Insider Business Proposed unfair commercial practices rules under fire

Proposed unfair commercial practices rules under fire

An imminent debate before parliament on proposed rules criminalising unfair commercial practices to also include legal entities is under strong pressure with affected parties pushing for a postponement.

They have upped the pressure, even though the proposed bill has incorporated amendments submitted by both the Ministry of Finance and the Association of Cyprus Banks.

Letters have already been sent to the House Commerce Committee by commercial banks and the Cyprus Chamber of Commerce and Industry. The latest was by the Cyprus Employers Federation (OEB) whose chief, Michalis Antoniou, stressed that the proposed bill does not serve businesses or the smooth operation of the market or the country’s economy in general.

OEB also called on the committee members to suspend the proposed law and accept the suggestion by the Association of Cyprus Banks for an in-depth discussion to begin between MPs, bank representatives and the Cyprus Consumer Centre For Alternative Dispute Resolution.

“We are in no doubt that logic and the best interest of the country will prevail. And that decisions to be taken will be based on best practices applied in other European countries which protect small businesses from provisions in contracts,” Antoniou also noted.

However, the Green Party alleged that intimidation tactics are again carried out by ‘the well-known cartel’ which supports the banking establishment in Cyprus. And the Confederation of Professional Craftsmen and Shopkeepers (POVEK) has called on MPs not to succumb to the pressure and proceed with the approval of the bill which provides a protection net to small businesses.

 

Read more:

https://in-cyprus.com/company-fined-e250000-for-unfair-commercial-practices/

Top Stories

369 new cases through PCR tests, two deaths announced on Saturday

The Health Ministry announced the death of two persons due to COVID-19. Specifically, a woman 82 with underlying conditions, who had been treated at...

38-year-old arrested for sending videos of minor’s sexual abuse

The Police’s Office for Combating Cybercrime arrested a 38-year-old on the basis of an arrest warrant within the framework of investigating a case of...

Final phase of MEDUSA Multinational Exercise concluded

The final phase of the multinational aeronautical exercise "MEDUSA-10/20", which took place in the sea northwest of the city of Alexandria in Egypt, was...

PM Johnson and EU chief seek to break Brexit impasse

British Prime Minister Boris Johnson will speak to European Commission President Ursula von der Leyen on Saturday to try to break an impasse in...

Moscow rolls out Sputnik V COVID-19 vaccine to most exposed groups

Moscow began distributing the Sputnik V COVID-19 shot via 70 clinics on Saturday to the most exposed groups, marking Russia's first large-scale vaccination against...

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...