Training Objectives

The objective of the examination is to provide candidates with a good introduction to the fund administration services industry with a focus on Cyprus Investment Funds.

By attending the programme, participants will be able to:

• Understand the benefits of Investment Funds to financial industry operations and efficiency.
• Know the definition of the main types and legal forms of Investment Funds in Cyprus and the main EU Funds Jurisdictions.
• Understand the key terms, definitions and concepts related to Investment Funds.
• Understand the differences between a General Partnership / Limited Partnership and a Variable Capital Investment Company.
• Identify who the primary stakeholders and principals are within Cyprus’s and EU’s Investment Funds ecosystem and grasp their specific functions.
• Know the activities of each stakeholder in the Investment Funds ecosystem.
• Understand the concept of EU passporting in the context of Cyprus’s Investment Funds.
• Know expected regulatory changes, focusing on Fund Administrators.
• Know the different types of Alternative Investment Funds and their features.
• Know the different fund types, structures, and services available to investors in offshore jurisdictions.
• Understand the different types of management of an Investment Fund.
• Understand the legal provisions related to managing an Investment Fund in Cyprus.
• Understand the process of execution of subscriptions and redemptions.
• Understand the ‘Investor Acceptance’ process within a Fund Administration entity.
• Understand the nature and characteristics of investments in debt instruments.
• Be able to analyze and evaluate the strategic role of bonds in investment portfolios
• Understand the nature and characteristics of equity investments.
• Be able to evaluate the factors influencing stock prices
• Understand the nature and characteristics of other types of investments.
• Understand what ETFs are and how the investment in ETFs is recorded.
• Know the life cycles of different financial products i.e., Equity, debt, and virtual assets.
• Know the forces and factors that influence an Investment Fund Lifecycle and suggest how the life cycle might be extended.
• Understand and apply fundamental accounting principles and concepts.
• Be able to apply the double-entry accounting system and understand its impact on financial reporting.
• Understand the valuation of various investment types, understanding the accounting treatments and reconciliation processes, and learn to accurately calculate the Net Asset Value (NAV).
• Know the processes and procedures involved in the safekeeping of assets, including securities and cash management, and understand the oversight mechanisms in place.
• Know how subscriptions, share issues, and redemptions impact fund valuation and performance, and comprehend their effects on NAV.
• Identify the appropriate methods to calculate the value of the fund’s investments.
• Understand the significance of outsourcing and the role of specialist service jurisdictions within the global fund industry.
• Know the importance of Policy Valuation Policy.
• Understand the various components of a complete set of financial statements.
• Know how to prepare financial statements for funds with different legal forms.
• Know the IFRSs in specific fund context.
• Understand the ethical responsibilities of financial reporting under IFRS.
• Understand specific tax structures for investment funds, including tax-advantaged, pass-through, surrogate, and distribution-deduction prototypes.
• Understand the role and general impact of double taxation treaties in fund operations.
• Understand the impact of VAT in structuring a fund.
• Understand the Cyprus taxation system and its implications for fund operations.
• Identify key tax considerations when selecting Cyprus as a fund domicile.
• Understand the anti-money laundering strategies and practices in Investment Funds (FATCA, CRS, etc.).
• Know investor classification and fund management strategies in Cyprus.
• Identify the key regulatory documents and reports filed by Investment Funds.

Training Outline

• Introduction to Investment Funds
• Principals and Stakeholders
• Legal Framework in Cyprus
• Establishing an Investment Funds: Types, Structures & Strategies
• Management of an Investment Fund in Cyprus
• Fund Operations in Cyprus
• Investing in Bonds
• Investing in Equity
• Investing in Other Type of Assets
• The Financial Products Life Cycle
• Accounting Basics
• Fund Accounting
• Fund Valuations
• Fund Financial Statements Under IFRS
• Taxation of Investment Funds
• Taxation of Investment Funds in Cyprus
• Regulation and Statutory Reporting in Cyprus

A detailed outline of each area is noted on the programme Syllabus (clickable).

Who should attend

The certificate programme will be of particular interest and relevance to those working in, and those seeking to work in the investment funds industry and to newly practising professionals working in the Fund Administration, asset management and investment funds area of the legal and auditing advisory firms.

Training Style

Given the technical nature of the course content and the need for participants to grasp complex concepts related to investment funds, a blended training style incorporating both instructor-led sessions and interactive activities would be effective.

By adopting a blended training style that combines lectures, case studies, group discussions, workshops, guest speakers, online resources, Q&A sessions, and practical exercises, participants can engage with the course content effectively, develop a deeper understanding of investment funds, and acquire practical skills relevant to their roles in the financial services industry.

Assessment

The assessment duration is 75 minutes and consists of 50 Multiple Choice Questions with four options, will be delivered online via the CISI professional assessment platform, offering flexibility through both remote assessment and physical presence at the EIMF’s computer testing centre. The pass mark has been set at 70%, with two attempts.

Upon successfully passing the assessment, you will attain the Cyprus Fund Administration Certificate.

CPD Recognition

This programme may be approved for up to 24 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

CISI and CIFA Members | 15% Discount

Members of the CISI and CIFA are eligible for a 15% discount on the programme fees. If you are interested in participating and would like to take advantage of this discount, please contact us. We would be delighted to provide you with information on how to attain the discount.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.