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

International Monetary Fund

No 2006/347, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 59
Date: 2006-10-10
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