A representation of the European Union's Peer committee experts will be arriving in Cyprus today to commence a series of contacts for a review of local supervisory authorities of the financial sector such as banking, the stock exchange, offshore establishments, the insurance industry and cooperative credit institutions. The purpose of the visit is to review whether local legislation has been adjusted to EU directives concerning the particular sector and to what degree steps have been taken towards implementation.

Following its visit to Cyprus, the Peers committee will submit a report to the EU Commission in Brussels outlining its findings together with suggestions.