ARTICLE
26 August 2014

New Directive On Governance And Management Arrangements In Credit Institutions

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Elias Neocleous & Co LLC

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Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
The Central Bank of Cyprus has published an updated Directive on Governance and Management Arrangements in Credit Institutions.
Cyprus Wealth Management

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.

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