Breadcrumb

Law N° 208(I) of 2012 on the Establishment, Register, Operation and Supervision of Funds for Occupational Retirement Provision and other provisions.

Country(ies)

Cyprus

Subjects (Classification)

Social security (general standards)

Adopted on (Date of text)

2012-12-28

Scope of text

National

Type of legislation (Type of text)

Law, Act

Abstract/Citation

The present Law is promulgated for the purposes of harmonizing national legislation with European Parliament and Council Directive 2003/41/EC of 3 June 2003, on the activities and supervision of institutions for occupational retirement provision, as amended by article 4 of the European Parliament and Council Directive 2010/78/EU of 24 November 2010.

PART I: INTRODUCTORY PROVISIONS
(Articles 1-3)
PART II: INSPECTOR OF THE FUNDS FOR OCCUPATIONAL RETIREMENT PROVISION
(Article 4)
PART III: ESTABLISHMENT, REGISTER AND LEGAL STATUS OF THE FUNDS
(Articles 5-15)
PART IV: OPERATION AND SUPERVISION FRAMEWORK OF FUNDS SEATED IN THE REPUBLIC OF CYPRUS
(Articles 16-17)
PART V: ADMINISTRATION OF THE FUNDS, PROVISION AND JURISDICTION OF COURTS
(Articles 18-32)
PART VI: CAPITAL RESERVES, INVESTMENTS, ADMINISTRATORS, TRUSTEES AND CROSS-BORDER ACTIVITIES
(Articles 33-39)
PART VII: PROCEDURE OBSERVED BY THE FUND AND ADMINISTRATIVE POWERS OF THE INSPECTOR
(Articles 40-43)
PART VIII: PENAL PROVISIONS
(Articles 44-45)
PART IX: COUNCIL OF THE FUNDS OF OCCUPATIONAL RETIREMENT PROVISION
(Article 46)
PART X: COOPERATION WITHIN THE EUROPEAN UNION
(Article 47)
PART XI: WINDING UP, LIQUIDATION AND BANKRUPTCY OF THE FUND
(Articles 48-49)
PART XII: FINAL PROVISIONS
(Articles 50-56)

The present Law repeals the following Laws:
- N° 44 of 1981, 150 of 1986, 23(I) of 1995, 130(I) of 2002 and 75(I) of 2005 on Welfare Funds
- N° 146(I) of 2006 and 81(I) of 2007 on the Establishment, Activities and Supervision of Funds for Occupational Retirement Provision.