The eagerly-awaited law on Alternative Investment Funds was approved unanimously passed by the House of Representatives last week.
The law creates a new institutional framework governing the establishment and operation of Alternative Investment Funds in the Republic Cyprus, providing transparency and protection in the field of collective investments, while it brings the legislation which regulates the international collective investment schemes into line with European law and similar arrangements that are promoted in other EU Member States.
In addition it enables Cyprus to have a single regulator – the Cyprus Securities and Exchange Commission– for all types of Investment Funds.
The AIF law, in conjunction with the existing legislation of the Alternative Investment Fund Managers Directive (AIFMD) as well as the Undertakings in Collective Investment in Transferable Securities (UCITS IV). creates an attractive and competitive environment for the further enhancement and development of the fund industry of Cyprus, which now can accommodate all types of funds, while offering several advantages to International Asset Managers and Investors such as EU Passporting, re-domiciliation, competitive costs, high quality of services and at the same time ensuring confidence and adequate protection for investors.
For more information on the Investment Funds Industry of Cyprus, visit the website of the Cyprus Investment Funds Association: www.cifacyprus.org
SOURCE: GOLD NEWS
