Regulatory Alerts2019-03-20
Authorisation and Supervision of Non-Credit Institutions and Credit Intermediaries providing Credit Agreements for Consumers relating to Residential Immovable Property Directive of 2018
The Central Bank of Cyprus issues this Directive to establish the authorization and supervisory framework for non-credit institutions and credit intermediaries offering residential consumer credit agreements. It mandates strict application procedures, including fitness and probity assessments for shareholders and management, while requiring robust governance, minimum capital maintenance, and comprehensive reporting to the regulator. The Central Bank retains powers to suspend or withdraw authorizations if entities fail to comply with legal requirements or pose a threat to financial stability.
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