Takeover Law: A Practical Overview
The Republic of Cyprus is proud for having developed through the years a solid yet modern and flexible legislative framework….
The primary source of legislation relating to public M&A transactions in the Republic of Cyprus is the Law to Make Provision for Public Takeover Bids for the Acquisition of Securities of Companies and Related Matters, Law 41(I)/2009 (“Takeover Law”).
The competent authority responsible for the supervision and application of the provisions of the Takeover Law is the Cyprus Securities and Exchange Commission (CySEC).
CySEC also retains the authority to issue directives for supplementing and/or clarifying any provisions of the Takeover Law. To the present date, CySEC has issued four directives, which complement the provisions of the Takeover Law.
In addition to the Takeover Law and the directives, the array of the legislative arsenal in relation to M&A transactions comprises of the following legislative instruments:
Companies Laws of Cyprus, Cap. 113 as amended (“Companies Law”).
Cyprus Securities and Stock Exchange Law, Law 14(I) of 1993 as amended.
Market Abuse Law, Law 102(I)2016.
Transparency Requirements in relation to information about issuers whose securities are admitted to trading on a regulated market Law, Law 190(I) of 2007 as amended.
M&A transactions are clearly on the rise in the Republic of Cyprus the last few years. This increased activity is clearly reflective of the vast changes that the international landscape is experiencing in relatively short time intervals both from a business as well as from a legal/regulatory perspective…
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