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LEGAL UPDATES
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09.07.2015
The “Business of Credit Institutions (Amendment) (No6) Law of 2015” extends the prohibition of the sale of loans until the 30th October 2015
Banking and Secured Financing

The Cyprus Parliament has approved a bill amending Section 58 of the Business of Credit Institutions Law, thus extending the prohibition of the sale, assignment or disposal of total or part of any loan and/or rights deriving from any loan facility contract until October 30, 2015.

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09.07.2015
Amendment of the Immovable Property (Transfer and Mortgage) Law
Real Estate Law

According to a new amendment to the above Law, in cases where a mortgaged immovable property is sold and the related sale contract is submitted to the Department of Land and Surveys under the provisions of the Sale of Land (Specific Performance) Law, the sale of the said property in satisfaction of any encumbrance created to secure the seller’s credit facility contract is further suspended until the end of December 2015 on the same conditions already provided in Section 44 of the basic law.

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09.07.2015
The European Economic Interest Grouping (Fees and Charges) (Amendment) Regulations of 2015
European Union Law

The fees and charges on the operations and services included in the Annex of the European Economic Interest Grouping (Fees and Charges) Regulations were revised, following the approval of an amendment that replaces the said Annex.

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06.07.2015
The “Administrative Cooperation in the Field of Taxation (Amendment) Law of 2015”
Taxation Law

The Administrative Cooperation in the Field of Taxation Law, 205 of 2012, was amended for purposes of better regulation in line with EU Directive 2011/16.

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22.06.2015
The “Alternative Investment Funds Managers (Amendment) (No2) Law of 2015”
Banking and Secured Financing, European Union Law
An amendment of the Alternative Investment Funds Managers (AIFMs) Law, 56(I)/2013, aiming at harmonising Cyprus legislation with certain provisions of the EU Directive 2014/65 was recently approved by the Parliament. read more
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