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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
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2006: Issue 347
Language:
English
Publication Date:
10 Oct 2006
DOI:
https://doi.org/10.5089/9781451809879.002
ISBN:
9781451809879
ISSN:
1934-7685
Pages:
59
Keywords:
ISCR; CR; firm; Cyprus; authority; bank; EU directive; nonlife company; EU branch; EU entry; national bank; securities regulator; EU protocol; EU passport; EU accession; EU UCITS directive; Cooperative banks; Insurance companies; Commercial banks; Insurance; Foreign banks; Eastern Europe
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund