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The Amending Law 100(Ι) of 2009 makes a number of
important changes to Cyprus's Banking Law.
It transposes the provisions of EU Directive 2007/44/EC relating
to mergers and acquisitions of banks into the national law and
increases the maximum limits of investments by banks in the share
capital of any company, as provided for in subsection (1) of
section 13 of the Banking Law, to align them with the maximum
limits permitted under article 120 of EU Directive 2006/48/EC.
In addition, the new law amends the provisions of the Banking
Law regarding banks' obligations to provide the Central Bank of
Cyprus ("CBC") with information on beneficial
shareholders holding 5% or more of their share capital.
With effect from 24 July 2010, the maximum limits of exposures
to each director and to all directors together of each bank will be
reduced from 5% to 2% and from 40% to 20%, respectively.
In addition, the CBC has recently issued two Directives to banks
in accordance with the recommendations of the Basel Committee on
Banking Supervision and the relevant EU Directives on banking
sector issues.
The Amending Directive on the "Framework of Principles of
Operation and Criteria of Assessment of Banks' Organisational
Structure, Internal Governance and Internal Control Systems"
was issued in October 2009 and is intended to strengthen the
overall framework of organisational structure and internal
governance of banks as well as to improve three basic functions of
their internal control systems, namely, internal audit, risk
management and compliance.
The revised Directive on "Communication between the CBC and
the Approved Auditors of Banks", issued in November 2009,
provides a framework for trilateral meetings between the CBC, the
banks under its supervision and their approved auditors, sets out
the circumstances and conditions under which the CBC may invite the
auditors of banks to bilateral meetings and outlines the
circumstances under which the auditors are required to report to
the CBC.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Cayman Finance, which represents much of the financial community in the Cayman Islands submitted a letter on May 22nd highlighting massive inaccuracies in an article by Sir Simon Jenkins.
One of the fundamental principles of company law is that a lawfully incorporated company has a legal personality and identity that is separate from its directors or shareholders.
Reports in the UK suggest a dossier of more than 100 names of people with money here, and other tax free jurisdictions, has been compiled to find those who are avoiding paying tax.
14 May 2013 (Cayman 27) The head of Cayman Finance has rejected claims from economist Jeffrey Sach that some residents here sit on hundreds of hedge fund boards.
Following on from our recent article on the Companies Act 2011, the Companies Act 2012 further demonstrates the Isle of Man’s commitment to seeking transparency in the ownership of companies.
As the private client industry in Jersey seeks to attract clients from the emerging jurisdictions it is likely to become increasingly involved with putting in place succession planning and asset protection structures that relate to family businesses.
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