The House of Representatives has recently approved the Investment Funds Administrators Law which was welcomed by all practitioners, regulators and the Cyprus Investment Funds Association (CIFA).
The new legal framework will enhance the transparency and investor’s trust to the sector and will allow the upgrading of our legal environment, placing Cyprus among the top tier financial and investment hubs.
CIFA president Mrs Maria Panayiotou stated among others that ‘the approval of the Investment Fund Administrators Law is a landmark moment that completes a core component of the sector’s institutional framework. It will contribute significantly to building trust, safeguarding investors, and boosting the competitiveness of the Cypriot investment funds ecosystem’.
It is reminded that until recently, the operations of Investment Fund Administrators were not governed by any explicit legal framework.
Investment Fund Sector in numbers:
- Assets Under Management: 11.1 billion euros
- Net Asset Value: 9.6 billion euros
- Management Companies & Undertakings for Collective Investments: 322
The information provided by AGPLAW | A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. While every effort has been made to ensure the accuracy and reliability of the information contained herein, the author, publisher, or any related parties make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information. In no event will the author, publisher, or any related parties be liable for any loss or damage, including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this document/article. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
