The law on alternative dispute resolution has changed

The Plenary Session of the House of Representatives passed a law harmonizing the Cypriot legislation with the "Directive 2013/11 / EU of the European Parliament and of the Council, on the alternative settlement of consumer disputes and the amendment of Regulation (EC) number 2006/2004 and Directive 2009/22 / EC.

According to the data submitted before the Trade Committee of the Parliament, the new law will contribute to the smooth functioning of the internal market for the contracts concluded between consumers and traders and to the quick and low cost settlement of financial disputes that arise between them.

In particular, the law establishes an out-of-court settlement procedure for domestic and cross-border disputes arising from the contractual relationship between consumer and trader and defines the powers and duties of the Competition and Consumer Protection Service of the Ministry of Energy, Commerce, Industry and Tourism. for the management of applications falling within the scope of the bill.

The Office is obliged, in accordance with the provisions of the bill, to cooperate with out-of-court dispute resolution bodies of other Member States. In addition, based on the same data, arbitrators who are registered in the relevant Register of Arbitrators are given the power to adjudicate the disputes provided by law and determine the penalties imposed in case of violation of its provisions.
With the enactment of the new law, the existing Law on Out-of-Court Settlement of Consumer Claims is abolished with their Reference to Arbitration.

Source: KYPE