Investment Fund Administration Operations

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 set -up 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.

Training Objectives

Participants of this seminar will be given the opportunity to gain a brief overview into AIF Funds and then a deep insight in the role and operations of the Fund Administrator and the systems and processes essential to carry out the fund administration function effectively and efficiently.

Training Outline

An Introduction to Cyprus Funds

• Historical Background: From the ICIS to AIF
• The Legal Framework, Scope and Developments
• An overview of the Cyprus Fund Market today
• The Prospects and the Constraints
• The various types of Funds and their classification, the legal form and structure, basic legal characteristics of AIF Funds
• The various actors in the Funds’ industry and their respective Roles

Transfer Agent and Units Register

• The Transfer Agent Function
• Subscription of Units in the Fund
• Information/documents required before subscription
• Unit Holders Register
• Redemption of Units from the Fund
• Suspensions of Redemption
• Marketing and Distribution of Units
• Test of Well-informed/Professional Investors
• The Transfer Agent Process and information Flows

AML and Investor Compliance

• AML and KYC Systems and Procedures
• Customer Due Diligence
• The Risk Based Approach
• The 4^thAML Directive
• Investor Documentation Requirements
• Building Investors’ Economic Profile
• Reporting for AIF Funds

Fund Accounting and the Valuation of Assets

• Organisational and Operational Procedures & Measures
• Information Flows & Trades Processing
• Cash Movements and Reconciliation
• Accrued Expenses and Fees Set Up
• List of Expenses Illustration
• How to treat corporate actions/security prices/exchange rates
• Pricing methodology and Valuation
• An Illustration of NAV Price calculation
• Statistical Reporting

Tax on AIF Funds

• Basic Tax Provisions on Funds
• The new Tax provisions introduced in 2018
• The Common Reporting Standards and their effect on AIFs

Upcoming Legal Developments affecting Fund Administrators

• How they will be affected and the steps they will have to take to fully comply
• New Law aiming to regulate the Administrator
• The Mini Manager

Training Style

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.

Who Should Attend

The programme will benefit several professionals and job functions:

• Investment Funds Professionals
• Fund Administrators
• Fund Custodians
• Legal Professionals that deal with Funds
• Compliance Officers
• Investment Advisors
• Portfolio Managers
• Risk Managers, Accountants
• Fiduciary Service Providers
• Other Professionals who wish to gain an insight into Cyprus Funds Law and more specifically Fund Administration