The Cyprus Investment Funds Association (CIFA) has formed a strategic partnership with law firm, King & Wood Mallesons (KWM) to develop the legal and regulatory framework for investment funds in Cyprus.
KWM will conduct a comprehensive review of the Cypriot investment funds framework, including corporate tax arrangements and registration laws, to enhance Cyprus’ position as an international jurisdiction for the domiciliation and management of funds.
The findings of the consultative review are expected to be published later in 2015 whereupon KWM will work with CIFA to promote Cyprus as a gateway to Europe for regional fund managers, particularly in Asia.
CIFA was granted observer status to the European Fund and Asset Management Association (EFAMA) in June 2014, following Cyprus’ adoption of the UCITS IV and the AIFMD directives into the country’s national legal system.
CIFA’s chairman, Angelos Gregoriades, says: “We are pleased to mandate KWM – as the only global law firm headquartered in Asia – to take Cyprus’ investment funds sector to the next stage of its development. It marks our commitment to Cyprus’ recovery in developing core growth sectors, of which fund management is one. There is huge opportunity for global fund managers from Asia and other regions to use Cyprus as a springboard to the deep markets of Europe.”