Origin and Geographical Indications for Agricultural Products and Foodstuffs Law 2006 (No. 139(I)/2006).
- 7.
Protection of New Varieties of Plants Law 2004 (No. 21(I)/2004).
- 8.
Section 66 of the Patents Law of 1998.
- 9.
European Patent Office (EPO) (2015) National law relating to the EPC, European patent applications and patents: law and practice of the EPC contracting states. http://documents.epo.org/projects/babylon/eponet.nsf/0/18152865EA06F0C0C1257F62005E1E6D/$File/National_law_relating_to_the_EPC_17th_edition_en.pdf. Accessed Mar 28, 2019.
- 10.
Section 13 of the Trade Marks Law.
- 11.
See Recital 6 of the Community Trademark Regulation (CTMR).
- 12.
Kur and Dreier (2013), p. 162.
- 13.
Kur and Dreier (2013); See Section 14 of the Trade Marks Law.
- 14.
Gödölle (2009).
- 15.
Opposition Guidelines (2004), Part 7, Transitional rules relating to enlargement. http://euipo.europa.eu/en/mark/marque/pdf/part_7-EN.pdf. Accessed Mar 28, 2019.
- 16.
See: Supreme Court of Cyprus, Socratous ν. Gruppo Editoriale Fabbri – Bompiani and others, (1997).
- 17.
Section 3(3)(a) of Law No. 59/1976.
- 18.
See: Synodinou and Jougleux (2010), pp. 15–20.
- 19.
Bridge (2002), p. 5.
- 20.
See on this issue: Synodinou (2013).
- 21.
In contrast, under UK law, it is possible to mortgage certain intangible assets, since a broad definition of is given for the term “mortgage”. For example, section 30 of the UK Patents Act 1977 provides that any patent or patent application may be mortgaged.
- 22.
See on this issue: Poetis (2012), Chapter B.
- 23.
Pothonier v Dawson (1816) Holt N.P.383.
- 24.
Section 24(1) Trade Marks Law, Cap. 268.
- 25.
As for assignments, the relevant provisions in terms of procedure are Regulations 64–73 of the Trade Mark Regulations of 1951–2015; in regard to licences, see Regulation 86.
- 26.
Worthington (2010), pp. 1–10.
- 27.
Halsbury’s Laws of England (1996), §§ 824, 825, 827 and 830. See also: Marios Kallias as the Receiver and Manager of companies PAK Estates Limited and Andri Georgiou (Coiffure) Limited v 1. Antri Georgiou and others, Case No.: 3587/2010, Court of First Instance, District Court of Nicosia, 16/07/2010.
- 28.
Bromfield and Runeckles (2006), p. 344.
- 29.
Lerner (1998), p. 3.
- 30.
UNCITRAL Legislative Guide on Secured Transactions—Supplement on Security Rights in Intellectual Property, paras 35 et seq.
- 31.
Neocleous and Chrysaphinis (2018), pp. 11–15.
- 32.
Davies et al. (2010), Vol. 1, p. 192.
- 33.
Bromfield and Runeckles (2006), p. 345.
- 34.
Markides (2009).
- 35.
IPR Helpdesk (2009).
- 36.
See Demetriades (2016), p. 75.
- 37.
WIPO/IP/FIN/GE/09/7 Annex 1 Geneva (2009), p. 144. https://www.wipo.int/edocs/mdocs/copyright/en/wipo_ip_fin_ge_09/wipo_ip_fin_ge_09_7_annex.doc.
- 38.
Chakravarty (2009), p. 515.
- 39.
Vernout et al. (2016), p. Cyprus-8.
- 40.
Patent Regulations of 1998. http://www.wipo.int/wipolex/en/text.jsp?file_id=126101. Accessed Mar 29, 2019.
- 41.
Vernout et al. (2016).
- 42.
Kailasam and Vedaraman (2003), p. 465.
- 43.
Vernout et al. (2016).
- 44.
Neocleous (2013), p. 37-Cyprus.
- 45.
Chambers (2016).
- 46.
Campbell (2010), p. 533.
- 47.
Lipton (2011), p. 290, referring to England.
- 48.
Campbell (2010), p. 534.
- 49.
WIPO/IP/FIN/GE/09/7 Geneva (2009), p. 144.
- 50.
Sections 98-100 of the Companies Law, Cap. 113.
- 51.
European IPR Helpdesk, Assignment of intellectual property rights.
- 52.
With the exception of moral rights in copyright, which remain with the author of the work.
- 53.
Worden and Smyth (2013).
- 54.
Sections 291 and 300 of the Companies Law, Cap.113.
- 55.
Section 90(2)(d) of Companies Law, Cap. 113.
- 56.
See: Re Yorkshire Woolcombers Association ([1903] 2 CH 28.
- 57.
Halsbury’s Laws of England (1996), § 824.
- 58.
Halsbury’s Laws of England (1996), § 825.
- 59.
The relevant document is unpublished.
- 60.
Section 92 of Companies Law, Cap. 113.
- 61.
Matheson et al. (2016), p. 7.
- 62.
Matheson et al. (2016), p. 3.
- 63.
See: National Westminster Bank v Spectrum Plus Ltd [2005] UKHL 41.
- 64.
Matheson et al. (2016), p. 6.
- 65.
Bromfield and Runeckles (2006), p. 345.
- 66.
Marshall and Caldwell (2014).
- 67.
Section 298B of the Companies Law, Cap. 113.
- 68.
Supreme Court of Cyprus, Ninos Hadjirousos as the receiver of company Y. Liasides Developers Ltd (2011) 1 JSC 1703.
- 69.
The intellectual property box tax regime or “IP box” can be regarded as a special tax scheme/regime that was introduced by several countries to promote research and development by taxing specific IP rights differently from other commercial income.
- 70.
Lipton (2011), p. 24
- 71.
Lipton (2000), p. 24.
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Argyropoulou, V., Christoforou, A.C., Synodinou, T.E. (2020). Security Rights in Intellectual Property in Cyprus. In: Kieninger, EM. (eds) Security Rights in Intellectual Property. Ius Comparatum - Global Studies in Comparative Law, vol 45. Springer, Cham. https://doi.org/10.1007/978-3-030-44191-3_9
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