European Institute of Management and Finance | A Legal Overview of the Cyprus Fund Sector: Concentrating on the AIF
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A Legal Overview of the Cyprus Fund Sector: Concentrating on the AIF

A Legal Overview of the Cyprus Fund Sector: Concentrating on the AIF


In the last few years, Cyprus has grown to be one of the fastest emerging fund markets in Europe. The passing of the Alternative Investment Fund Law of 2014 and the transposition of the UCITS IV Directive into domestic Law in 2012 have harmonized the local regulatory framework in line with the EU fund regulations, increasing the country’s competitive position and opening the market for the setup of Cyprus funds which can be marketed domestically and in the EU.


With a market now built on strong legal foundations, the business environment is created for fund managers, custodians, and administrators to operate and with their significant contribution the Cyprus fund market shall continue developing.


Participants to this seminar will be given the opportunity to gain an overview and understanding of the Cyprus Fund Sector from a legal and operational perspective. The various legal provisions will be analysed and their practical application illustrated.



Seminar Content:


An Overview of the Cyprus Funds Industry:


  • The Historical Background,
  • The Funds Market Today in Cyprus,
  • The Prospects and the Constraints.



The Legal Regime of the Funds in Cyprus:


  • The Role of the Law and the Aims it seeks to Pursue,
  • The Scope of Application of the Law and the Constraints,
  • The Role of the Regulator.



A Thorough Analysis of the main Regulatory Provisions of AIF Funds and their Operation in Cyprus:


  • Definitions and Terminology,
  • Legal Form: The VCIC, The Common Fund, The Limited Partnership
  • Structure and Classification: Open Ended/ Closed Ended, Single Funds/Umbrella Schemes, Self-Managed/ Externally Managed, UNPs/LNPs. Listed/Non-Listed
  • Set up and Application,
  • Authorisation



Operation & Organisation of AIF Funds: Common Provisions:


  • Minimum Initial Capital
  • Registered Office
  • Assets entrusted to Depository
  • Management and Administration
  • Investment Policy
  • Risk Management
  • Valuation of Assets & NAV
  • Subscriptions/Redemptions of Units,
  • Marketing and Distribution of Units
  • Dissolution and Liquidation



An introduction of the Primary Roles in the Funds industry and an extensive insight in their respective responsibilities and operation:


  • The AIF Fund Manager (AIFM)
  • The Depositary
  • The Compliance Officer,
  • Other significant players in the Fund Industry



Taxation and the effect of CRS on Funds and their Investors.


  • Basic Tax provisions
  • The Common Reporting Standards and the CRS



AML and Compliance in the Funds Sector.


  • Systems and Procedures,
  • Customer Due Diligence,
  • The Risk Based Approach,
  • Investor Compliance/Documentation Requirements,
  • The Compliance Function – Duties and Responsibilities of a Compliance Officer
  • AML and Compliance Reporting,
  • The 4th AML Directive and a brief description of some basic developments it brings



The Upcoming Legal Developments and a critical approach on their effect in the Industry: The Introduction of


  • ‘The Mini Manager’,
  • ‘The Registered Fund’,
  • ‘The new Administrators’ Regulation’



Who should attend

This Course applies to Professionals employed in the Fund Sector or seeking to join the Fund Industry such as Fund Managers, Fund Administrators, Compliance Officers, Depositories, Risk Managers or third -party professionals such as Lawyers, Accountants and fiduciary Service Providers who wish to gain an insight into Cyprus Funds Law and the Cyprus Funds Industry.