Parliament approves amended law regarding share ownership by former officials

The Cypriot House of Representatives unanimously approved the return of a law by President Nikos Christodoulides concerning the regulation of private sector employment for former state officials. The Legal Service raised concerns that the initial provision restricting share acquisition infringed upon property rights protected by Article 23 of the Constitution. To address these constitutional issues, the Committee on Institutions reached an agreement following a proposal by MP Andreas Pasiourtidis. Under the approved amendments, former officials are no longer restricted from owning shares but are now required to disclose any share acquisition to the Independent Special Three-Member Committee within two years of leaving office. The committee is tasked with maintaining a registry and providing a confidential briefing to the Parliament every six months. The legislation aims to balance constitutional protections with the need for enhanced parliamentary transparency regarding the activities of former public servants. This decision concludes the debate held during an extraordinary session of the House.