Cyprus faces fine for failure to transpose EU law.
Cyprus could be looking at a daily fine of e1/47,000 if it continues to delay transposing an article of an EU directive on out-of-court settlements into national law, the House finance committee heard on Monday.
MPs heard that Article 39 of the directive was the only one that had not been transposed into national law. The article should have been passed by January 2017.
The article provides that member states shall ensure appropriate and effective complaints and redress procedures were established for the out-of-court settlement of consumer disputes with creditors, credit intermediaries, and appointed representatives, in relation to credit agreements, using existing bodies where appropriate.
"Member States shall ensure that such procedures are applicable to creditors and credit intermediaries and cover the activities of appointed representatives."
It further states that states shall require the bodies responsible for the out-of-court settlement of consumer disputes to cooperate so that cross-border disputes concerning credit agreements can be resolved.
The finance ministry urged parliament to approve a bill it had prepared before the summer break.
Speaking on behalf of the Legal Service, Demetris Lysandrou said the European Commission has decided to take Cyprus to court and request a daily fine of e1/47,000 until the island complied.
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