CIFA Annual Review 2020
Cyprus Investment Funds Association Annual Review 2020
Cyprus Investment Funds Association Annual Review 2020
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Cyprus Investment Funds Association (<strong>CIFA</strong>)<br />
<strong>Annual</strong> <strong>Review</strong> <strong>2020</strong> 25<br />
Technical Committee Summary Reports<br />
AIF<br />
Committee<br />
Chairperson:<br />
Antonis Rouvas<br />
<strong>2020</strong> was clearly affected by the COVID-19 pandemic. The AIF Committee held two meetings<br />
during <strong>2020</strong>. The most notable matters that were considered during the year and which were<br />
discussed in the said meetings were the following:<br />
Legal and regulatory framework<br />
The Committee discussed the experience of the industry following the introduction of the new AIF<br />
Law in mid-2018. A specific area that was addressed was the experience and feedback over the<br />
last 2 years on the new type of fund that was introduced with the new law, namely the Registered<br />
Alternative Investment Fund (RAIF).<br />
New developments in the fund Industry and promotion of Cyprus as a fund jurisdiction<br />
The latest trends in the funds industry were discussed and it was agreed that our goal is to attract<br />
more international fund managers in Cyprus, capitalising on the numerous benefits that Cyprus<br />
offers as a jurisdiction. To this extent it was noted that as an industry, we need to make sure that<br />
the quality of services offered is of the highest quality and at least equivalent to other established<br />
jurisdictions. It was agreed that in order to attract larger fund managers, in terms of AuM, we need<br />
to target fund managers that are willing to have a slight change to their business model, use local<br />
depositaries, etc.<br />
It was suggested that we should make our case more appealing by emphasising other aspects<br />
and benefits of the country and not just tax benefits.<br />
It has been acknowledged that the AIF products of Cyprus are competitive and offer many<br />
advantages and more digital outreach should be pursued during the period that traveling is<br />
restricted due to the pandemic.<br />
Future goals of the Committee<br />
The Committee agreed that more targeted promotion to international fund managers should<br />
continue leveraging on the unique advantages that Cyprus offers as a jurisdiction of choice for<br />
establishing fund management entities as well as funds.
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