Security Rights in Intellectual Property in Cyprus

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.