Eurogroup Statement on Cyprus
201308.10
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Eurogroup Statement on Cyprus

The Eurogroup welcomes the political agreement reached with the Cypriot authorities on the cornerstones of the policy conditionality underlying a future macroeconomic adjustment programme. The programme will be based on ambitious measures to ensure the stability of the financial sector, determined action to carry out the required fiscal adjustment and structural reforms to support competitiveness…

Council agrees position on bank resolution
201308.10
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Council agrees position on bank resolution

The Council today1 set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms (11148/1/13 REV 1). It called on the presidency to start negotiations with the European Parliament with the aim of adopting the directive at first reading before the end of the…

Cyprus, New Law Regulating Fiduciary Services
201308.10
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Cyprus, New Law Regulating Fiduciary Services

For the purposes of regulating the professional activities provided in the framework of administrating private companies by other companies the law on the Regulation of Fiduciaries, Administration Businesses and Company Directors, which transposes the provisions of Directive 2005/60/EC into national law, has been enacted by the Cyprus Parliament on 21st December 2012. Scope of the…

Supreme Court’s Judgment on Administrative Recourses regarding the Bank Resolution Decrees (“Bail in”)
201307.10
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Supreme Court’s Judgment on Administrative Recourses regarding the Bank Resolution Decrees (“Bail in”)

By a majority of seven to two, the Supreme Court of Cyprus issued on 7th of June 2013 its judgment regarding the administrative recourses filed against the Banks’ Resolution Decrees dismissing the same on the ground of non-admissibility. A vast number of recourses filed against the so called “bail in” Decrees should be now considered…