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from Part II - Application in each Member State National reports for the EU Member States
Published online by Cambridge University Press: 11 May 2010
Introduction
The Takeover Directive has been implemented in Cyprus by means of Law 41(I)/2007 on public takeover bids (hereinafter, the ‘Takeover Law’ or ‘Law’), which was published and took effect on 5 April 2007. This legislative text has entirely replaced an amalgam of rules contained in the Stock Exchange Laws, Law 14(I)/2003, the Cyprus Stock Exchange (Public Takeover Bids) Regulations of 1997–2006 and the Companies Laws of Cyprus, Chapter 113, as amended.
On the basis of the Takeover Law and with a view to facilitating its implementation, the Cyprus Securities and Exchange Commission (hereinafter, the ‘CySEC’) has issued five directives.
Scope
The Takeover Law applies to every takeover bid in which the target company has its registered office and its shares admitted to trading on a regulated market in the Republic of Cyprus.
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