Banking Law Update: Memorandum of Understanding between the China Banking Regulatory Commission and the Central Bank of Cyprus

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…

Banking Law Update: Stability fund set up

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…

Duration of validity of Cyprus cheques

The Central Bank of Cyprus announced that as of the 01.03.2011 the duration of the validity cheques issued will be reduced from the current 6 months to 3 months as of the date of the issue of the cheque. This decision affects cheques issued as of the 01.03.2011 and applies equally to government issued cheques…