New Laws To Secure Next Tranche Of Financial Support

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;