13 September 2013 Eurogroup statement on Cyprus The Eurogroup welcomes the conclusion of the Troika’s first review mission that the adjustment programme for Cyprus is on track. The Cypriot authorities have taken decisive steps to stabilise the financial sector, meet the fiscal targets and taken structural reforms forward. Because the short‐run economic outlook remains difficult…
The Cyprus Securities and Exchange Commission (“CySEC”) announced on the 8th of August 2013 that the Law regulating Companies providing Administrative Services and Related Matters of 2012 (”the ASP Law”), is in the process of being amended following discussions between Troika, the Ministry of Finance and all three Competent Authorities – being the Cyprus Bar…
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…
16 March 2013 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…
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…
