Apr 09, 2015

Press Release

Cyprus Investment Funds Association (CIFA) proceeds with a strategic cooperation for the purpose of promoting Cyprus investment funds

The board of Directors of the Cyprus Investment Funds Association (CIFA) decided yesterday to cooperate with the renowned law firm King & Wood Mallesons (formerly SJ Berwin), for the purpose of the preparation and implementation of an action plan for the promotion of Cyprus as a financial services and investment funds centre.

As the first and only global law firm to be headquartered in Asia, King & Wood Mallesons is strategically positioned in the world’s growth markets, and is powered by 2,700 lawyers across more than 30 international offices spanning Asia, Australia, Europe, the Middle East and North America.

As a top 10 global firm by lawyer numbers and the only firm in the world able to practise PRC, Hong Kong, Australian and English law, King & Wood Mallesons is providing clients with deep legal and commercial expertise, business acumen and real cultural understanding on the ground where they need it most.

The firm has a strong presence in London and are proud to have won the most Innovative Law Firm Asia-Pacific in the Financial Times Asia-Pacific Innovative Lawyers report 2014.

Since its establishment, CIFA set as its main purpose the development of the investment funds sector; the implementation of the action plan is a move towards that direction. The enhancement of the sector will strengthen Cyprus as a financial services centre, and provide the framework for the provision of new financial products to investors, satisfying in that way their continuously changing needs as these arise out of the ever-changing European and global financial landscape.

The procedures for the preparation and implementation of the action plan will be commencing by the end of April, lasting 6 months, and will address the following:

  1. Development of a strategy for the promotion of the investment funds sector
  2. Study of the current legislation and relevant regulatory and legal framework with a view to introduce improvements, where necessary, and which are in line with best practices
  3. Submission of recommendations based on the strategy to be determined and preparation of new legislation, in cooperation with a local advocate / legal advisor, which will cover:
    • The laws on investment funds and fund managers
    • Relevant tax provisions for investment funds and investment managers
    • Corporate legislation as it relates to investment funds
  4. Updating financial institutions on the investment funds sector and its prospects
  5. Organizing global events in selected financial centres

It is anticipated that the regulatory and legal framework of Cyprus, with the implementation of the completed action plan, will become more modernized and competitive, thus constituting the basis of the rapid development of Cyprus into a credible and attractive investment funds jurisdiction.

The CIFA board of directors would like to thank all such bodies and persons who are contributing to this effort, by offering either financial or expert support. The Ministry of Finance, Cyprus Promotion Agency (CIPA) and the Cyprus Securities Commission are further thanked for their continuous and full support.

 Statement of the Chairman of CIFA, Angelos Gregoriades

“Today is an important day for the investment funds sector, as well as Cyprus as a financial services centre. The promotion and strengthening of the sector will contribute significantly to the development and growth of the Cyprus economy. We aspire that with the completion of the relevant action plan Cyprus will be given the means to attract significant investments into Cyprus, leading to the creation of new job positions and upgrading the country on the rankings of international financial markets and destinations.

The choice of King & Wood Mallesons LLP will contribute in the promotion of our country, on the one hand in emerging economies such as China, and on the other in developed financial centres such as London.”

Statement of the Partner at King & Wood Mallesons, Head of International Funds, Mr Jonathan Blake

“We are delighted to be working with the Cyprus Investment Funds Association on this important project, which will enhance Cyprus as a financial services and investment funds centre.”