SUSPENSION OF INSTALMENTS’ PAYMENTS FOR LOANS GRANTED BY IORPS DUE TO COVID-19

SUSPENSION OF INSTALMENTS’ PAYMENTS FOR LOANS GRANTED BY IORPS DUE TO COVID-19

COVID-19
08 JUN, 2020

The COVID-19 pandemic and the emergency situation created, has led to the adoption of measures to reduce its impact on the financial sector. In this regard, the Law on the Emergency Measures taken by Financial Organizations and Supervisory Authorities Law of 2020, (Law 3 (I) / 2020), was adopted allowing for emergency measures to be taken to safeguard the stability of the economy. Within the scope of this Law, on 2 June 2020, the Registrar for Institutions for Occupational Retirement Provision (IORPs) has issued a new Directive concerning the suspension of payment of instalments, including interest, for loans granted by IORPs to their members and the extension of deadline to draft and submit annual accounts and reports by IORPs.

 

Read Newsletter


Share This Article

RECENT ARTICLES

About us

George Z. Georgiou & Associates LLC is an award-winning, Cypriot law firm undertaking work in the fields of: Arbitration; Banking & Compliance; Commercial; Corporate & Tax; Data Protection; Employment & Pensions; Intellectual Property & Media; Litigation & International Commercial Litigation; Real Estate & Construction; and all other areas of Cypriot law.

CONTACT US