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Title_of_text

Law N° 143(I) of 2015 amending the Law on the Establishment, Activities and Supervision of Funds for Occupational Retirement Provision (Amendment).

Main Region

First Region

Cyprus
Administration and financing; Economic and social policy
2015-10-09
National
Law, Act

Second Region

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.

Entry dates region

    Date of entry into force
    2015-10-09
    --

Electronic region

Serial region

    Serial title
    Epissimi Efimeris
    Date
    2015-10-09
    Volume
    Part I(I)
    Number
    N° 4534
    Page range
    pp. 1180-1181