The House of Representatives passed legislation regulating the provision of leasing services. The legislation has affect as of the 28.04.2016. The new legislation provides that, with limited exceptions, businesses providing leasing services must be authorised to provide such services. Businesses which: (a) do not deal with the public; or (b) whose principal business activity is…
Theodorou Law Firm is a Cyprus firm with experience in the successful resolution of substantial, complex and challenging disputes. In particular, we have experience in recovering, preserving and returning assets to clients’ which have been fraudulently transferred to third parties or funds transferred into third party bank accounts. With the proceeds of fraud being hidden…
The Supreme Court of Cyprus issued a ruling today (Friday, 7/6/2013) on the 55 administrative recourse filed by bank depositors against decrees imposing the resolution of Popular Bank, which is being wound down, and Bank of Cyprus, where large depositors have been forced to forfeit savings for equity stakes in the bank. The Supreme Court…
On the 23.04.2013 the Supreme Court of Cyprus began reviewing the first administrative recourses filed against the decree issued on the 29.03.2013. The decree implemented the Eurogroup’s decision to wind down Laiki Bank and impose massive losses (“haircuts”) on all deposits in excess of €100.000 at both Laiki and the Bank of Cyprus. The recourses…
The following unprecedented decision was taken by Eurogroup in dealing with the recapitalisation of the two largest banks in Cyprus: 1. For Bank of Cyprus, all credit balances greater than the guaranteed threshold of €100.000, will be converted into shares to the extent required for the bank to reach a Tier 1 capital of 9%.…
The Late Payments in Commercial Transactions Law, Law 123(I) of 2012, published on the 27.12.2012, repeals the previous legislation regarding late payments in commercial transactions. The purpose of this new legislation is to give legal effect to Directive 2011/07/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment…
The China Banking Regulatory Commission (CBRC) and the Central Bank of Cyprus, expressing their mutual interest and willingness in promoting further the bilateral ties in the domain of supervision of credit institutions, concluded on 15 July 2011 a Memorandum of Understanding (MoU). The MoU has been signed on behalf of the CBRC by its Chairman…
On the 14th of April 2011, the Cyprus Parliament unanimously passed the Bank Levy Legislation. The law establishes an Independent Financial Stability Fund for financial institutions. Provided that the totalamount of the levy does not exceed 20% of the total taxable profits of the financial Institution, as these are assessed by the Director of Inland…
The governor of Cyprus` central bank, Athanasios Orphanides, announced that it will create a financial stability fund worth around 500 million euros. Orphanides, a member of the European Central Bank’s Governing Council, told the finance committee of parliament, that ‘as an initial target, our aim is to build a fund of around 3.0 percent of…