Cyprus:
Supplementary Supervision Of Investment Firms In A Financial Conglomerate
04 May 2012
Elias Neocleous & Co LLC
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The Cyprus Securities and Exchange Commission
("CYSEC") has recently issued Directive DI144-2007-11 of
2011 on "Supplementary Supervision of Investment Firms in a
Financial Conglomerate".
The Directive sets out the provisions for the supplementary
supervision of an investment firm which has been granted an
authorisation by CYSEC and which is part of a financial
conglomerate. The Directive sets out the parameters which CYSEC
uses to identify groups to which the Directive applies and the
procedures for appointing a supervisory authority to coordinate
their supervision. It also sets out minimum requirements as regards
capital adequacy, risk diversification, intra-group transactions
and internal control procedures. It explains the role and
responsibilities of the supervisory coordinator and the procedures
for exchange of information and coordination of actions between
competent authorities.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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