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LEGAL UPDATES
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23.06.2014
The “Resolution of Credit and Other Institutions (Amendment) Law of 2014” designates the Central Bank of Cyprus as the new Resolution Authority
Banking and Secured Financing
Following the approval of the above amending law on 19 June 2014, the Central Bank of Cyprus (CBC) is designated as the new Resolution Authority. read more
02.06.2014
Cyprus – Spain Double Tax Treaty
Taxation Law
On 1 January 2015, the new Treaty for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion, signed by Cyprus and Spain on 14 February 2013, will come into effect.
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09.05.2014
The Securities and Exchange Commission (Amendment) Law of 2014
Corporate and Commercial Law, European Union Law

The Cyprus Securities and Exchange Commission Law [73(I)/2009, 5(I)/2012] was amended in order to clarify that the Securities and Exchange Commission (“The Commission”) shall be designated as the competent supervisory authority for the following issues that derive from EU legal acts:

• short selling and certain aspects of credit default swaps;
• over-the-counter (OTC) derivatives, central counterparties and trade repositories
• credit rating agencies;
• European venture capital funds;
• European social entrepreneurship funds.

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09.05.2014
The Central Bank of Cyprus (Amendment) Law of 2014
Banking and Secured Financing
The aim of the new amendment to the Central Bank of Cyprus Law [138(I)/2002] is to accommodate specific recommendations of the European Systemic Risk Board (ESRB) on the macro-prudential mandate of national central banks in the framework of the oversight of the financial systems. read more
05.05.2014
FATCA and the Intergovernmental Agreement between the U.S.A. and Cyprus
Taxation Law

On 22 April 2014 the U.S.A. Department of Treasury (the “Treasury”) announced that Cyprus is among the jurisdictions that have reached an Intergovernmental Agreement ("IGA") with the Treasury to improve international tax compliance with the Foreign Account Tax Compliance Act (“FATCA”). The FATCA is a U.S.A. statute, targeting perceived tax abuse by American persons through the use of offshore accounts. American nationals, including individuals who live outside of the U.S.A, are required to report to the U.S.A. Internal Revenue Service (“IRS”) their financial accounts held outside of the U.S.A., while Foreign Financial Institutions (“FFIs”) are required to report to the IRS the financial assets and income of their American clients.

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