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Cyprus (534) > Economic and social policy (9)

Name: Law N 143(I) of 2015 amending the Law on the Establishment, Activities and Supervision of Funds for Occupational Retirement Provision (Amendment).
Country: Cyprus
Subject(s): Economic and social policy; Administration and financing
Type of legislation: Law, Act
Adopted on: 2015-10-09
Entry into force:
Published on: Epissimi Efimeris, 2015-10-09, Part I(I), N 4534, pp. 1180-1181
ISN: CYP-2015-L-102366
Link: https://www.ilo.org/dyn/natlex/natlex4.detail?p_isn=102366&p_lang=en
Bibliography: Epissimi Efimeris, 2015-10-09, Part I(I), N 4534, pp. 1180-1181
Text in Greek Text in Greek Tipografio Kipriakis Dimokratias, Nicosia, Cyprus, pp. 1180-1181 PDF of Official Gazette in Greek PDF of Official Gazette in Greek (consulted on 2016-07-26)
Abstract/Citation: The present Law amends the Law on the Establishment, Activities and Supervision of Funds for Occupational Retirement Provision, for the purposes of harmonizing the national legislation:
- with articles 1 and 4 of the European Parliament and Council Directive 2013/14/EU of 21 May 2013, amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive 2011/61/EU on Alternative Investment Funds Managers in respect of over-reliance on credit ratings;
- and with article 62 and paragraphs 1, 2, 5 and 6 of article 66 of the European Parliament and Council Directive 2011/61/EU of 8 June 2011, on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) N 1060/2009 and (EU) N 1095/2010, as amended by the aforementioned Directive 2013/14/EU;
as well as in view of regulating the sanctions imposition in case of omission or breach of the obligation of compliance with the provisions:
- of paragraph 1 of article 4 and subparagraph (a) of paragraph 1 of article 5 of the European Parliament and Council Regulation (EC) N 1060/2009 of 16 September 2009, on credit rating agencies, as amended by the European Parliament and Council Directive 2014/51/EU of 16 April 2014;
- and of the norms of the European Parliament and Council Regulation (EC) N 648/2012 of 4 July 2012, on OTC derivatives, central counterparties and trade repositories, as amended by the European Parliament and Council Regulation (EC) N 600/2014 of 15 May 2014.

Article 2 of the present Law supplements 1st phrase of article 2, by adding the following new terms and definitions: "Regulation (EC) N 648/2012", "Regulation (EC) N 1060/2009" and "Directive 2011/61/EU".
Article 3 supplements paragraph (b) of 1st phrase of article 3, by adding new subparagraph (iv), worded as follows: "of the Law on Alternative Investment Fund Managers, as amended or replaced".
Article 4 supplements article 36, by adding, after 1st phrase, new phrase 1A, concerning the monitoring responsibilities of the tax collector with regard to the Funds.
Article 5 replaces 1st phrase of article 38 with new one, regarding the appointment of investment managers in other Member States.
Article 6 supplements article 44, by adding, after 3rd phrase, new phrase 3A, regarding the penalisation of the breach or omission of compliance with paragraph 1 of article 4 and subparagraph (a) of paragraph 1 of article 5 of the Regulation (EC) N 1060/2009 and with the norms of the Regulation (EC) N 648/2012.

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