CYPRUS Law and Practice Contributed by: Marcos Georgiades, Dominique Pelides and Panayiota Elia, Georgiades & Pelides
ber states (including Cyprus) having expired in December 2023, Cyprus has not yet implement - ed the provisions of the Credit Servicing Direc - tive into national law. An original draft of the implementing legislation, published over a year ago by the Cyprus Ministry of Finance, has now been replaced by a bun - dle of proposed legislative amendments, which were tabled before the Cypriot Parliament on 25 April 2024. The legislation may change substan - tially before it is implemented, with the current expectation being that it will be implemented before the end of this year.
If implemented in its current form, the new leg - islative package will fundamentally amend the existing framework governing authorisation of credit servicers in Cyprus, which was introduced in July 2022. In addition to replacing the existing regime for authorisation of credit servicers, the new proposals will introduce certain fundamen - tal changes to the operation of credit-acquiring companies in Cyprus. Please refer to our Trends & Developments arti - cle for an in depth analysis of the proposals.
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