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CIFA agreement will strengthen investment funds sector

CIFA agreement will strengthen investment funds sector

Cyprus Investment Fund Association agreement will strengthen investment funds sector

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Board Member, Chairman KPMG in Cyprus and Head of Corporate Services

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The Cyprus Investment Fund Association (CIFA) has formally announced its strategic cooperation with internationally renowned law firm King & Wood Mallesons (formerly SJ Berwin), with an aim to enhancing the promotion of Cyprus as a financial services and investment funds centre.

Following recent local media reports speculating upon the agreement, CIFA has explained that its cooperation with the international firm will provide the
framework for the provision of new financial products to investors, thus
satisfying their continuously changing needs which arise from the ever-changing European and global financial landscape.

“Today is an important day for the investment funds sector, as well as Cyprus as a financial services centre,” Angelos Gregoriades, Chairman of CIFA, said upon the announcement of the agreement on April 9. “The promotion and strengthening of the sector will contribute significantly to the development and growth of the Cyprus economy. We aspire that with the completion of the relevant action plan Cyprus will be given the means to attract significant investments into Cyprus, leading to the creation of new job positions and upgrading the country on the rankings of international financial markets and destinations.”

The choice of King & Wood Mallesons LLP, he continued, will contribute in
the promotion of our country, on the one hand in emerging economies such as China, and on the other in developed financial centres such as London.

As the first and only global law firm to be headquartered in Asia, King &
Wood Mallesons is strategically positioned in the world’s growth markets and is powered by 2,700 lawyers across more than 30 international offices spanning Asia, Australia, Europe, the Middle East and North America.

A top 10 global firm by lawyer numbers, it is the only firm in the world able to practice PRC, Hong Kong, Australian and English law, King & Wood Mallesons is providing clients with deep legal and commercial expertise, business acumen and real cultural understanding on the ground where they need it most. The firm has a strong presence in London and has won the most Innovative Law Firm Asia-Pacific in the Financial Times Asia-Pacific Innovative Lawyers report 2014.

“We are delighted to be working with the Cyprus Investment Funds Association on this important project, which will enhance Cyprus as a financial services and investment funds centre,” commented Jonathan Blake, Head of International Funds and Partner at King & Wood Mallesons.

The procedures for the preparation and implementation of the action plan will
commence by the end of April. Expected to last some 6 months, they will address the following:

  • Development of a strategy for the promotion of the investment funds sector; 
  • Study of the current legislation and relevant regulatory and legal framework with a view to introduce improvements, where necessary, and which are in line with best practices; 
  • Submission of recommendations based on the strategy to be determined and preparation of new legislation, in cooperation with a local advocate / legal advisor, which will cover: the laws on investment funds and fund managers, the Relevant tax provisions for investment funds and investment managers and the Corporate legislation as it relates to investment funds.
  • Updating financial institutions on the investment funds sector and its prospects; 
  • Organizing global events in selected financial centres.

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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