The Cyprus Investment Funds Association (CIFA) has been established at the initiative of the Cyprus Investment Promotion Agency (CIPA) as a natural development of the progress made thus far in promoting Cyprus as a competitive investment funds jurisdiction. The Board of CIFA is comprised of highly reputable and experienced industry professionals spanning all aspects of the industry, including fund management, administration, investment advisory, banking, audit and legal.
The mission of CIFA is to:
As part of achieving its mission, CIFA has established nine Technical Committees and Working Groups comprising of experienced industry professionals which will analyse global industry developments as well as legal and regulatory changes in Cyprus, the EU and beyond. These Technical Committees will focus, among others, on related regulatory and technical subjects – such as UCITS and Alternative Investment Funds – as well as market and operational matters – such as promotion and distribution, risk management, research and statistics, etc. The hard work of the members of these Technical Committees will assist CIFA in ensuring that Cyprus remains at the forefront of related issues internationally while continuously expanding and updating its products to meet the market needs.
Other than being the voice of the industry at a local level, CIFA will also represent the Cyprus investment funds sector in economic missions organised by the Cyprus government around the world, and take active part in principal meetings of the global industry. One important and immediate related action is CIFA’s intended application to become a national member of at least one widely recognized and respected international body.
We have the opportunity to position Cyprus at the centre of the global investment funds industry where, if we take as examples Luxembourg or Malta, it could well become one of the pillars of our financial industry in the coming years. Our legal framework reflects a harmonization with relevant EU Directives covering UCITS funds, UCITS Management Companies and Alternative Investment Fund Managers. With the recent adoption of the AIFMD, we can offer unequalled solutions to alternative fund managers that would choose to operate from Cyprus regardless of the domicile of the funds they manage.
Furthermore, we are working diligently at all levels for the imminent enactment of a new legislation governing Alternative Investment Funds, to replace the existing ICIS regime, which will provide for a
modernization of our legal framework regarding the establishment of such funds and introduce more flexible and favourable fund structures meeting the needs of their promoters.
The activities of CIFA are further supported by the Ministry of Finance and the Cyprus Securities and Exchange Commission (CySEC), the latter being the regulatory authority responsible for the authorization and supervision of UCITS funds and Management Companies, Alternative Investment Fund Managers (AIFM), and further Alternative Investment Funds (AIFs), following the upcoming enactment of the relevant law. This support at all government and regulatory levels is a crucial and necessary development in Cyprus’ efforts to become a renowned centre for all asset classes of funds and fund managers.
I would like personally, as well as on behalf of the Board, to express our appreciation to all parties involved, especially the members of the Ministry of Finance, CySEC and CIPA for the continued commitment and professionalism in the efforts in promoting the establishment of the Funds Industry in Cyprus, and further taking the relevant initiatives to bring Cyprus on equal footing with its competition. I look forward to working closely with my fellow CIFA Board Members in achieving our mission and further promoting Cyprus internationally as a competitive jurisdiction servicing both investment funds and fund managers.