CYPRUS: FinMin announces new framework for investment funds.
Finance Minister Harris Georgiades has highlighted the close cooperation between the state and the Cyprus Investment Fund Association (CIFA) to establish Cyprus as an attractive destination for investment funds, during a speech at the first International Funds Summit organised by CIFA and the Cyprus Investment Promotion Agency (CIPA) on May 29-31.
He told the conference that by the end of next week, the government would prepare a new framework for the establishment and registration of new investment funds in Cyprus. He said the new framework would include innovations such as the introduction of mini managers.
CIFA Chairman Angelos Gregoriades stressed that funds played an increasingly substantial role in the effort to attract capital for investments and to create new jobs and wealth in Cyprus. Cyprus' strategic location, its modern legal framework which is fully harmonised with European and international standards, its competitive tax regime and the continuous effort to adapt to new, international developments, make it an attractive centre for collective funds, he added.
Already, primarily because of the low registration and management costs compared to other European countries, there has been a significant increase in the number of applications to register investment funds and management companies in Cyprus, Gregoriades noted.
Praising the role of the Securities and Exchange Commission (CySEC) for efforts to establish the country as a fund centre, Gregoriades noted that the regulatory and supervisory framework was inseparable with the success of financial markets and their contribution to achieving growth. It is for this reason, he added, that CIFA was already in touch with relevant authorities to revise the framework governing the provision of administrative services to investment funds.
On behalf of the European Funds and Asset Management Association (EFAMA), its director general Peter de Proft announced that after two years of trial participation, Cyprus will this year become a full member of the association and revealed that the association's conference next year will be held in Cyprus.
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