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ARTICLE · 20 FEBRUARY 2015

Amendments To Financial Sector Laws

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At the end of January 2015 a number of detailed amendments were made to Cyprus laws regulating the financial and investment sector in order to align them with EU legislation.

CyprusWealth Management
Elias Neocleous & Co LLC
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At the end of January 2015 a number of detailed amendments were made to Cyprus laws regulating the financial and investment sector in order to align them with EU legislation. The principal changes are summarised below. 

The Takeover Bids Law of 2007

Law 7(I) of 2015 amends the Takeover Bids Law of 2007 by providing that the requirement to make a mandatory bid that arises when a certain percentage shareholding is reached contained in article 13(1) of the Takeover Bids Law does not apply in the event that the acquisition (or possession) of titles arises due to the application of resolution tools, powers and mechanisms provided for in Title IV of the EU Bank Recovery and Resolution Directive (Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014), in line with article 119 of that Directive.

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