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LEGAL UPDATES
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The Investment Services and Activities and Regulated Market (Amendment) Law of 2012
01.11.2012
Area(s) of Practice: Banking and Secured Financing
The examination board provided until now in Sections 53 and 54, shall cease to exist by virtue of the new amendment of the basic Investment Services Law of 2007 [Law 144(I)/2007 as amended by 106(I)/2009]. Under the new provisions, the examination and certification of any person employed by Cyprus Investment Firms or credit institutions shall be undertaken by the Cyprus Securities and Exchange Commission. The Law now also allows the supervisory authorities, namely the Cyprus Central Bank, the Cyprus Securities and Exchange Commission and the Authority for the Supervision and the Development of Cooperative Societies, to issue policy directives regulating the qualifications of persons providing investment services.
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