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LEGAL UPDATES
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The Financial Crisis Management (Amendment) Law of 2012
27.04.2012
Area(s) of Practice: Banking and Secured Financing, Constitutional, Public and Administrative Law

"The Financial Crisis Management (Amendment) Law of 2012"

This amendment extends the validity of the provisions of the basic law for another year, until the end of April 2013.
It is reminded that the purpose of the law in general is to establish a framework to enable the Cyprus Council of Ministers, after taking into account the opinion of the relevant competent authority (the Central Bank of Cyprus, the Authority for the Supervision and Development of Cooperative Societies, the Cyprus Securities and Exchange Commission or the Superintendent of Insurance accordingly), to take, in a period of financial crisis, measures intended to address liquidity or insolvency problems affecting financial institutions based in Cyprus, and to enhance their capital base or balance sheets, under conditions compatible with the EU legislation on State Aid.

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