The Sale of Credit Facilities and Related Matters (Amendment) Law of 2026

E.E. Part I(I) Law 86(I)/2026
No. 5087, 21.4.2026

The Sale of Credit Facilities and Related Matters (Amendment) Law of 2026 is enacted with publication in the Official Gazette of the Republic of Cyprus in accordance with Article 52 of the Constitution.

Number 86(I) of 2026

LAW AMENDING THE LAWS RELATING TO THE SALE OF CREDIT FACILITIES AND RELATED MATTERS OF 2015 TO 2024

The House of Representatives decrees as follows:

Short title.
169(I) of 2015
86(I) of 2018
129(I) of 2022
121(I) of 2024.

1. This Law shall be cited as the Sale of Credit Facilities and Related Matters (Amendment) Law of 2026 and shall be read together with the Laws relating to the Sale of Credit Facilities and Related Matters of 2015 to 2024 (hereinafter referred to as "the principal Law") and the principal Law and this Law shall be referred to together as the Laws relating to the Sale of Credit Facilities and Related Matters of 2015 to 2026.

Amendment of Article 2 of the principal
Law.

2. Article 2 of the principal Law is amended as follows:

(a) By replacing the definition of the term "ARTEMIS data exchange mechanism" with the following definition:

66(I) of 1997
74(I) of 1999
94(I) of 2000
119(I) of 2003
4(I) of 2004
151(I) of 2004
231(I) of 2004
235(I) of 2004
20(I) of 2005
80(I) of 2008
100(I) of 2009
123(I) of 2009
27(I) of 2011
104(I) of 2011
107(I) of 2012
14(I) of 2013
87(I) of 2013
102(I) of 2013
141(I) of 2013
5(I) of 2015
26(I) of 2015
35(I) of 2015
71(I) of 2015
93(I) of 2015
109(I) of 2015
152(I) of 2015
168(I) of 2015
21(I) of 2016
5(I) of 2017
38(I) of 2017
169(I) of 2017
28(I) of 2018
89(I) of 2018
153(I) of 2018
80(I) of 2019
149(I) of 2019
21(I) of 2020
73(I) of 2020
28 (I) of 2021
94(I) of 2021

""ARTEMIS data exchange mechanism" has the meaning assigned to this term by paragraph (1) of Article 2 of the Credit Institutions Business Law;"; and

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95(I) of 2021
162(I) of 2021
163(I) of 2021
61(I) of 2022
62(I) of 2022
162(I) of 2022
17(I) of 2023
59(I) of 2024
158(I) of 2024
14(I) of 2025
84(I) of 2026.

(b) by replacing the term "system or data exchange mechanism" with the following term and definition:

""system or data exchange mechanism" has the meaning assigned to this term by paragraph (1) of Article 2 of the Credit Institutions Business Law;".

Amendment of Article 4B of the principal
Law.

3. Article 4B of the principal Law is amended as follows:

(a) By replacing paragraph (a) of paragraph (4) with the following paragraph:

"(a) Subject to the provisions of this Law, purchasers of credit facilities comply with the provisions of the Credit Institutions Business Law and the instructions issued thereunder, regarding the submission of data to the ARTEMIS data exchange mechanism."; and

(b) by replacing paragraph (5) with the following paragraph:

"(5)(a) Subject to the provisions of paragraph (7), a credit facility manager has the right to access data held in the ARTEMIS data exchange mechanism, in accordance with the provisions of paragraph (b), for the purpose of assessing the creditworthiness of the credit facility purchaser's customers and/or more effective management of credit risk and/or other related risks, as well as for the purpose of exercising credit facility management activities, in accordance with paragraphs (a) and/or (b) and/or (c) of the definition of the term "credit facility management activities" in Article 2 and specifically for finding restructuring and/or settlement and/or resolution solutions for debt.

(b) The access provided for in paragraph (a) is granted based on criteria, terms and conditions specified in the Credit Institutions Business Law and the instructions issued by the Central Bank thereunder, and is granted to the manager only for the purposes specified in paragraph (a), as provided in the relevant credit facility management contract, under which the credit facility manager undertakes the relevant credit facility management work, and in the personal data processing contract.

(c) The access provided for in paragraph (a) is granted upon submission of a relevant application to the Central Bank, which, after examining whether the criteria, terms and conditions specified in paragraph (b) are met, including the terms of the contracts referred to in paragraph (b), approves or rejects the application for such access.

(d) The manager, for the purposes of paragraphs (a) and (b), has access to the data determined in accordance with the Credit Institutions Business Law and the instructions issued by the Central Bank thereunder, provided that he is in full compliance with the obligations arising from Regulation (EU) 2016/679 and the provisions of the Law relating to the Protection of Natural Persons with regard to the Processing of Personal Data and the Free Movement of such Data and in any case in accordance with the provisions of the Credit Institutions Business Law and the instructions issued thereunder.".

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Amendment of Article 14 of the principal
Law.

4. Article 14 of the principal Law is amended as follows:

(a) By replacing in paragraph (4) the phrase "of paragraphs (a) to (e) and (h) to (i) of paragraph (1)" (third line) with the phrase "of paragraphs (b) to (d), (h), (i), (ia) and (ig) of paragraph (1) of Article 33"; and

(b) by adding immediately after paragraph (5) the following new paragraph:

"(6) Subject to the provisions of this Law, purchasers of credit facilities and managers comply with the provisions of the Credit Institutions Business Law and the instructions issued thereunder, regarding the submission of data to the ARTEMIS data exchange mechanism and access to it, as appropriate."; and

(c) by deleting paragraphs (2), (3) and (5).

Amendment of Article 14A of the principal
Law.

5. Article 14A of the principal Law is amended by replacing in paragraph (z) of paragraph (2) the phrase "of the Directive on the Definition of System or Mechanism for Data Exchange, Aggregation and Provision" (second to fourth lines) with the phrase "of the Credit Institutions Business Law and the instructions issued thereunder".

Amendment of Article 17 of the principal
Law.

6. Article 17 of the principal Law is amended by deleting paragraphs (3) and (4).

545