The regulatory framework for the resolution of credit institutions was amended, with the adoption by the House of Representatives of the Resolution of Credit Institutions and Investment Firms Law, 22(I)/2016, and publication in the Cyprus Government Gazette on the 18 March 2016, harmonising the national resolution framework with the European Directive 2014/59/EU on the recovery and resolution of credit institutions and investment firms (BRRD).

Under 22(I)/2016 the Central Bank of Cyprus is designated as the Resolution Authority of Cyprus for credit institutions and investement firms.

Law 22(I)/2016 replaced Law 17(I)/2013, which was enacted on 22 March 2013 and subsequently amended three times (38(I)/2013, 97(I)/2013 & 90(I)/2014).