Cyprus Bailout

News & Analysis as of

Latest decrees from Republic of Cyprus

The Republic of Cyprus issued new decrees pertaining to the relaxation of restrictive measures on 25 October 2013. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Cyprus Update:...more

Decree 12 from Cyprus

The Republic of Cyprus issued its latest decree pertaining to the relaxation of restrictive measures on 20 September. Below is a legal update regarding this decree from Harneys Cyprus. Relaxation of Restrictive...more

Alternative Investment Fund Managers Directive: Cyprus in the AIFMD Era

In This Issue: - Highlights of AIFM Law provisions - Licensable AIFMs pursuant to the AIFM Law - Depositary - Cross-border management and marketing of AIFs (Passport) - On 5 July 2013 Cyprus transposed...more

New decrees from Cyprus

The Republic of Cyprus has issued new decrees pertaining to the relaxation of restrictive measures. Legal updates regarding these decrees, from Harneys' Cyprus Banking Group, are below....more

Latest updates from Harneys Cyprus

The Republic of Cyprus continues to issue decrees pertaining to the relaxation of restrictive measures....more

The Cyprus crisis and its international tax regime: what multinationals should know

Cyprus has been a member of the European Union since 2004. The country has long been known for its low corporate income tax rate and absence of withholding taxes on payments of interest, dividends and royalties paid to...more

Latest Update on Cyprus Decrees - June 2013

The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures....more

CIS Legal Update - May 2013: Cyprus Bailout: Legal Issues Arising

Many with significant balances in certain Cyprus banks are going to suffer substantial losses as a result of the terms of the Cyprus bailout and the restructuring of the Bank of Cyprus and Laiki Bank. Account holders will...more

CIS Legal Update - May 2013: Russia Ministry of Finance Removes Cyprus from its “Blacklist”

As of January 1, 2013, Cyprus will no longer be included on the "blacklist" of countries that give preferential treatment and/or do not disclose their financial operations....more

Cyprus: Latest relaxation of restrictive measures

The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures. Updates regarding these decrees, from Harneys' Cyprus Banking Group, are below. Enforcement of...more

Derivatives in the context of Cyprus

When Cyprus and the Eurogroup (consisting of finance ministers of the EU member states having the Euro as their currency) decided on the terms of a memorandum of understanding with Troika (consisting of the European...more

Cyprus continues to relax restrictive measures

Restrictive Measures - Transactions: The latest relaxations pertaining to transactions were passed on 17 May 2013 in Decree No 12 under the Enforcement of Restrictive Measures on Transactions in case of Emergency Law...more

More than 50 parties file recourse proceedings in the Cyprus Supreme Court

As noted in our previous update, several clients have considered legal challenges to the new laws based on the resolution measures agreed by the Eurogroup and the Republic of Cyprus. These resolution measures on Bank of...more

Cohen: Cyprus Is Not A Template For Future Restructurings [Video]

May 3 (Bloomberg Law) -- Rodge Cohen, partner at Sullivan & Cromwell, tells Bloomberg Law's Lee Pacchia why the recent bailout of Cyprus's banking sector was a unique situation and not necessarily a template for dealing with...more

Cyprus: To Litigate or Not to Litigate?

Harneys’ Cyprus Banking Group is closely monitoring a legal challenge to the bail-out legislation which is currently before the Cyprus courts....more

Cyprus: Yesterday's News

As we predicted a few weeks ago (see link below), Cyprus has rapidly fallen off the screen. Back to business as usual, based upon an iron-willed refusal to see the spreading cracks in the edifice of the common market...more

Cyprus Bailout: Potential Recourse for Lost Investments

Large depositors in Cyprus's two largest banks may consider international arbitration and appeals to the European courts to recover funds lost under the bailout plan....more

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