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building regulation enforcement

undeclared employment labor laws

Enhanced Measures Against Undeclared Employment in Cyprus

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The Cyprus government is taking bold steps to crack down on undeclared employment, with plans for extrajudicial fines, increased inspections, and improved coordination between departments. Labor Minister Yiannis Panayiotou emphasizes the need for these measures, highlighting the significant loss of social insurance fund revenues due to informal work. With legislative changes on the horizon, the government is determined to combat the negative effects of illegal employment and ensure compliance with labor laws.

insurance sector cyprus economy

The Vital Role of the Insurance Sector in Cyprus’s Economy

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The insurance industry in Cyprus plays a crucial role in the nation’s economy, contributing €1.4 billion annually or about 4% of the GDP. With the potential to double its GDP share, the sector’s robust regulation and proposed life insurance guarantee fund highlight its significance and growth prospects for the future.

finance regulation

Cyprus Banks on Track to Meet MREL Goals, According to SRB Chief

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Cypriot banks, such as the Bank of Cyprus and Hellenic Bank, are making significant strides towards meeting their MREL goals, ensuring financial stability and resilience. The Single Resolution Board Chief commended their progress, highlighting the importance of these targets in enhancing the banking sector’s capacity to absorb losses and navigate challenges.

finance banking

CBC Issues Revised Directive on Bounced Cheque Registry

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The Central Bank of Cyprus has issued a revised directive outlining new criteria for registration in the bounced cheque registry, requiring individuals or entities who issue three or more bounced cheques within a year or exceed €2,000 in total value to be registered, even if the cheques are settled later. The aim of these changes is to enhance clarity and efficiency within the bounced cheque registry, reflecting the CBC’s commitment to maintaining a reliable and transparent financial system in Cyprus.

government law

New Law Regulates Government Advisors’ Employment

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A new law in Cyprus regulates government advisors’ employment, setting strict qualifications and restrictions to prevent conflicts of interest and ensure integrity in advisory roles. Aimed at addressing past controversies, the legislation requires advisors to be EU citizens, 21+, with a university degree, clean record, and prohibits firstdegree relatives or individuals dismissed for disciplinary offences from serving as advisors.

renewable energy regulation

Navigating the Energy Transition: Challenges and Reforms

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Andreas Poullikkas, Chairman of CERA, emphasizes the need for regulatory reforms to transition to renewable energy, focusing on infrastructure investments and redesigning the electrical grid. The EU’s push for a unified electricity market is crucial for stabilizing prices and supply security, while policies promoting sustainability and innovation are key in navigating the energy transition.

road safety enforcement

Safer Streets: A Look into the Decrease in Road Fatalities in 2023

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In 2023, road fatalities have decreased thanks to proactive enforcement and awareness campaigns against impaired driving, educational initiatives promoting road safety, continuous improvements in road infrastructure, and advances in vehicle safety technology. These efforts have led to a significant reduction in the number of road deaths in Cyprus, highlighting the authorities’ commitment to making the roads safer for everyone.

property development disputes building regulation enforcement

British Couple’s Victory in Paphos Court Sets Precedent for Property Development Disputes

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British Couple’s Victory in Paphos Court Sets Precedent for Property Development Disputes The British couple, Simon and Jen Phillips, achieved a significant legal victory in Paphos, setting a precedent for holding authorities accountable in property development disputes. The court ruled that the state was negligent in overseeing construction, leading to their home’s nearcollapse, and ordered compensation. This landmark decision highlights the importance of enforcing building regulations and may inspire changes in how building regulations are enforced.

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