The Republic of Cyprus issued its latest decree pertaining to
the relaxation of restrictive measures on 20 September. Below is a
legal update regarding this decree from Harneys Cyprus.
Relaxation of Restrictive Measures for Branches and
Subsidiaries of Foreign Banks (Decree No 12)
The Republic of Cyprus through its Minister of Finance has
published its twelfth decree of the Enforcement of Temporary
Restrictive Measures on Transactions of Foreign Banks in case of
Emergency Law of 2013 as per articles 4 and 5 of the Enforcement of
Temporary Restrictive Measures on Transactions in case of Emergency
Law of 2013 (the "Law") on Friday, 20
September 2013 (the "Decree").
The Decree allows for foreign credit institutions and their
customers to enjoy relaxed restrictions subject to certain
conditions. Eligible credit institutions are entered into a
catalogue and published in the Official Gazette of the Republic.
The Decree is in force for 35 days commencing on its
