On 5 and 6 September the Cyprus parliament passed 14 new laws
forming part of a package of measures required by the providers of
international financial support to the Cyprus government. Under the
agreement with its international creditors, Cyprus was required to
pass these measures in order to secure the release of the second
tranche of financial assistance.
The new laws included:
- amendments to the Cyprus International Trusts Law and the Law Regulating Companies Providing Administrative Services and Related Matters setting up registers of trusts established in Cyprus and subject to Cyprus law (for further details please click here);
- a law to transfer responsibility for the supervision of co-operative banks to the Central Bank of Cyprus;
- a law automatically converting convertible bonds into shares to facilitate the recapitalisation of Hellenic Bank;
- a law establishing a compensation scheme for provident fund and pensions deposits in Laiki Bank;
- a law providing for a 10 per cent surcharge on land transfer fees for delays in submitting immovable sales contracts; and
- laws strengthening anti-money laundering measures.
The next scheduled meeting of EU finance ministers, which is due to take place on 13 September, is expected to approve the release of the next tranche of funds.
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