CYPRUS: AN EMERGING FUNDS JURISDICTION. Marios Tannousis Board Member & Secretary

Size: px
Start display at page:

Download "CYPRUS: AN EMERGING FUNDS JURISDICTION. Marios Tannousis Board Member & Secretary"

Transcription

1 CYPRUS: AN EMERGING FUNDS JURISDICTION Marios Tannousis Board Member & Secretary

2 Cyprus as Business Expansion Platform In addition to the favorable tax regime, Cyprus offers many other advantages: Strategic geographic location (Europe Asia Africa); EU/Eurozone Member State; The legal system is essentially based on English Law; Financial reporting system based on IFRS; Business language is English; Open market economy with a highly qualified multi-lingual professionals and sophisticated business infrastructure to support the industry. 1

3 Global Trends (1) The funds industry has become very popular amongst investors as it provides a broader selection of investment opportunities. Overall the regulated openended fund assets increased by 6.8% during the fourth quarter of 2017 compared to the same quarter of 2016, reaching 44.3tln in value 2

4 Global Trends (2) During the fourth quarter of 2017, the worldwide regulated open-end fund net assets were dominated by 42% of equity, followed by 21% of bonds and 18% of balanced-mixed investments while the remaining 19% was allocated to real estate, guaranteed and other investments. The allocation remained stable since

5 In a new report Asset & Wealth Management Revolution: Embracing Exponential Change, PwC anticipates that global Assets under Management (AuM) will almost double in size by 2025, from US$84.9 trillion in 2016 to US$111.2 trillion by 2020, and then again to US$145.4 trillion by 2025 Alternative asset classes in particular, real assets, private equity and private debt will more than double in size, reaching $21.1 trillion by 2025, accounting for 15% of global AuM.

6 EU Trends The European funds industry has been growing since 2008 and during 2016 has reached 23tln of assets under management and 14tln of net assets. As per EFAMA, the ratio of assets under management to European GDP has reached 138% by the end of 2016 signaling confidence in the financial markets. Europe ranks as the second largest market in the global asset management industry, managing 31% of the total amount of assets managed globally at end 2015 (EUR 68 trillion). 5

7 CYPRUS Trends (1) The major milestone of recent years was the enactment of the AIF Law in 2014, which replaced and repealed the existing ICIS Law initially enacted in These developments have assisted in growing our industry during the last two years, and in the efforts to establish Cyprus as a jurisdiction of choice for asset managers both within and outside the European Union. The Cyprus regulatory authorities are continuing to work on further enhancements of the regulatory framework, which will further boost the growth of the industry going forward.. 6

8 CYPRUS Trends (2) The number of funds in Cyprus is increasing year-on-year at a compound rate of 18% per annum since 2014, reaching a total of 21 home-domiciled UCITS and more than 110 homedomiciled AIFs. In 2017, AIFs represented 94% of total net assets of the Cyprus funds industry. In the same year, a significant number of new funds were authorised and activated 7

9 CYPRUS Trends (3) Overall, the funds industry has evolved over the last decade to become a vehicle of investing in selected sectors of the global economy with a well-diversified risk. Its popularity is increasing amongst investors who are continuously adding pressure to fund managers for cost reduction and access to more diversified investments. 8

10 CYPRUS Trends (4) Cyprus is adapting to the transformation of the funds industry and it is expected that it will become a bigger player in EU, as evidenced by the encouraging net sales value in 2016 and The harmonization of the legal framework governing the funds in Cyprus with the EU regulations, along with the transition brought by the AIF law enactment has played a significant role in the evolution of the funds industry in Cyprus. Further enhancement with the 5 new bills that are expected to be enacted to the national legal order of Cyprus 9

11 Mission and Role CIFA s Mission is to: Act as the single unified representative body of the industry in Cyprus, representing the sector in economic missions to promote and support the development of the Cyprus Investment Fund industry; Provide support to its members in knowledge building; Encourage maintenance of industry standards and professionalism; Be engaged in the development of related regulatory aspects by being the back office knowledge centre of the Ministry of Finance and CySEC in collaboration with EFAMA; 10

12 CIFA Structure - The Board Members represent the whole industry 15 members, reputable industry professionals experienced in all aspects of the industry, including fund management, administration, advisory, banking, audit and legal Chaired by industry participants with direct experience and expertise in the related fields of the respective committee in which they participate CIFA BOARD OF DIRECTORS CIFA TECHNICAL COMMITTEES 13 Technical Committees: UCITS AIFs Committee Fund / Asset Management Committee Cyprus Investment Funds Distribution Committee Fund Administration / Custodian Committee Legal and Regulatory Committee Ethics and Risk Management Committe Tax Committee Statistics and Fund Research Committe Training / HR Committee AML Wealth Fintech 11

13 CIFA Technical Committees Our Technical Committees are engaged among other matters in: The identification of practices which may negatively influence the economic interests of fund managers and investors and suggest changes; We hold regular presentations in order to generate awareness of the funds industry in the Cypriot market; We have opened dialogue with universities, and are planning to do the same with IT companies for knowledge building; already universities are offering specific courses related to the industry while the University of Cyprus has successfully held seminars on promoting the funds industry; We seed continuously to increase our membership to support marketing efforts (currently we are over 200 members); We continue publishing relevant educational and promotional materials. 12

14 History and Recent Achievements February: CIFA is established April: CIFA was registered as an Association under applicable law. September: CIFA Newsletter is launched (issued on a quarterly basis with contributions from CIFA Members as well as government and regulatory authorities). December: CIFA Website is launched. January: CIFA Technical Committees are established; First official Members Meeting is held Application for EFAMA Membership submitted. April: Presentation to EFAMA Board for membership application. April: Engagement of KWM. September: Investment Fund Conference. EFAMA AGM in Limassol June & 4 th International Fund Summit in September June: EFAMA Board approved application; granted Observer status. November: First AGM is held. 13

15 CURRENT PROJECTS Within the framework of increasing the visibility of Cyprus internationally as an investment hub and an attractive jurisdiction of the domiciliation and management of investment funds we are currently working on the below projects: Listing of Cyprus registered Investment Funds on the Thomson Reuters Platform The eligibility of Cyprus funds in Vestima (part of Clearstream Banking Luxembourg)

16 Milestones with EFAMA CIFA participates at the Conference of EFAMA in Nov in Brussels CIFA applies for membership to EFAMA in Jan CIFA presents to EFAMA Board of Directors Meeting in April 2014 in Brussels EFAMA delegation visits Cyprus in May 2014 meetings with Regulator (CySEC), Central Bank, Ministry of Finance and Minister of Communications and Works (member of CIFA) EFAMA grants CIFA membership (observer) in June 2014 at EFAMA AGM in Romania 15

17 Milestones with EFAMA EFAMA participates at the CIFA Inaugural event in July 2014 under the aegis of the President of the Republic at the Presidential Palace in Nicosia, Cyprus CIFA participates at the EFAMA Conference in Nov in Brussels Mobilization of the CIFA 9 Technical Committees and adoption of EFAMA stands on key Fund and Asset Management Issues with the guidance of EFAMA (e.g. Ucits, AIFMD, legal and regulatory matters, investor education, ethics and risk, statistics and reporting, e.t.c.) CIFA begins in May 2015 reporting to EFAMA the figures and statistics of the Cyprus Funds and Asset Management Industry as per EFAMA standards 16

18 Milestones with EFAMA EFAMA participates and endorses the CIFA Cyprus Funds Summit in October 2015 in Nicosia, Cyprus with the aim to educate the local industry. Experts speakers from Overseas EFAMA participates and endorses 2 nd and 3 rd International Funds Summits Organized by CIFA in May 2016 and October 2017 Meetings with Central Bank and CySEC to streamline and report the quarterly and monthly statistics that are requested by EFAMA. 17

19 Funds and Asset Management industry key dates 1999 Enactment of the International Collective Investment Schemes Law 2012 Transposition UCITS IV 2014 Enactment of AIF Law which repeals the ICIS Law 2018 Five new important bills 2007 Transposition of MIFID 2013 Transposition of AIFMD 2016 Transposition of UCITS V 18

20 Further work to be done 19

21 Where do we go from here? Immediate Next Steps Government and the Attorney-General Office to fast track proposed legislation to remain both in line and competitive with other jurisdictions; CIFA on the other hand will continue to: Strengthen knowledge management to support the industry in light of EU developments and requirements in collaboration with EFAMA; raise industry awareness; upgrade the professional qualifications, the credibility, professional ethics and quality of services provided by its members. 20

22 Activity Area Membership in international bodies:

23 CIFA Memberships throughout the years 100% 90% 80% % 60% 50% % 30% 20% 10% 0% Total Members

24 THANK YOU Marios Tannousis Board Secretary April

POSITIONING CYPRUS AS AN INTERNATIONAL PENSIONS MANAGEMENT CENTRE AND THE ROLE OF THE CYPRUS FUNDS INDUSTRY

POSITIONING CYPRUS AS AN INTERNATIONAL PENSIONS MANAGEMENT CENTRE AND THE ROLE OF THE CYPRUS FUNDS INDUSTRY POSITIONING CYPRUS AS AN INTERNATIONAL PENSIONS MANAGEMENT CENTRE AND THE ROLE OF THE CYPRUS FUNDS INDUSTRY MR. ANGELOS GREGORIADES, BSC, FCA CIFA PRESIDENT 5 NOVEMBER 2014 It is with great pleasure that

More information

Newsletter March 2015

Newsletter March 2015 Newsletter March 2015 Table of Contents Cyprus Investors Summit 2015: a great success by Mr. Christodoulos Angastiniotis The importance of investor education and CIFA s role in promoting this objective

More information

CYPRUS INVESTMENT FUNDS ASSOCIATION. Annual Review 2O18

CYPRUS INVESTMENT FUNDS ASSOCIATION. Annual Review 2O18 CYPRUS INVESTMENT FUNDS ASSOCIATION Annual Review 2O18 2 Cyprus Investment Funds Association (CIFA) Annual Review 2018 Cyprus Investment Funds Association (CIFA) Annual Review 2018 1 CONTENTS President

More information

RECENT DEVELOPMENTS AND CYPRUS SECURITIES MARKET OPPORTUNITIES IN THE RUSSIAN AND CYPRIOT OPPORTUNITIES IN AN EVER

RECENT DEVELOPMENTS AND CYPRUS SECURITIES MARKET OPPORTUNITIES IN THE RUSSIAN AND CYPRIOT OPPORTUNITIES IN AN EVER Demetra Kalogerou Chairman Cyprus Securities & Exchange Commission May 2012 RECENT DEVELOPMENTS AND OPPORTUNITIES IN THE CYPRUS SECURITIES MARKET RUSSIAN AND CYPRIOT OPPORTUNITIES IN AN EVER EVOLVING TAX

More information

Cyprus Investment Funds Association (CIFA) Annual Review 2016

Cyprus Investment Funds Association (CIFA) Annual Review 2016 Annual Review 2O16 Annual Review 2016 & Financial Statements for the year ended 31 December 2015 2 Annual Review 2016 CONTENTS Annual Review 2016 3 President s Statement...4 Why Cyprus...6 Cyprus Fund

More information

CONNECTEDSKY LEGAL & CORPORATE CONSULTANTS LIMITED. Citizenship & Residency Schemes, and investment Opportunities in Cyprus

CONNECTEDSKY LEGAL & CORPORATE CONSULTANTS LIMITED. Citizenship & Residency Schemes, and investment Opportunities in Cyprus CONNECTEDSKY LEGAL & CORPORATE CONSULTANTS LIMITED Citizenship & Residency Schemes, and investment Opportunities in Cyprus Table of contents 1. Introducing ConnectedSky 2. Why Cyprus? 3. Citizenship and

More information

OUR FIRM S SERVICES INVESTMENT OPPORTUNITIES THROUGH CYPRUS

OUR FIRM S SERVICES INVESTMENT OPPORTUNITIES THROUGH CYPRUS OUR FIRM S SERVICES INVESTMENT OPPORTUNITIES THROUGH CYPRUS 23 th November, 2017 PAPADEMETRIOU & PARTNERS LTD 26, Apollonos Str., P.O.Box 21865 1514 NICOSIA TEL.:00357 22667451 FAX.:00357 22668292 E-mail:pappan@cytanet.com.cy

More information

Alternative Investment Funds (AIFs) THE CYPRUS PERSPECTIVE. Author: Publication Date: Subject Area: Claire Metaxa 11 December 2018 Fund Industry

Alternative Investment Funds (AIFs) THE CYPRUS PERSPECTIVE. Author: Publication Date: Subject Area: Claire Metaxa 11 December 2018 Fund Industry Alternative Investment Funds (AIFs) THE CYPRUS PERSPECTIVE Author: Publication Date: Subject Area: Claire Metaxa 11 December 2018 Fund Industry Introduction Global Environment The Financial Crisis which

More information

Cyprus: Solutions for an evolving global funds industry

Cyprus: Solutions for an evolving global funds industry Cyprus: Solutions for an evolving global funds industry Invest in Cyprus Invest in Us Invest in Cyprus Invest in Us CONTENTS Cyprus: An attractive funds jurisdiction Cyprus: Solutions for an evolving

More information

Global fund distribution trends: responding to the pension challenge

Global fund distribution trends: responding to the pension challenge Global fund distribution trends: responding to the pension challenge XV International Conference of the Association of Eurasian Central Securities Depositories 29 September 2018 Tashkent Agenda Terminology

More information

Cyprus as a modern alternative fund jurisdiction. Haris Kakoullis Partner KPMG Cyprus

Cyprus as a modern alternative fund jurisdiction. Haris Kakoullis Partner KPMG Cyprus Cyprus as a modern alternative fund jurisdiction Haris Kakoullis Partner KPMG Cyprus Exchange of Information and Reporting Global Forum on Transparency and Exchange of Information - OECD Largely Compliant,

More information

Newsletter December 2013

Newsletter December 2013 Newsletter December 2013 A Message from the Chairwoman of the Cyprus Securities and Exchange Commission By Mrs. Demetra Kalogerou, Chairwoman of Cyprus Securities and Exchange Commission The Cyprus Securities

More information

Cyprus Investment Funds Association (CIFA) Annual Review 2017

Cyprus Investment Funds Association (CIFA) Annual Review 2017 Annual Review 2O17 Annual Review 2017 & Financial Statements for the year ended 31 December 2016 2 Cyprus Investment Funds Association (CIFA) Annual Review 2017 Cyprus Investment Funds Association (CIFA)

More information

WHY IRELAND FOR MANAGEMENT COMPANIES AND INVESTMENT FIRMS. irishfunds.ie WHY IRELAND - PAGE 1

WHY IRELAND FOR MANAGEMENT COMPANIES AND INVESTMENT FIRMS. irishfunds.ie WHY IRELAND - PAGE 1 WHY IRELAND FOR MANAGEMENT COMPANIES AND INVESTMENT FIRMS irishfunds.ie WHY IRELAND - PAGE 1 WHY IRELAND MANAGEMENT COMPANIES AND INVESTMENT FIRMS Ireland is a leading location for fund management companies

More information

01 LUXEMBOURG LIFE ASSURANCE P A RESOLUTELY INTERNATIONAL OUTLOOK P OPTIMAL PROTECTION P EXPERTISE & INNOVATION P.

01 LUXEMBOURG LIFE ASSURANCE P A RESOLUTELY INTERNATIONAL OUTLOOK P OPTIMAL PROTECTION P EXPERTISE & INNOVATION P. LIFE CONTENTS LIFE ASSURANCE CONTENTS 3 01 LUXEMBOURG LIFE ASSURANCE P. 4 02 A RESOLUTELY INTERNATIONAL OUTLOOK P. 8 03 OPTIMAL PROTECTION P. 10 04 EXPERTISE & INNOVATION P. 14 05 SOLUTIONS FOR SOPHISTICATED

More information

Setting up in Cyprus Helping you find your way

Setting up in Cyprus Helping you find your way www.pwc.com.cy Setting up in Cyprus Helping you find your way Our Pathfinder Services November 2017 Roadmap for setting up & operating in Cyprus At set-up stage* Planning Company formation/ Business registration

More information

WHY IRELAND. Excellence, Innovation, Reach. irishfunds.ie

WHY IRELAND. Excellence, Innovation, Reach. irishfunds.ie WHY IRELAND Excellence, Innovation, Reach irishfunds.ie WHY IRELAND THE FACTS SOURCE: Central Bank of Ireland, Monterey Insight Ireland Survey 2014 and Irish Funds (Net assets and number of funds valid

More information

Hong Kong Seminar. 15 January irishfunds.ie

Hong Kong Seminar. 15 January irishfunds.ie Hong Kong Seminar 15 January 2018 2 Industry Update & Key Developments Hong Kong, 15 January 2018 Pat Lardner Chief Executive 3 Who / What are we industry association for all aspects of regulated cross

More information

Investor Services and Regulation. Challenges of the Buy-Side April 2018, Limassol Cyprus

Investor Services and Regulation. Challenges of the Buy-Side April 2018, Limassol Cyprus Investor Services and Regulation Challenges of the Buy-Side April 2018, Limassol Cyprus Contents I. INTRODUCTORY REMARKS II. III. IV. ECONOMY AS FACILITATOR FINANCIAL SERVICES - A VITAL SOURCE FOR GROWTH

More information

1 O u r P h i l o s o p h y C u s t o m e r s S a t i s f a c t i o n!

1 O u r P h i l o s o p h y C u s t o m e r s S a t i s f a c t i o n! 1 O u r P h i l o s o p h y C u s t o m e r s S a t i s f a c t i o n! CONTENTS Cyprus Facts 02 About our firm 03 Our services 04 Citizenship 05 PR VISA 06 TR VISA 07 CY Company 08 While in Cyprus 11 CYPRUS

More information

The development and current situation of ICPAC and the Accountancy profession in Cyprus. September 2017

The development and current situation of ICPAC and the Accountancy profession in Cyprus. September 2017 The development and current situation of ICPAC and the Accountancy profession in Cyprus September 2017 Agenda 1. ICPAC in brief 2. Milestones in the Institute s / profession s development 3. Current position

More information

A GUIDE TO ESTABLISHING LOAN ORIGINATING FUNDS IN IRELAND

A GUIDE TO ESTABLISHING LOAN ORIGINATING FUNDS IN IRELAND A GUIDE TO ESTABLISHING LOAN ORIGINATING FUNDS IN IRELAND irishfunds.ie CONTENTS Introduction 4 Possible Solutions for Direct Lenders and Institutional Investors 5 Why Ireland for Loan Originating Funds

More information

IRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS

IRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS IRELAND EUROPE S CENTRE OF EXCELLENCE FOR EXCHANGE TRADED FUNDS irishfunds.ie CONTENTS Executive Summary 4 Ireland - the European Centre for Exchange Traded Funds (ETFs) 5 Growth of Irish ETFs and Current

More information

Your reliable International Banking Service provider

Your reliable International Banking Service provider Your reliable International Banking Service provider Leadership SERVICE Confidentiality Speed INNOVATION Reliability Security STATE-OF-THE ART TECHNOLOGY Pioneering ACCURACY 2 3 Our Mission At the Bank

More information

Fund Management Activities Survey July 2017

Fund Management Activities Survey July 2017 Fund Management Activities Survey 2016 July 2017 1 Table of Contents I. Summary of Major Findings of FMAS 2016 1 II. Survey Report 3 Introduction 3 Responses 4 Executive Summary 5 Survey Findings 7 Combined

More information

AIFMD, alternative asset management made in Gibraltar

AIFMD, alternative asset management made in Gibraltar International Lawyers AIFMD, alternative asset management made in Gibraltar Speakers: Peter Montegriffo & James Lasry Date: 4 April 2014 Presentation Overview Speaker: Peter Montegriffo Gibraltar in Europe

More information

Cyprus, a prominent and credible international business centre.

Cyprus, a prominent and credible international business centre. Cyprus, a prominent and credible international business centre. Marios Skandalis President of the Institute of Certified 2 nd EU Arab World Summit, Athens 9-10 Nov 2017 1 Public Accountants of Cyprus 2

More information

TAX CORPORATE SERVICES ACCOUNTING

TAX CORPORATE SERVICES ACCOUNTING TAX CORPORATE SERVICES ACCOUNTING At Savva & Associates, our vision is to be the premier Professional Services provider in Cyprus. Since 2010, we have been the fastest-growing professional services provider

More information

George Campanellas, Board Member CIPA Tassos Yiasemides Partner KPMG Andreas Yiasemides Partner PWC Tassos Kotzanastasis Managing Director 8GCP

George Campanellas, Board Member CIPA Tassos Yiasemides Partner KPMG Andreas Yiasemides Partner PWC Tassos Kotzanastasis Managing Director 8GCP o o o o George Campanellas, Board Member CIPA Tassos Yiasemides Partner KPMG Andreas Yiasemides Partner PWC Tassos Kotzanastasis Managing Director 8GCP Competitive Advantages 1 EU Member/ Geostrategic

More information

Cyprus Investment Programme

Cyprus Investment Programme www.pwc.com.cy Cyprus Investment Programme September 2018 Cyprus - An ideal location for a personal / business base Cyprus is the 3rd largest island in the Mediterranean with an estimated population of

More information

OBTAINING CYPRIOT CITIZENSHIP BY INVESTMENT

OBTAINING CYPRIOT CITIZENSHIP BY INVESTMENT OBTAINING CYPRIOT CITIZENSHIP BY INVESTMENT An increasing amount of non-eu citizens are obtaining Cypriot citizenship which enables them to become full EU citizens with the right to work and reside anywhere

More information

THE LUXEMBOURG FINANCIAL CENTRE!

THE LUXEMBOURG FINANCIAL CENTRE! THE LUXEMBOURG FINANCIAL CENTRE! A WORLD OF OPPORTUNITIES! DUBAI! 3 March 2015! 2! Our panellists! Moderator:!! Tom Theobald, Deputy CEO, Luxembourg for Finance!! Experts:!! Hugues Delcourt, CEO, Banque

More information

LIQUID ALTERNATIVES. Why Ireland for Alternative UCITS. irishfunds.ie

LIQUID ALTERNATIVES. Why Ireland for Alternative UCITS. irishfunds.ie LIQUID ALTERNATIVES Why Ireland for Alternative UCITS irishfunds.ie INTRODUCTION Undertakings for Collective Investment in Transferable Securities (UCITS) are a universally recognised global funds brand

More information

COUNTRY REPORT PORTUGAL 2008

COUNTRY REPORT PORTUGAL 2008 COUNTRY REPORT PORTUGAL 2008 1. Economic and Financial Background Table 1: Key Economic Indicators Population (million) GDP (EUR billion) Real GDP growth (%) Inflation rate (%) Unemployment rate (%) Stock

More information

Press Release. Wednesday 9 th May 2012

Press Release. Wednesday 9 th May 2012 Wednesday 9 th May 2012 DFM empowers public and private companies to further embrace Investor Relations and Corporate Governance. The Exchange holds its second IR workshop in association with the Middle

More information

LUXEMBOURG SOLUTIONS FOR GLOBAL DISTRIBUTION. Gateway to International Distribution

LUXEMBOURG SOLUTIONS FOR GLOBAL DISTRIBUTION. Gateway to International Distribution LUXEMBOURG SOLUTIONS FOR GLOBAL DISTRIBUTION Gateway to International Distribution September 2018 Opportunities - Enter the marketplace for international distribution that allows you to access different

More information

Los Angeles Seminar. 10 October irishfunds.ie

Los Angeles Seminar. 10 October irishfunds.ie Los Angeles Seminar 10 October 2017 2 irishfunds.ie PREMIUM SPONSORS 3 irishfunds.ie EVENT SPONSORS 4 irishfunds.ie Los Angeles Seminar Welcome Remarks Pat Lardner Chief Executive - Irish Funds 5 irishfunds.ie

More information

PREVIEW. AIFMD Implementation: Depositary. A closer look at the AIFMD depositary regimes across Europe. May 2014

PREVIEW. AIFMD Implementation: Depositary. A closer look at the AIFMD depositary regimes across Europe. May 2014 EVCA PUBLIC AFFAIRS EUROPEAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION AIFMD Implementation: Depositary A closer look at the AIFMD depositary regimes across Europe May 204 Introduction The EU Alternative

More information

CLIENT CATEGORIZATION POLICY

CLIENT CATEGORIZATION POLICY CLIENT CATEGORIZATION POLICY This is not a marketing material, but an informative policy for the categorisation of clients and their rights in compliance with Markets in Financial Instruments Directive

More information

Asset & Wealth Management Revolution: Embracing Exponential Change

Asset & Wealth Management Revolution: Embracing Exponential Change Asset & Wealth Management Revolution: Embracing Exponential Change Key messages and questions for relationship teams to put to clients/prospective clients www.pwc.com/assetmanagement Why read this briefing?

More information

Licensing and reporting under AIFMD

Licensing and reporting under AIFMD Value Added Tax (VAT) in the Luxembourg Asset Management industry Specialised Investment Funds Luxembourg - your rock solid partner to re-domicile your offshore fund Eligible investments and investment

More information

Irish Funds Madrid Seminar 2018

Irish Funds Madrid Seminar 2018 Irish Funds Madrid Seminar 2018 10 April 2018 2 Hosted by Supported by Welcome Address Ms Síle Maguire Ambassador of Ireland to Spain Irish Funds An Introduction Kieran Fox Irish Funds Irish Funds Industry

More information

NZ Audit Limited. Chartered Certified Accountants

NZ Audit Limited. Chartered Certified Accountants NZ Audit Limited Chartered Certified Accountants A: 23, Georgiou Neophytou, 4006 - Limassol, Cyprus E: info@nzaudit.com T: +357 25 336844 / +357 25 250759 CONTENTS Understanding our Clients Needs 04-05

More information

Continuous Professional Development (CPD) Training Course for Regulated Investment Services Professionals

Continuous Professional Development (CPD) Training Course for Regulated Investment Services Professionals Risk Consulting and Financial Services Advisory www.mnkriskconsulting.com Continuous Professional Development (CPD) Training Course for Regulated Investment Services Professionals DATES Thursday, 23 rd

More information

Citizenship by Investment in Cyprus

Citizenship by Investment in Cyprus Citizenship by Investment in Cyprus July 2017 New attractive legislation is in place which makes obtaining the Cyprus/EU Citizenship even easier. The relevant scheme grants approvals within 3-6 months.

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends

More information

AIMA/PwC Global Distribution Survey 2017/ Contact Details

AIMA/PwC Global Distribution Survey 2017/ Contact Details 1. Contact Details 1. Please supply the following basic identifying information. Data from this survey will only be presented in the aggregate and will not be attributed to any specific person or firm.

More information

Why invest in Cyprus

Why invest in Cyprus Why invest in Cyprus www.investcyprus.org.cy 1 Country Overview Cyprus is the third largest island in the Mediterranean Sea, located at the eastern end of Europe, at the crux of the busy shipping and air

More information

Report of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006)

Report of the Survey on Hedge Funds Managed by SFC Licensed Managers. (for the Period 31 March March 2006) Report of the Survey on Hedge Funds Managed by SFC Licensed Managers (for the Period 31 March 2004 31 March 2006) The Securities and Futures Commission Hong Kong October 2006 Table of contents Page 1.

More information

Family Office kpmg.com.cy

Family Office kpmg.com.cy TAX SERVICES Family Office kpmg.com.cy 2 Family Office What is a Family Office? Family Office 3 A Family Office is the term given to a professionally managed set-up, established by wealthy families in

More information

373% 1 UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS

373% 1 UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS UK ASSET MANAGEMENT INDUSTRY: A GLOBAL CENTRE KEY FINDINGS THE SIZE OF THE ASSET MANAGEMENT INDUSTRY IN THE UK >> Total assets under management grew significantly during 206, ending the year at a record

More information

Response to European Commission consultation on the review of the EuVECA and EuSEF Regulations

Response to European Commission consultation on the review of the EuVECA and EuSEF Regulations Luxembourg, 6 January 2016 Response to European Commission consultation on the review of the EuVECA and EuSEF Regulations Introduction The Association of the Luxembourg Fund Industry (ALFI) is the representative

More information

Annual Asset Management Report: Facts and Figures

Annual Asset Management Report: Facts and Figures Annual Asset Management Report: Facts and Figures July 2008 Table of Contents 1 Key Findings... 3 2 Introduction... 4 2.1 The EFAMA Asset Management Report... 4 2.2 The European Asset Management Industry:

More information

Cyprus Citizenship by Investment

Cyprus Citizenship by Investment Cyprus Citizenship by Investment Criteria and benefits of the: - Cyprus citizenship programme - Cyprus permanent residence October 2016 www.cyprusresidence.com.cy Cyprus, the right place to live the right

More information

Corporate clients. Who is Maitland? Contents. maitlandgroup.com

Corporate clients. Who is Maitland? Contents. maitlandgroup.com Corporate clients Who is Maitland? Maitland is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration

More information

European Central Bank TARGET 2 SECURITIES - Funds Workshop Luxembourg, April 27th, Cross-Border Funds and T2S. A Luxembourg TA Perspective

European Central Bank TARGET 2 SECURITIES - Funds Workshop Luxembourg, April 27th, Cross-Border Funds and T2S. A Luxembourg TA Perspective European Central Bank TARGET 2 SECURITIES - Funds Workshop Luxembourg, April 27th, 2010 Cross-Border Funds and T2S A Luxembourg TA Perspective 1 Agenda I. Introduction II. The Transfer Agent and Settlement

More information

Corporate clients. Who is Maitland? Contents. maitlandgroup.com

Corporate clients. Who is Maitland? Contents. maitlandgroup.com Corporate clients Who is Maitland? Maitland is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration

More information

Continuous Professional Development (CPD) Training Course for Regulated Investment Services Professionals

Continuous Professional Development (CPD) Training Course for Regulated Investment Services Professionals Risk Consulting and Financial Services Advisory www.mnkriskconsulting.com Continuous Professional Development (CPD) Training Course for Regulated Investment Services Professionals DATES Thursday, 06 th

More information

MEMBERSHIP. Supporting Your International Funds Business Through Advocacy, Collaboration & Promotion. irishfunds.ie

MEMBERSHIP. Supporting Your International Funds Business Through Advocacy, Collaboration & Promotion. irishfunds.ie MEMBERSHIP Supporting Your International Funds Business Through Advocacy, Collaboration & Promotion irishfunds.ie CONTENTS Community - Strength In Numbers Membership & Benefits Membership Entitlements

More information

STATUTE OF THE EDUCATION REFORM INITIATIVE OF SOUTH EASTERN EUROPE (ERI SEE) Article 1

STATUTE OF THE EDUCATION REFORM INITIATIVE OF SOUTH EASTERN EUROPE (ERI SEE) Article 1 On the basis of the Memorandum of Understanding on the Role and Organisation of the Education Reform Initiative of the South Eastern Europe (ERI SEE) signed at Brdo, Slovenia, on the 5th June 2010 (hereinafter

More information

CY LEBANON BUSINESS FORUM. Presented by: Andreas Yiasemides CIFA Vice Chairman Partner PwC Cyprus - Head of Fund Services 14 June 2017

CY LEBANON BUSINESS FORUM. Presented by: Andreas Yiasemides CIFA Vice Chairman Partner PwC Cyprus - Head of Fund Services 14 June 2017 CY LEBANON BUSINESS FORUM Presented by: Andreas Yiasemides CIFA Vice Chairman Partner Cyprus - Head of Fund Services 14 June 2017 Agenda 1. Legal Framework of AIFs 2. Types of AIFs and Upcoming Changes

More information

1. Retail Client is a client who is not a professional client or an eligible counterparty.

1. Retail Client is a client who is not a professional client or an eligible counterparty. Introduction Trading Point of Financial Instruments Ltd operating under the trading name XM.com is a Cypriot Investment Firm ("CIF") registered with the Registrar of Companies in Nicosia under number:

More information

Corporate clients. Who is Maitland? Contents. maitlandgroup.com

Corporate clients. Who is Maitland? Contents. maitlandgroup.com Corporate clients Who is Maitland? Maitland is a global advisory, administration and family office firm providing seamless multijurisdictional legal, fiduciary, investment and fund administration services

More information

Shadow Banking. June Avocats à la Cour

Shadow Banking. June Avocats à la Cour Shadow Banking June 2013 Avocats à la Cour Index 1. Introduction 3 2. Definition of Shadow Banking 3 2.1 Entities 3 2.2 Activities 4 3. Benefits and risks 4 3.1 Benefits 4 3.2 Risks 4 4. Challenge for

More information

Cyprus Investment Promotion Agency (CIPA) Investing in Cyprus

Cyprus Investment Promotion Agency (CIPA) Investing in Cyprus Cyprus Investment Promotion Agency (CIPA) Investing in Cyprus Sofia, 23 rd February 2016 Christodoulos E. Angastiniotis Chairman, CIPA Cyprus Investment Promotion Agency (CIPA) Promote Cyprus as an attractive

More information

M&G Investments. Michael McLintock and Grant Speirs

M&G Investments. Michael McLintock and Grant Speirs M&G Investments Michael McLintock and Grant Speirs Agenda M&G Group strategic overview Michael McLintock M&G s results and the industry Grant Speirs Business outlook and summary Michael McLintock 2 About

More information

THE BELGIAN LEGAL FRAMEWORK FOR FINANCIAL SERVICES. LOUNIA CZUPPER 30 May 2017

THE BELGIAN LEGAL FRAMEWORK FOR FINANCIAL SERVICES. LOUNIA CZUPPER 30 May 2017 LOUNIA CZUPPER 30 May 2017 CONTENT 1. Where do we go from here? 2. End of passport rights for UK firms what are the alternatives? 3. Factors in making location decisions 4. Corporate regulatory environment

More information

Management Company services

Management Company services Management Company services Who is? is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration services

More information

Global fund passport initiatives

Global fund passport initiatives Global fund passport initiatives 10th May 2017 1. The world, Europe, Luxembourg Worldwide investment funds Market share (%) by assets Brazil 3,7% Americas (excl. USA & Brazil & Canada) 0,4% Canada 3,0%

More information

Scheme for Naturalization of Investors in Cyprus by exception

Scheme for Naturalization of Investors in Cyprus by exception DECEMBER 2016 ISSUE 5 [STORY TITLE] [Story Subtitle or summary] Scheme for Naturalization of Investors in Cyprus by exception Invest in Cyprus Cyprus is the third largest island in the Mediterranean Sea,

More information

Building the bridge. Generating long term value from infrastructure investments. lternatives Infrastructure

Building the bridge. Generating long term value from infrastructure investments. lternatives Infrastructure Hedge Funds Private Equity Real Estate Infrastructure Building the bridge Generating long term value from infrastructure investments Shaping the Alternative landscape lternatives Infrastructure www.pwc.lu/alternative-investments/infrastructure

More information

Setting up in Cyprus Helping you find your way

Setting up in Cyprus Helping you find your way www.pwc.com.cy Setting up in Cyprus Helping you find your way Our Pathfinder Services Whether you might be considering to enhance your presence in Cyprus or set up an office from scratch, our multi - disciplinary

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-Ended Fund Assets and Flows Trends

More information

Key risks and mitigations

Key risks and mitigations Key risks and mitigations This section summarises how we control risk. It sets out how we manage the risks in our business and how we have developed risk management. It summarises the role of the Group

More information

JAES Action Plan : Cross-cutting issues

JAES Action Plan : Cross-cutting issues JAES Action Plan 2011-13: Cross-cutting issues Both sides agree on the following options on cross-cutting issues to enhance the effectiveness of the Action Plan and to improve its working methods. Introduction

More information

Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority

Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority 2017 Page 1 of 21 Malta Financial Services Authority Disclaimer The Malta Financial Services Authority (MFSA)

More information

Citi OpenInvestor SM. The Game Changer for Hong Kong. Insights Institutional Investors

Citi OpenInvestor SM. The Game Changer for Hong Kong. Insights Institutional Investors Citi OpenInvestor SM The Game Changer for Hong Kong Insights Institutional Investors 2 Citi OpenInvestor SM The Game Changer for Hong Kong Stewart Aldcroft Senior Advisor, Investor Services, Asia Pacific

More information

June Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority MFSA-PUBLIC

June Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority MFSA-PUBLIC Analysis of Collective Investment Schemes licensed by the Malta Financial Services Authority June 2018 Page 1 of 22 Malta Financial Services Authority Disclaimer The Malta Financial Services Authority

More information

New Alternative Investment Funds Law of 2018

New Alternative Investment Funds Law of 2018 New Alternative Investment Funds Law of 2018 Regulatory Update Alert More options More flexibility July, 2018 kpmg.com.cy Regulation Update The long-awaited bill revising the existing legal framework on

More information

CYPRUS INVESTMENT PROGRAMME. CA Advocates (Pourgoura & Aspri LLC) Cyprus

CYPRUS INVESTMENT PROGRAMME. CA Advocates (Pourgoura & Aspri LLC) Cyprus CYPRUS INVESTMENT PROGRAMME CA Advocates (Pourgoura & Aspri LLC) Cyprus The Cyprus Jurisdiction: Still Attractive? Agenda: Cyprus in Brief Cyprus Jurisdiction A general overview Why choose Cyprus? Cyprus

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Economic Analysis of Non-UCITS in Europe Erasmus Intensive Programme 2012

Economic Analysis of Non-UCITS in Europe Erasmus Intensive Programme 2012 Economic Analysis of Non-UCITS in Europe Erasmus Intensive Programme 2012 Glawdys NOUBOUSSI GANMEGNE Alfred KIZALI Faculty of Law, Economy and Finance University of Luxembourg Erasmus IP Student Paper

More information

Key risks and mitigations

Key risks and mitigations Key risks and mitigations This section explains how we control and manage the risks in our business. It outlines key risks, how we mitigate them and our assessment of their potential impact on our business

More information

Observatory for Management Companies 2018 Barometer

Observatory for Management Companies 2018 Barometer www.pwc.lu/management-companies Observatory for Management Companies 2018 Barometer Asset & Wealth Management Community 2 Table of contents Luxembourg Management Companies snapshots...3 PwC ManCo Index...4

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

More information

Business Plan

Business Plan Business Plan 2017-2019 Contents Executive Summary 3 Introduction 4 1. Market trends 5 2. Member survey 6 3. Strategy 2017-2019 9 Key Priorities 2017-2019 1. Professional 11 2. Research 12 3. Market Information

More information

Priorities for improving retail investor protection

Priorities for improving retail investor protection Priorities for improving retail investor protection This document was drafted by Eurofi with input from its members. It does not engage in any way the EU Cyprus Presidency or the Cyprus Financial Authorities.

More information

Meeting LuxSE. September 1 st, 2015

Meeting LuxSE. September 1 st, 2015 Meeting LuxSE September 1 st, 2015 Agenda 1. Luxembourg Financial Center 2. Presentation of LuxSE 3. Projects & challenges 4. Fundsquare 5. Main takeaways 2 1. Luxembourg Financial Center Overview 150

More information

Key Figures FIND OUT MORE ABOUT THE KEY FIGURES OF THE LUXEMBOURG FINANCIAL CENTRE PRIVATE BANKING RETAIL BANKING BANKS EMPLOYMENT

Key Figures FIND OUT MORE ABOUT THE KEY FIGURES OF THE LUXEMBOURG FINANCIAL CENTRE PRIVATE BANKING RETAIL BANKING BANKS EMPLOYMENT Key Figures FIND OUT MORE ABOUT THE KEY FIGURES OF THE LUXEMBOURG FINANCIAL CENTRE PRIVATE BANKING BANKS RETAIL BANKING EMPLOYMENT DIGITAL BANKING & FINTECH WHO WE ARE Established in 1939, the Luxembourg

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends

More information

Establishing Structured Funds in Ireland

Establishing Structured Funds in Ireland Establishing Structured Funds in Ireland Law Firm of the Year: Republic of Ireland, European Awards 2011, The Lawyer One of the most innovative law firms in Europe and the only Irish law firm to be commended

More information

Cyprus - enhancing corporate and personal tax competitiveness

Cyprus - enhancing corporate and personal tax competitiveness www.pwc.com.cy Cyprus - enhancing corporate and personal tax competitiveness September 2015 Cyprus at a glance The 2013 Knight Frank Report ranked Cyprus as the 5th best place for lifestyle among major

More information

ANNEX. to the COMMISSION DECISION

ANNEX. to the COMMISSION DECISION EUROPEAN COMMISSION Brussels, 15.12.2017 C(2017) 8512 final ANNEX 1 ANNEX to the COMMISSION DECISION on the adoption of a financing decision for 2017 and 2018 for the pilot project "Pilot project - Rare

More information

Key Performance Indicators and Overview of Progress in the Implementation of the Restructuring Plan of the Cyprus Cooperative Bank

Key Performance Indicators and Overview of Progress in the Implementation of the Restructuring Plan of the Cyprus Cooperative Bank Key Performance Indicators and Overview of Progress in the Implementation of the Restructuring Plan of the Cyprus Cooperative Bank FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2017 A. Key Performance Indicators

More information

Link n Learn. AIFMD 100 day plan. 10 April 2014 Leading business advisors Deloitte & Touche

Link n Learn. AIFMD 100 day plan. 10 April 2014 Leading business advisors Deloitte & Touche Link n Learn AIFMD 100 day plan 10 April 2014 Leading business advisors 2014 Deloitte & Touche Webinar participants Niamh Geraghty Director Investment Management Advisory Deloitte & Touche Ireland ngeraghty@deloitte.ie

More information

Marketing in Europe in the post-aifm Directive era. Effectively navigating the regime

Marketing in Europe in the post-aifm Directive era. Effectively navigating the regime Marketing in Europe in the post-aifm Directive era Effectively navigating the regime The Alternative Investment Fund Managers (AIFMs) Directive establishes a harmonized European regime for alternative

More information

The implications of Brexit on UK asset managers

The implications of Brexit on UK asset managers The implications of Brexit on UK asset managers 3 Contents Page Executive summary... 1 Why asset management matters... 2 Brexit and asset management regulations... 3 Basic principles to guide negotiations...

More information

CASUALTY ACTUARIAL SOCIETY STRATEGIC PLAN

CASUALTY ACTUARIAL SOCIETY STRATEGIC PLAN CASUALTY ACTUARIAL SOCIETY STRATEGIC PLAN Adopted August 7, 2017 Contents 1 Overview... 1 2 10- to 30-Year Planning Horizon: Core Ideology... 2 3 Envisioned Future... 4 4 5- to 10-Year Planning Horizon:

More information

Background and Introduction

Background and Introduction EU-WHO Policy Dialogue Programme Inception report March 2012 1 Background and Introduction WHO entered into a collaborative agreement with the European Commission (EC) in October 2011 to 'support policy

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information