Members of the recently elected Board of the Cyprus Investment Funds Association (CIFA) met with the President, George Theocharides, the Vice President, Mr. George Karatzias, and key executives from the Cyprus Securities and Exchange Commission (CySEC), “marking a significant stride towards enhancing collaboration and fostering mutual objectives in relation to the funds industry in Cyprus.”

According to a press relase issued by CIFA, the discussions between CIFA and CySEC revolved around pivotal regulatory advancements poised to substantially benefit the investment funds sector.

These include the under discussion at the Parliament Funds Administration Law and the streamlined licensing procedures that are set to significantly expedite the process for the registration of new RAIFs, marking a leap towards a more dynamic and accessible investment environment in Cyprus.

On the imminent finalization of the Partnership Law, CIFA said “this development is eagerly anticipated, as it will offer enhanced flexibility and competitiveness to the Cyprus investment funds landscape, further aligning it with international best practices.”

Furthermore, CySEC informed CIFA about the new Categorization Directive which will be adopted and implemented immediately after the official publication of AIFMD II. Moreover, CySEC informed the Board of CIFA about the amendments in AIFMD II and especially about the permission for appointment of a depositary who is established in a member state other than the one in which the Alternative Investment Funds is established, under certain conditions. The European Directive must be implemented 24 months after its publication. The approval of depository passporting emerged as a key topic, heralding a new era of cross-border investment opportunities. This initiative is set to unlock new growth avenues for the Cyprus fund industry, facilitating the expansion of Cypriot funds across the EU and bolstering Cyprus’ position as a premier investment destination.

Concluding the meeting, the President of CIFA, Maria Panayiotou, expressed profound gratitude towards the CySEC officials for their unwavering cooperation and prudent supervision, which are instrumental in nurturing a robust, transparent, and thriving investment funds sector in Cyprus. "We are immensely thankful for the constructive dialogue and the shared vision that has been cultivated through our discussions with CySEC. Their dedication to fostering a conducive regulatory environment is crucial for our collective success and the continued growth of Cyprus as a competitive jurisdiction for funds and fund managers," stated the CIFA President.