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LEGAL UPDATES
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14.04.2016
New Insurance Law transposes Solvency II Directive
Corporate and Commercial Law
The Cyprus Parliament has approved a new law and regulations on Insurance Services (“The Insurance and Reinsurance Services and Other Related Issues Law of 2016” and “The Insurance and Reinsurance Services and Other Related Issues Regulations of 2016”). The new legislation repeals and replaces the existing legislation of 2002, in line with the EU Directive 2009/138 (“Solvency II” Directive) as amended by Directive 2014/51/EU (“Omnibus II”) on the taking-up and pursuit of the business of insurance and reinsurance.
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11.04.2016
The Currency (Counterfeiting and Other Related Matters) (Amendment) Law of 2016
European Union Law
In line with the “EU Directive 2014/62 on the protection of the euro and other currencies against counterfeiting by criminal law”, the Cyprus Parliament approved an amendment to the Currency (Counterfeiting and Other Related Matters) Law. read more
08.04.2016
The Open – Ended Type Collective Investment Undertakings (Amendment) Law of 2016
Corporate and Commercial Law
An amendment of the Open – Ended Type Collective Investment Undertakings Law, 78(I)/2012, (UCITS Law) was approved by the Parliament, in line with the provisions of the EU Directive 2014/91 (“UCITS V Directive”). read more
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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