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A Guide to UCITS Funds in Cyprus

A Guide to UCITS Funds in Cyprus

Undertakings for Collective Investment in Transferable Securities (“UCITS”) are collective investment schemes, principally designed for retail investors, established and authorised under the harmonised European Union (“EU”) framework. The main objective of the European UCITS framework has been to create a single European market for retail investment funds and to facilitate cross-border investment fund offers for retail investors. At the same time it seeks to establish a defined level of investor protection through strict investment limits, as well as capital, organisational and disclosure requirements.

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The main objective of the European UCITS framework has been to create a single European market for retail investment funds and to facilitate cross-border investment fund offers for retail investors. At the same time it seeks to establish a defined level of investor protection through strict investment limits, as well as capital, organisational and disclosure requirements.

These objectives were introduced by the UCITS I Directive 85/611/EC adopted on 20 December 1985, which has been further amended by a number of subsequent EU Directives aiming in continuously improving the product. The latest UCITS Directive 2009/65/EC (“UCITS IV”) was adopted by the European Council in 2009 and took effect on July 1st 2011, while the latest recast, known as the UCITS V Directive, is expected to be implemented by EU Member States by March 2016.

KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ("KPMG International") a Swiss entity. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative ("KPMG International") or KPMG member firms.

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