Insider Economy Financial sector bills in abundance

Financial sector bills in abundance

Nine new draft bills aim to further strengthen the island’s financial sector and at the same time harmonise national law with European directives. Some of these have already been tabled at the House of Representatives, while others are expected to be sent there before the year’s end.

Included in the legislation now drafted by the Finance Ministry at the advice of private lawyers is a decree by the Minister of Finance based on  the Transferred and Mortgaged Property Act.

This is the decree on the implementation of electronic auctions under which the procedure and minimum price set on a property to go under the hammer is based. Also, the decree determines who can participate on an electronic auction and the minimum stake by bidders.

In addition, it specifies the starting date of electronic auctions, the dates these will be carried out and the period during which interested parties could bid for the price they want based on an open tender procedure.

Specifically, the nine draft bills concern:

-Harmonisation with the European Commission’s directive on Risk Reducing Measures (RRM) and amendments to the Credit Institutions Act.

-Further promotion of the Financial Stability Bill – Essentially this is the legal framework for State intervention instruments in the event of a credit institution experiencing financial difficulties.

-A harmonised bill on the Investors Compensation Fund.

-A harmonised bill on an investment firm’s capital adequacy.

-A harmonised bill on reporting offenses.

-A bill on the Office of Good Faith. This is the legal framework and mechanisms on the exchange of information by creditors.

-Alignment with the European Parliament and Council’s directive on the Credit Managers Directive and Recovery of Collateral.

– Harmonisation with the European Parliament and Council’s Directive on credit managers, credit buyers and recovery of collateral.

The Finance Ministry has hired private legal advisers to prepare the bills and specific regulations. The provision of these services will be for a period of twelve months with the right to renew for another year until the subject of the contract is completed in accordance with the Public Procurement Act.

That is why the Ministry has called on the House to approve a budget a budget of €115,000 for the legal consultants to round up their assignment.

Read more:

 

https://in-cyprus.com/landmark-day-for-cyprus-banking-sector/

Top Stories

Drop in new covid cases and hospitalised, 202 and one death

  Cyprus recorded one covid-19 death over the past 24 hours, raising the number of victims to 167, 111 men and 56 women with an...

Rapid test locations on Sunday

  Here are the rapid test locations for Sunday January 17 Limassol Tassos Papadopoulos Building-Technical University Limassol (corner of Ifigeneias and Themidos) 8.30-04.30 Ayia Varvara Church Zakaki 9.00-04.30 Ayios Stylianos Church,...

Low visibility on highways as bad weather continues

  Visibility is very low on the Larnaca-Nicosia and Nicosia-Limassol highways, with the network near the Mosfiloti area becoming waterlogged. Police are calling on drivers to...

Explainer: Can Trump pardon himself? Would the courts reject the move?

  As he prepares to end a tumultuous four years as U.S. president facing potential legal jeopardy, Donald Trump has discussed the possibility of pardoning...

U.S. state capitals on edge for armed protests as Trump presidency nears end

  U.S. law enforcement officials are gearing up for pro-Trump marches in all 50 state capitals this weekend, erecting barriers and calling in their National...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...