Training Outline

An Introduction to Cyprus Funds

• An overview of the Funds Market today: A glance at Statistics
• Description of the various Legal Forms and basic Characteristics
• Analysis of the various types of AIF funds, different structures, and other classifications
• Externally Managed Funds vs Self-managed Funds
• The ‘Mini Manager’
• The ‘Registered AIF’ (RAIF)
• The main actors 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
• Activation, Operations, Marketing and Distribution

Training Style

The presentation slides 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.

CPD Recognition

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.

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.