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Restrictions on professional use of Diisocyanates

We are sending you an announcement from the Department of Labor Inspection regarding the restriction on the use and placing on the market of products containing Diisocyanates as well as the legal text of the restriction in accordance with the REACH Regulation.

Diisocyanates are used in many industrial sectors for the manufacture of products of various types, such as polyurethane and the corresponding products, binders, in coatings, for the manufacture of foam, in processes where foam is used in aerosols (sprays), etc. They are respiratory sensitizers and are considered responsible for causing occupational asthma.

It is noted that this restriction does not prohibit the use of products containing Diisocyanates, but requires that workers / users of products containing diisocyanates are provided with appropriate education and vocational training.

Information, education, and training material on the proper use of products containing Diisocyanates are currently provided by ISOPA (European Trade Association for Producers of Diisocyanates and Polyols – the main building blocks of polyurethanes).

PDF Circular – Diisocyanates Restriction

Invitation to an Informational Event on the Establishment of the Carbon Border Adjustment Mechanism

We would like to inform you that the Department of Environment of the Ministry of Agriculture, Rural Development, and Environment, in collaboration with the Customs Department of the Ministry of Finance, is organizing an informational presentation on the new Regulation titled:
‘Regulation (EU) 2023/956 of the European Parliament and of the Council of 10 May 2023 establishing a carbon border adjustment mechanism’

The event will take place in the multipurpose hall at the central building of the Ministry of Finance on Thursday, September 14, 2023, at 9:00 a.m.

The new Carbon Border Adjustment Mechanism (CBAM) imposes a price on carbon dioxide emissions used in the production of certain categories of products imported into the EU from countries where carbon is either not taxed or taxed disproportionately compared to the prevailing conditions within the EU. These obligations are expected to be implemented by October 1st, 2023, and until the end of 2025, and during this period, businesses will be required to submit reports only.

The scope of the Mechanism will cover the following products:
a) Iron and steel,
b) Cement,
c) Aluminum,
d) Fertilizers,
e) Electricity, and
f) Hydrogen.

For more information regarding the event and to register your participation, please contact Ms. Chryssalla Papastavrou, Environmental Officer A’ (tel. 22408962, cpapastavrou@environment.moa.gov.cy ), and Ms. Maria Stella Spyrou, Customs Officer (tel. 22601680, mspyrou@customs.mof.gov.cy ).

Find the related announcement and other information here.

Circular PDF -Invitation to an Informational Event on the Establishment of the Carbon Border Adjustment Mechanism

Installation of Automation Control System in Heating and Air Conditioning Systems

We would like to inform you that the Energy Department of the Ministry of Energy, Commerce, and Industry has announced that by January 1, 2025, all non-residential buildings with heating or cooling systems exceeding a nominal capacity of 290 kW must be equipped with automation and control systems that allow:

(a) Continuous monitoring, recording, analysis, and the ability to adjust energy consumption,
(b) Comparative assessment of the building’s energy performance, identifying losses in the efficiency of the building’s technical systems and informing the facility manager or technical management of the building about opportunities for improving energy efficiency, and
(c) Communication with interconnected building technical systems and other devices within the building and interoperability with building technical systems of different technologies, mechanisms, or manufacturers.

The above requirement is part of the policies and measures aimed at reducing energy consumption attributed to heating and cooling systems.
After January 1st, 2025, the Energy Department will conduct compliance checks in accordance with the relevant provision of the law. Find the related announcement and other information here.
For any additional information regarding the above, interested parties can contact Mr. Kristi Yiallouros, Industrial Applications Officer, at cyiallouros@meci.gov.cy or by phone at 22409411.

Circular PDF – Installation of Automation Control System in Heating and Air Conditioning Systems

Seminar On International Financial Reporting Standards – 10 October 2023

Seminar On International Financial Reporting Standards Nicosia 10 & 16 / 10/ 2023 (CLEOPATRA HOTEL)

Θέματα που θα καλυφθούν:
Framework for the preparation and presentation of Financial Statements
IAS 1 – Presentation of financial statements under IFRS
IAS 2 – Inventories
IAS 8 – Accounting policies, changes in accounting estimates and errors
IAS 10 – Events after the reporting period
IAS 16 – Property, plant and equipment
IAS 38 – Intangible assets
IAS 40 – Investment properties
IAS 36 – Impairment of assets
IAS 20 – Government Grants
IAS 23 – Borrowing costs
IFRS 5 – Discontinued operations and assets held for sale
IAS 37 – Provisions, contingent liabilities and contingent assets
IAS 7 – Statement of cash flows
Financial instruments under IFRS 7 and 9
IFRS 16 – Leases
IFRS 15 – Revenue from Contracts with customers

PDF – International Financial Reporting Standards

Demystifying Blockchain For Business – 5 October 2023

Demystifying Blockchain For Business Nicosia, 05 / 10/ 2023 – «CCCI» BUILDING

Κυριότερα θέματα που θα καλυφθούν:
•  Introduction to Blockchain Technologies
•  Non-Technical Technology Overview
• Benefits of Blockchain – Myths and Facts
• Blockchain Use Cases and Industry Adoption

Circular PDF – Demystifying Blockchain For Business