Elias Neocleous At the end of January 2015 a number of detailed amendments were made to Cyprus laws regulating the financial and investment sector to align them with EU legislation. The principal changes were to the Takeover Bids Law of 2007, Alternative Investment Fund Managers Law of 2013, and the Business of Credit Institutions Law of 1997. Law 7(I) of 2015 amends the requirement contained in article 13(1) of the Takeover Bids Law for a mandatory bid to be made when a certain percentage shareholding is reached. Following the amendment, this requirement does not apply in the event that the acquisition (or possession) of titles arises due to the application of resolution tools, powers and mechanisms provided for in title IV of the EU Bank Recovery and Resolution Directive. This is in line with article 119 of that directive.
April 22 2015