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Revised CySEC directive regarding supplementary supervision of investment firms and other entities that form part of a financial conglomerate

The Cyprus Securities and Exchange Commission (“CySEC”) has recently issued a revised directive regarding supplementary supervision of investment firms and other entities that form part of a financial conglomerate.  The directive, “Directive DI144‑2007-16 of the Cyprus Securities and Exchange Commission in relation to the supplementary supervision of Investment Firms, UCITS Management Companies or Alternative Investment Fund Managers in a Financial Conglomerate” sets out rules for the supplementary supervision of investment firms, UCITS management companies or alternative investment fund managers that have been granted an authorisation by the CySEC and that are part of a financial conglomerate. The new directive, which is currently available only in Greek, repeals and replaces an earlier directive issued in 2012 with effect from 25 September 2015, the date on which it was published in the government gazette.