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PurposeAims to examine the current financial scenario in Cyprus and to suggest medium‐term reforms to the institutional set‐up of Cypriot financial supervision.Design/methodology/approachDetails the different sectors in Cyprus's financial set‐up and suggests measures necessary for remedial reform.FindingsThe suggested reforms should considerably enhance the consistency and extend the viability of the Cypriot financial supervision system without unduly upsetting its hitherto institutional balance or introducing unnecessary complications to its contemporary arrangements.Originality/valueThis represents a starting‐point for Cypriot financial reform, which has up to press been only marginally considered.

3 Under PIL, a right of withdrawal may exist either because the parties to a treaty mutually agree that withdrawal is permissible, whether at the time of the treaty's drafting or ex post (see Art. 54 of the 1969 Vienna Convention on the Law of Treaties, UN Treaty Series, vol. 1155, 331) or because it is possible to read a right of withdrawal into a treaty, whether by interpreting the parties' intentions or because such a right would be consistent with the nature of the treaty itself (ibid Art. 56). 4 Under PIL, unilateral withdrawal is possible under the rebus sic standibus ('fundamental change of circumstances') clause of Art.

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