A new law (entitled Law regarding the regulation of business providing fiduciary services and related matters of 2012 - Law 196(I)/2012) has been enacted and has come into force on 21/12/2012.
The law is intended to govern the licensing and regulation of undertakings providing management, fiduciary and related services to private companies. The supervisory authority for the licensing and regulation of such undertakings is the Cyprus Securities and Exchange Commission (Cysec).
Advocates (including law firms) regulated by the Cyprus Bar Association and licensed accountants regulated by the Institute of Certified Public Accountants of Cyprus are exempted from regulation under the new law.
A copy of the new law (in Greek) is available here.