Min­is­ter an­nounces new frame­work for in­vest­ment funds

Financial Mirror (Cyprus) - - FRONT PAGE -

Fi­nance Min­is­ter Har­ris Ge­or­giades has high­lighted the close co­op­er­a­tion be­tween the state and the Cyprus In­vest­ment Fund As­so­ci­a­tion (CIFA) to es­tab­lish Cyprus as an at­trac­tive des­ti­na­tion for in­vest­ment funds, dur­ing a speech at the first In­ter­na­tional Funds Sum­mit or­gan­ised by CIFA and the Cyprus In­vest­ment Pro­mo­tion Agency (CIPA) on May 29-31.

He told the con­fer­ence that by the end of next week, the govern­ment would pre­pare a new frame­work for the es­tab­lish­ment and regis­tra­tion of new in­vest­ment funds in Cyprus. He said the new frame­work would in­clude in­no­va­tions such as the in­tro­duc­tion of mini man­agers.

CIFA Chair­man An­ge­los Gre­go­ri­ades stressed that funds played an in­creas­ingly sub­stan­tial role in the ef­fort to at­tract cap­i­tal for in­vest­ments and to cre­ate new jobs and wealth in Cyprus. Cyprus’ strate­gic lo­ca­tion, its mod­ern le­gal frame­work which is fully har­monised with Euro­pean and in­ter­na­tional stan­dards, its com­pet­i­tive tax regime and the con­tin­u­ous ef­fort to adapt to new, in­ter­na­tional de­vel­op­ments, make it an at­trac­tive cen­tre for col­lec­tive funds, he added.

Al­ready, pri­mar­ily be­cause of the low regis­tra­tion and man­age­ment costs com­pared to other Euro­pean coun­tries, there has been a sig­nif­i­cant in­crease in the num­ber of ap­pli­ca­tions to reg­is­ter in­vest­ment funds and man­age­ment com­pa­nies in Cyprus, Gre­go­ri­ades noted.

Prais­ing the role of the Se­cu­ri­ties and Ex­change Com­mis­sion (CySEC) for ef­forts to es­tab­lish the coun­try as a fund cen­tre, Gre­go­ri­ades noted that the reg­u­la­tory and su­per­vi­sory frame­work was in­sep­a­ra­ble with the suc­cess of fi­nan­cial mar­kets and their con­tri­bu­tion to achiev­ing growth. It is for this rea­son, he added, that CIFA was al­ready in touch with rel­e­vant au­thor­i­ties to re­vise the frame­work gov­ern­ing the pro­vi­sion of ad­min­is­tra­tive ser­vices to in­vest­ment funds.

On be­half of the Euro­pean Funds and As­set Man­age­ment As­so­ci­a­tion (EFAMA), its di­rec­tor gen­eral Peter de Proft an­nounced that af­ter two years of trial par­tic­i­pa­tion, Cyprus will this year be­come a full mem­ber of the as­so­ci­a­tion and re­vealed that the as­so­ci­a­tion’s con­fer­ence next year will be held in Cyprus.

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