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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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The Risk and Regulation Monthly provides a summary of the key International, European and UK regulatory developments and pertinent regulatory activity affecting the Financial Services industry.
Existing funds which no longer invest after July 22, 2013 are not required to comply with the provisions of the KAGB, even if the manager of such funds also manages funds which still make investments.
The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers.
The FSA has been in discussions with the banks with regard to them providing appropriate redress for affected customers in relation to the mis-selling of payment protection insurance.
The Court of Justice of the European Union has ruled that VAT on investment management fees paid by the trustees of a UK defined benefit pension scheme is irrecoverable under a VAT exemption for special investment contained in two EU Directives.
The draft legislation transposing the European Union’s Alternative Investment Fund Managers Directive into Luxembourg law was submitted to the grand duchy’s Chamber of Deputies by finance minister Luc Frieden on August 24.
Directive 2011/61/EU on Alternative Investment Fund Managers comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds by Alternative Investment Fund Managers within the EU.
A summary of the most recent financial regulatory developments.
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