The Cyprus Fiduciary Association is pleased to inform its members of the recent Parliamentary approval (15th May 2025) of a legislative amendment to the Law Regulating Companies Providing Administrative Services and Related Matters (ASP Law).
This amendment introduces, for the first time, an institutionalized framework for consultation between the competent supervisory authority and organized representative bodies of licensed professionals, such as the CYFA.
Specifically, the new amendment:
- Officially recognizes entities like the CYFA as “representative bodies of licensed persons”;
- Allows for structured consultation aiming to shape the overall legislative framework.
This development represents a significant institutional milestone for the ASP Sector in Cyprus, as it:
- Enhances public-private sector cooperation,
- Improves transparency and predictability, and
- Promotes best practices and professional ethics.
The Association is proud to state that it has actively participated in the relevant consultations and consistently advocated for constructive dialogue and practical solutions. We are pleased of our contribution to this outcome and stay committed to promoting a balanced and forward-looking regulatory environment.
We thank the Parliament, the President and Members of the Parliamentary Committee of Energy, Commerce and Industry, the supervisory authorities and all stakeholders for their collaboration and shared vision. Together, we are shaping a more resilient and internationally trusted jurisdiction.
The Law amendment will be provided to all members as soon as it becomes available in the official Gazette of the Republic.
As a final note, we welcome this important development and remain committed to actively participating in future consultations, faithfully representing the interests of its members.
