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Amendments To Law 87(I)/2026 - Strengthening Of The Framework For The Out-of-Court Resolution Of Financial Disputes
Cyprus introduces significant reforms to its out-of-court financial dispute resolution framework through Law 87(I)/2026, establishing binding decisions by the Financial Ombudsman for monetary compensations up to €20,000. The amendments strengthen debtor protections during mortgaged property disposal procedures while maintaining judicial review rights and introducing new timelines for complaint submissions and debt restructuring negotiations.
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