Members

Membership procedure of CIFA is simple and straight forward. Please fill and submit the application form for Natural or Legal Person depending on your needs. Your attention  however is drawn on the fact that, registration of a legal entity, entitles natural qualified persons working in the entity to register with no extra charge, as provided in the relevant articles of the CIFA Constitution appearing below:

Article 4: Membership

The members of the Association are classified into

a) Ordinary Members and

b) Honorary Members.

4.1. Ordinary members may become any corporate bodies or natural persons, provided that they are registered and licensed by the competent Supervisory Authorities in Cyprus to carry out business in the Republic of Cyprus and abroad, irrespective of their legal form.

Indicatively, the organisations and persons having the right to apply to become members of the Association are:

4.1.1. Collective investment management companies and other investment organisations.

4.1.2 Providers of services in the management of collective investments market such as:

4.1.2.1 banks or credit institutions

4.1.2.2. investment funds and asset management companies

4.1.2.3 investment managers

4.1.2.4. investment consultants

4.1.2.5. other financial sector professionals

4.1.2.6. independent auditors

4.1.2.7. legal advisers

4.1.2.8. other consultants and service providers offering specialized services in the sector of collective investments.

4.2. The Members of the Association which are corporate bodies are registered in the Register for Corporate Bodies. The members of the Association who are natural persons are registered in the Register for Natural Persons.

4.3. Corporate bodies which are Members of the Association have the right to nominate a number of their employees, as specified in Article 15 who, provided that they fulfill the requirements of Article 4.1 and following the submission of an application under Article 5, are registered as Ordinary Members.

4.4. Persons who have made a distinguished contribution to society or can provide outstanding services in the attainment of the objectives of the Association may be designated by the Board as Honorary Members. The decision is taken by a two thirds (2/3) majority of the members of the Board.

4.5. The corporate bodies which are Members of the Association may designate additional employees to those  provided for in article 15 for registration under Article 4.3. as Ordinary Members, but in no case shall the number of employees of a corporate body who are registered as Ordinary members be more than twelve (12).

Article 5: Registration of Members

5.1. A person who meets the provisions set out in Article 4 and wishes to become a Member of the Association may submit to the Board a written application on a special form which will be provided by the Association. The application must be supported by at least one Member of the Association. Along with the application, the application fee as provided for in Article 15.1 of the present Constitution shall be paid. The application fee is not refundable in case of rejection of the application.

5.2. The Board is required to consider the applicant's request at its next meeting and decide to approve or reject it. The decision of the Board shall be recorded in the minute book and communicated to the applicant.

5.3. A person whose application was rejected may appeal by submitting a written application to the immediately next General Meeting of the Members of the Association. The decision of the General Meeting is final.

The Registration and Annual Subscription Fees are as follows (Article 15.1)

15.1. The registration fee which is fixed as follows:

15.1.1. For natural persons or corporate bodies employing 1-10 persons: € 200.

15.1.2. For corporate bodies employing 11-50 persons: € 400.

15.1.3. For corporate bodies employing 51-100 persons: €800.

15.1.4. For corporate bodies employing more than 100 persons €1000

15.2. The annual subscription which is fixed as follows:

15.2.1. For natural persons or corporate bodies employing 1-10 persons: € 200.

15.2.2. For corporate bodies employing 11-50 persons: € 400.

15.2.3. For corporate bodies employing between 51 and 100persons: € 800.

15.2.4. For corporate bodies employing more than 100 persons: €1000.

15.3. Corporate bodies have the right to nominate their employees for registration as Ordinary Members under Article 4.3, without paying an additional registration fee or additional annual subscription as follows:

                15.3.1 Corporate bodies employing 1-10 persons: 1 employee

                15.3.2 Corporate bodies employing 11-50 persons: 2 employees

                15.3.3 Corporate bodies employing 51-100 persons: 4 employees

                15.3.4 Corporate bodies employing more than 100 persons: 5 employees.

15.4. Subject to the provisions of Article 4.5, corporate bodies may nominate for registration as Ordinary Members additional employees to those referred to in Article 15.3. For each additional employee a registration fee of €200 and an annual subscription of €200 in addition to the amounts mentioned in Articles 15.1. and 15.2. shall be paid.

The amounts listed in paragraphs 15.1., 15.2. and 15.4. may be revised by the Board and approved by the next Annual General Assembly.

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