New Cyprus Decrees Issued For 31 March To 4 May, 2014

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures which are in force from 31 March to 4 May, 2014. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below.

Relaxation of Restrictive Measures for Branches and Subsidiaries of Foreign Banks (Decree No 19)

The Republic of Cyprus through its Minister of Finance has published its nineteenth 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 Monday, 31 March 2014 (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