Cyprus: Assessment of Financial Sector Supervision and Regulation, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
October 10, 2006
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The report summarizes the assessment of Financial Sector Supervision and Regulation on Reports on the Observance of Standards and Codes (ROSC) on banking supervision, insurance supervision, and securities regulation of Cyprus. The report assesses that the financial system in Cyprus is in a process of reform generated by liberalization and regulation owing to accession to the European Union. The paper analyzes competency in the banking sector and technical supervisory rules, and assesses its strengths and vulnerabilities in the implementation of financial standards mainly in cross-border cooperation, information exchange, and consolidated supervision.
Subject: Banking, Commercial banks, Cooperative banks, Financial institutions, Foreign banks, Insurance, Insurance companies
Keywords: authority, bank, Commercial banks, Cooperative banks, CR, Cyprus, Eastern Europe, EU accession, EU branch, EU directive, EU entry, EU passport, EU protocol, EU UCITS directive, firm, Foreign banks, Insurance, Insurance companies, ISCR, national bank, nonlife company, securities regulator
Pages:
59
Volume:
2006
DOI:
Issue:
347
Series:
Country Report No. 2006/347
Stock No:
1CYPEA2006001
ISBN:
9781451809879
ISSN:
1934-7685
