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ARTICLE · 07 APRIL 2010

Amendments to Cyprus's Banking Law

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The Amending Law 100(Ι) of 2009 makes a number of important changes to Cyprus’s Banking Law.

CyprusWealth Management
Elias Neocleous & Co LLC
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The Amending Law 100(Ι) of 2009 makes a number of important changes to Cyprus's Banking Law.

It transposes the provisions of EU Directive 2007/44/EC relating to mergers and acquisitions of banks into the national law and increases the maximum limits of investments by banks in the share capital of any company, as provided for in subsection (1) of section 13 of the Banking Law, to align them with the maximum limits permitted under article 120 of EU Directive 2006/48/EC.

In addition, the new law amends the provisions of the Banking Law regarding banks' obligations to provide the Central Bank of Cyprus ("CBC") with information on beneficial shareholders holding 5% or more of their share capital.

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