Cohen: Cyprus Is Not A Template For Future Restructurings
On 25 March 2013, the Bank of Cyprus and Laiki Bank (also known as Cyprus Popular Bank) entered resolution proceedings under the Resolution of Credit and Other Institutions Law 2013....more
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.
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
In This Issue:
- Highlights of AIFM Law provisions
- Licensable AIFMs pursuant to the AIFM Law
- Cross-border management and marketing of AIFs (Passport)
- On 5 July 2013 Cyprus transposed...more
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
The Republic of Cyprus continues to issue decrees pertaining to the relaxation of restrictive measures....more
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
The Republic of Cyprus continues to issue new decrees pertaining to the relaxation of restrictive measures....more
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
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
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.
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
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
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
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
Harneys’ Cyprus Banking Group is closely monitoring a legal challenge to the bail-out legislation which is currently before the Cyprus courts....more
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
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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