According to our sources, preparatory work for the transposition of the new E-Money Directive 2009/110/EC is carried out in cooperation between the Ministry of Finance, the Central Bank of Cyprus and the Co-operative Societies Supervision and Development Authority. The transposition will require, inter alia, enactment of a new law to replace the existing Electronic Money Institutions Law of 2004. Following the example of the PSD transposition into Cyprus law, certain provisions of the EMD (mainly contained in Title II) will be transposed by means of secondary legislation. This work should be finished by end April 2011.
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