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LEGAL UPDATES
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29.01.2015
The “Business of Credit Institutions (Amendment) (No2) Law of 2015” and the new “Law on the Macroprudential Supervision of Institutions” transpose EU Capital Requirements Directive and the Capital Requirements Regulation into the Cyprus legislation
Banking and Secured Financing, European Union Law
The Business of Credit Institutions Law, 66(I)/1997, was amended for purposes of harmonisation with “EU Directive 2013/36 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms” (Capital Requirements Directive) and “EU Regulation 575/2013 on prudential requirements for credit institutions and investment firms” (Capital Requirements Regulation). read more
29.01.2015
The “Alternative Investment Funds Managers (Amendment) Law of 2015”
Corporate and Commercial Law, European Union Law

An amendment of the Alternative Investment Funds Managers (AIFMs) Law, 56(I)/2013, aiming at harmonising Cyprus legislation with EU Directive 2013/14 was recently approved by the Parliament. According to the amending legislation:

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29.01.2015
Amendment to the Takeover Bids Law, 41(I)/2007
Corporate and Commercial Law, European Union Law
In line with Article 119 of EU Directive 2014/59, the new amendment to the Takeover Bids Law [41(I)/2007] and particularly new Section 15A states that Section 13(1) of the basic law on mandatory takeover bids shall not apply in the case of use of resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU. read more
05.12.2014
The Investment Services and Activities and Regulated Market (Amendment) Law of 2014
Banking and Secured Financing, European Union Law

On December 4, the Investment Services Law, 144(I)/2007, was amended for purposes of harmonisation with EU Directive 2013/36 “on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms”, and EU Regulation 576/2013 “on prudential requirements for credit institutions and investment firms”.

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04.12.2014
CYPRUS – USA Intergovernmental Agreement on FATCA implementation
Taxation Law

On 2 December 2014, Cyprus signed a Model 1 Intergovernmental Agreement (IGA) with the US government on the implementation of the Foreign Accounts Tax Compliance Act (FATCA).

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