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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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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
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
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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Examinership: Powers, Duties and Liabilities of an Examiner under Cyprus Law
Corporate and Commercial Law

The recent amendments to the Cyprus Companies Law Ch.113 (hereinafter “the Law”) have introduced the process of Examinership in Cyprus. The legislation is heavily based on the respective provisions of the Irish Companies Act, therefore beside the provisions of the Cypriot Law, the relevant Irish case-law and authorities will be examined for the purposes of this memo.

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