2023 CIFA Investment Funds Guide
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32 CYPRUS INVESTMENT FUNDS <strong>2023</strong>-24<br />
Fund Service Provider<br />
Requirements<br />
<strong>Investment</strong> Manager<br />
If not self-managed the UCITS must<br />
appoint an authorised UCITS Management<br />
Company. The Management Company and<br />
the Depositary must act – at all times –<br />
independently of each other. The business<br />
of the Management Company must also<br />
be managed by at least two persons<br />
who satisfy the ‘Fit and Proper’ test.<br />
Administrator<br />
Fund administration services may be<br />
performed either by the UCITS Management<br />
Company or outsourced to an external Fund<br />
Administrator, responsibilities include:<br />
• administrative, accounting<br />
and bookkeeping services<br />
• calculating Net Asset Value (NAV)<br />
• registrar services required with the<br />
fund’s operations, such as recordkeeping,<br />
processing of subscription and<br />
redemption requests and maintenance<br />
of the shareholder register<br />
Auditor<br />
<strong>Funds</strong> must appoint a Cyprus-qualified<br />
audit firm, which is responsible for:<br />
• specific reporting duties<br />
• expressing an audit opinion on<br />
the financial statements based<br />
on IFRS and applicable law
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