The Central Bank of Cyprus (CBC) has published an updated Directive on Governance and Management Arrangements in Credit Institutions. The Directive, which was published in the Official Gazette of the Republic on 8 August 2014, sets requirements on the governance structures of credit institutions, on the roles and responsibilities of the management body and senior management and on the development, implementation, and effective oversight of compliance, risk management and internal control frameworks in line with Regulation (EU) No 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms.
It applies to authorised credit institutions incorporated in Cyprus and may, at the discretion of the CBC, be extended to the Cyprus branches of credit institutions incorporated in another EU member state or outside the EU if their Cyprus based branches are considered significant in accordance with Section 27Ε of the Credit Institutions Laws of 1997 to (No. 4) of 2013.
An English version of the Directive is available on the CBC website.
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.
