{
  "title": "Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision (Central Bank of Cyprus)",
  "publication": "IMF Staff Country Reports, June 1, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/cyprus-financial-sector-assessment-program-update-technical-note-factual-update-on-basel-22988",
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  "summary": "This technical note examines Cyprus’s factual update on the Basel Core Principles for Effective Banking Supervision for Cyprus. The 2006 directive on corporate governance provides that each commercial credit institution should have a robust internal governance framework.",
  "sections": [
    {
      "heading": "Executive findings",
      "content": "- The technical note examines Cyprus’s factual update on the Basel Core Principles for Effective Banking Supervision for Cyprus.\n- The 2006 directive on corporate governance provides that each commercial credit institution should have a robust internal governance framework.\n- The level of activities of banks in Cyprus that can generate market risk remains low.\n- The Central Bank of Cyprus issued bank guidelines on the management of market risk that include provisions on:\n  - scenario analysis,\n  - stress testing,\n  - contingency planning,\n  - as appropriate."
    },
    {
      "heading": "Regulatory and supervisory implications",
      "content": "- Emphasis on corporate governance: the 2006 directive requires robust internal governance frameworks in commercial credit institutions.\n- Market risk management: supervisory guidance from the Central Bank of Cyprus extends to scenario analysis, stress testing, and contingency planning despite low market-risk-generating activity levels."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects:\n  - Bank regulation,\n  - Bank supervision,\n  - Banking,\n  - Basel Core Principles,\n  - Financial regulation and supervision,\n  - Market risk,\n  - Operational risk\n- Keywords:\n  - Bank regulation,\n  - Bank supervision,\n  - banks management,\n  - Basel Core Principles,\n  - CBC guideline,\n  - CBC Law,\n  - CBC policy,\n  - CBC requirement,\n  - CR,\n  - Cyprus,\n  - Eastern Europe,\n  - ISCR,\n  - licensing regime,\n  - market,\n  - Market risk,\n  - Operational risk,\n  - Southern Europe\n\n---\n\n Content in this bundle\n\n- cr09167 - Key Recommendations\n  - cr09167 - Key Recommendations (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09167 - Key Recommendations (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2016/12/31/cyprus-financial-sector-assessment-program-update-technical-note-factual-update-on-basel-22988/index.md)",
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    "Published: June 1, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451809923.002",
    "The technical note examines Cyprus’s factual update on the Basel Core Principles for Effective Banking Supervision for Cyprus.",
    "The 2006 directive on corporate governance provides that each commercial credit institution should have a robust internal governance framework.",
    "The level of activities of banks in Cyprus that can generate market risk remains low.",
    "The Central Bank of Cyprus issued bank guidelines on the management of market risk that include provisions on:",
    "Emphasis on corporate governance: the 2006 directive requires robust internal governance frameworks in commercial credit institutions.",
    "Subjects:",
    "Keywords:",
    "**_cr09167 - Key Recommendations**"
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