Investment Funds Regulations: Alternative Investment Funds (AIF), AIFMD and UCITS
In recent years, Cyprus has made enormous moves towards the enhancement and completion of the national legal framework concerning investment funds. With these legislations in place, Cyprus is set to be established as an international fund jurisdiction.
For the Funds sector to achieve both recognition and profitability it is important for professionals within the sector to be equipped with the most updated knowledge, best practices and tools, in order to obtain a solid understanding of the processes related to fund administration in Cyprus.
This course will provide an update to the current developments of the Cyprus Law regarding CIFs and their obligations. Moreover, the course expands on the UCITS and AIF law and management. The aim being to update the participants with the current requirements and guidelines issued by CYSEC regarding the provision of Investment Services.
After the completion of this workshop, participants will be able to distinguish the difference between UCITS and AIFS and will grasp an understanding of what the prerequisites and the ongoing requirements are for obtaining authorization for either a UCITS or an AIF and a UCITS Management company and an AIF Manager.
- To distinguish between the various legal forms that funds are permitted to have in Cyprus
- To understand the key differences between UCITS and AIF funds
- To comprehend the regulatory requirements for UCITS and AIF funds and AIF managers
- To identify the various service providers involved, including the role and responsibilities of the depositary
- To highlight other operational and capital requirements of funds
- To elaborate on the powers and oversight functions of the Cyprus Securities and Exchange Commission (CySEC) with respect to funds and fund managers
Alternative Investment Funds (AIF)
- Purpose and Scope of AIF law
- Types and forms of AIFs
- Umbrella Structures, Common Funds, Public Offerings, Listing possibilities
- The Depositary Function
- Authorisations, Operating Conditions, Organisational Requirements, and Delegation of Functions of AIF Managers
- Transparency Requirements and Marketing of Units
- Cooperation with other Authorities and Supervision
- Cross Border Provision of Services
Undertakings in Collective Investment Transferable Securities (UCITS)
- UCITS framework
- What is a UCITS fund, when did they start, historical background
- Rulebook, prospectus and other documents of the funds
- Units, Types of funds, Management companies
- European passport and freedom in services provision
- Custodian (depository), what is the custodian and why it is important to the investors
- Existing legal framework, UCITS IV Directive, Law 78 (I) 2012
- AML rules for UCITS
- New legislation, what changed with UCITS V Directive
- Changes in custodian’s role and responsibilities, in remuneration policy, in the sanctions framework
- How investors’ rights are better protected and promoted?
The training style will include the presentation of all the material using slides and handouts. The trainer will use practical examples to elaborate various concepts as well as show various videos that highlight particular course concepts and encourage class discussion. Participants will engage in exchange of ideas and sharing of knowledge on the subject matter. Participants will also be able to ask questions and obtain clarifications from the trainer on all the material covered.
Who Should Attend
The course will be of benefit to all those professionals employed within the Funds sector as well as those who are seeking to join the industry. This will include any professional from the fund operations/administration teams, risk managers, compliance monitoring teams, audit and fund managers or third parties, lawyers, auditors and regulators. Employees and Managers of Cyprus Investment firms and banks who offer investment services, compliance officers and internal auditors.