The Cyprus Securities and Exchange Commission
("CYSEC") has recently issued Directive DI144-2007-11 of
2011 on "Supplementary Supervision of Investment Firms in a
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
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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Guernsey is, for many, the jurisdiction of choice for the establishment and/or administration of all types of collective investment vehicle, including private equity, hedge and property funds, across a wide range of asset classes.
The regulatory and legal framework for securitisation transactions is non-intrusive, flexible as to the assets which may be securitised and at the same time secures the required level of investor protection.
UCITS may invest in financial derivative instruments for investment purposes subject to a variety of conditions as outlined below relating to the nature of the exposures taken, the leverage generated through such positions, the process employed by the UCITS to manage the risks arising from derivatives investment as well as rules relating to OTC counterparty exposure and to the valuation of derivatives positions.
The subject of Capital Markets Law dated 30 July 1981 and numbered 2499 (hereinafter "Capital Markets Law") is to regulate and control the secure, transparent and stable functioning of the capital market...
The European Markets Infrastructure Regulation introduces requirements aimed at improving transparency and the reduction of risks associated with the derivatives market.
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