The Cyprus Banks Association (CBA) has put forward a series of recommendations regarding the management of jointly-owned buildings, as part of the ongoing discussion of the relevant bill before the House Interior Committee. At the same time, the association has requested a transitional period for the full implementation of the legislation. A more efficient legal frameworkIn a position paper submitted to the Committee, the CBA underlined the need for a comprehensive and effective legal framework to govern the management of jointly-owned buildings. Interest on arrears not of finesThe CBA also recommends that management committees (MCs) be allowed to impose interest on overdue communal expenses prior to litigation. To read an English translation of the recommendations proposed by the Cyprus Banks Association – click here.