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LEGAL UPDATES
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07.03.2016
New legislation approved in conformity with the EU Directive 2014/59 (Bank Recovery and Resolution Directive - BBRD)
Banking and Secured Financing

Following a previous approval of the Deposit Guarantee Schemes Law, the Cyprus Parliament enacted a new legislative package for purposes of harmonisation with the EU Directive 2014/59 (Bank Recovery and Resolution Directive – BBRD). The package comprises amendments to the Financial Collateral Arrangements Law, a new law on the Recovery of Cyprus Investment Firms, a new law on the Resolution of Credit Institutions and Investment Firms and an amendment of the Operations of Credit Institutions Law.

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04.03.2016
Amendments to the Law on the Prevention and Suppression of Money Laundering
Banking and Secured Financing, Corporate and Commercial Law, European Union Law

The Law on the Prevention and Suppression of Money Laundering, 188 of 2007, was amended for the purpose of harmonisation with “EU Directive 2014/42, on the freezing and confiscation of instrumentalities and proceeds of crime”. The amendment is also in line with the obligations deriving from the Financial Action Task Force recommendations, as well as the recommendations of the “Egmont Group” international organisation related to the competences of the Unit for Combating Money Laundering (MOKAS). 

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18.02.2016
New legislation on deposit guarantee schemes and the resolution of credit and other institutions
Banking and Secured Financing
New legislation (law and regulations) on deposit guarantee schemes (DGSs) and the resolution of credit and other institutions has been approved by the Parliament. The new legislation repeals and replaces the Deposit Guarantee Schemes and the Resolution of Credit and Other Institutions Law of 2013, in line with EU Directive 2014/49 and certain provisions of EU Directive 2014/59. read more
15.10.2015
Amendment to the Partnership and Business Names Law and Regulations
Corporate and Commercial Law
An approved amendment to the Partnership and Business Names Law (Cap 116) as well as the relevant Regulations now also allows limited partnership by shares, in an effort to attract private capital and further encourage partnerships’ business activities. read more
17.09.2015
The 8th Amendment of Cyprus’ Constitution
Constitutional, Public and Administrative Law

The 8th Amendment of Cyprus’ Constitution was published in the Official Cyprus Gazette on 21.7.2015, allowing the establishment of an Administrative Court, by amending Article 146 of the Constitution accordingly. On the same day, the Law 131(I)/2015 was also published providing for the establishment and the operation of an Administrative Court. The new Court will be established in Nicosia and shall have competence to hear administrative law matters, i.e. recourses, seeking the annulment of administrative decisions and acts, at first instance.  In addition to all other matters on which it had jurisdiction to hear until now, the Supreme Court shall continue to exercise appellate jurisdiction on administrative law matters, i.e. it will try appeals challenging the judgments of the newly established Administrative Court.

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