Fund Setup in Cyprus: A Practical Guide
This seminar aims to provide participants the knowledge and understanding to be able to set up a fund in Cyprus from A to Z.
The Cyprus Fund Industry and the basic legal characteristics of AIF funds are examined so that participants can comprehensively understand every step of the process.
All set up stages are thoroughly analysed, including the application for authorization and the drafting of legal documents.
To gain a general understanding of funds and their legal form and possible structures
To be able to correctly assess client needs by suggesting the most suitable fund structure
To understand the process of preparing and submitting an Application including the drafting of documents
To get an insight of the post- authorisation, activation process
An Introduction to Cyprus Funds
Timeline of Legal Developments in the Fund Sector in Cyprus
An overview of the Funds Market today
Illustrating the Prospects and Challenges of the Cyprus funds industry
An overview of the AIF Fund
Description of the Legal Form and basic Characteristics
Analysis of the various types of AIF funds, the structure and other classifications
The main players in the fund industry and a brief overview of their respective roles
Setting Up the Fund
The below will be examined:
Correctly assessing client needs and providing appropriate advice
Creating the most suitable fund structure & assigning roles
Set up the correct mechanics for the fund to be functional
Pre-defining investment decision process/ strategy/objectives/risks/liquidity mechanisms etc.
Investment Committees & their role
Appointing the Fund Manager, Investment Advisor, Administrator, Custodian
Promotion of the Application
The ‘Applicant’ and the ‘Application Promoter’
Description of Application Process: Map
Clearly defining roles and responsibilities in the Application Process
Setting of the correct timeframe: Time optimization, the fast track procedure, measures to be proactive and save time in the process
Letters of engagement, Applying for name, gathering documentation
Efficient Liaising with the Regulator and the other involved parties
Analysis of the Information to be filed with CYSEC together with the Application
Explaining the Licensing ‘Documentation checklist’
Drafting of Documents & Filing the Application
Drafting the Legal documents. Going through the Instruments of Incorporation, Partnership Agreement, Prospectus and Common Fund Rules.
Analysing various significant clauses, their wording and their effect, identifying problems in their application etc.
The Application Form. How to complete.
Confirmations/Letters of Commitment by Fund Manager, Depositary etc.
The personal questionnaires for directors and shareholders
KYC and other supporting documents. What is accepted by the Regulator
Financial Information: Financial statements /Pro-forma Budget
Other documentation which may be required by CYSEC
The proper Certification of documents
Filing the Application and the supporting Documents
Post Authorization: Activating the Fund
Communication of Authorization by CYSEC
Description of the post- authorization Activation Process
Corporate Documents and the Companies Registrar
Service Level Agreements and filing with CYSEC
Opening of Bank Accounts and operational meetings
Minimum Initial Capital Deposit
Obtaining ISIN, LEI, CFI codes
Activation, Operations, Marketing and Distribution
The programme’s context and educational material will be illustrated and explained to participants in detail. Questions by participants will be answered throughout. Real time examples and document samples will be provided where available. In certain occasions, participants will be more interactively involved through an exchange of views and personal professional experiences.
This programme may be approved for up to 10 CPD units in Financial Regulation and Law. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Professionals requiring CPD units to meet the education requirements for CySEC licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Financial Regulation, are advised to consider training subjects in categories that indicate
CPD training in Financial Regulation.
The Cyprus Bar Association (CyBAR) has confirmed that this programme is accredited for 10 CPD units. Professionals requiring CPD units to meet the education requirements for CyBAR licence renewal, and/or for maintaining other professional memberships/certifications which accept CPD in Law, are advised to consider training subjects in categories that indicate
CPD training in Law.
Who Should Attend
The course is applicable to professionals employed within the Funds sector or those wishing to join the industry and who are particularly interested in the fund set-up process. These may include professionals from the fund sector such as fund managers and fund administrators or third party professionals involved or seeking to get involved in setting up funds such as lawyers, accountants and corporate service providers.