2023 CIFA Investment Funds Guide

44 CYPRUS INVESTMENT FUNDS 2023-24
Listing Requirements
Non-Tradable Collective
Investment Scheme Market
An Issuer who is interested to list for the
first time its securities on the Non-Tradable
Collective Investment Scheme Market, in
addition to any other requirement of the
law and the general listing requirements,
as far as they are applicable, must satisfy
the Council that the Issuer also responds
to the following special requirements:
• has an establishment and an operation
licence from the competent authority
of the country of origin or is a
Registered Alternative Investment
Fund (RAIF) that is registered at the
RAIF’s Registry kept by the Cyprus
Securities and Exchange Commission
• the assets of the Mutual Fund or the
Variable Capital Investment Company
must be at least €200,000. The Council
may, by a decision, in the case of an
index-replicating Collective Investment
Scheme to require a larger minimum
amount of assets, depending on the index
Tradable Collective Investment
Schemes Market
An Issuer who is interested to list for the
first time its securities on the Tradable
Collective Investment Schemes Market, in
addition to any other requirement of the
law and the general listing requirements,
as far as they are applicable, must satisfy
the Council that the Issuer also responds
to the following special requirements:
• the Mutual Fund and the Exchange
Traded Fund (ETF) Issuer have an
establishment and an operation
licence from the competent
authorities of the country of origin
• the assets of the ETF must be at least
€200,000. The Council may, by a decision,
in the case of an index-replicating ETF
require a larger minimum amount
of assets, depending on the index
• the ETF Issuer should have appointed
at least one Market Maker and
ensure its existence during the
listing and trading of the units
• the ETF is entitled to dispose its units
to investors in Cyprus in accordance
with the relevant legislation
• assign the keeping of the Units’ Registry
or Shareholders’ Registry as the case may
be, to the Central Depository Registry
• the beneficiary-index provider should
grant to the ETF issuer a lawful user
licence of the index at the name of the ETF
Listing Fees
Tradable Collective Investment Schemes: €2,000
Non-Tradable Collective Investment Schemes: €1,000
Collective Investment Schemes with more than one class:
First class: €1,000
Additional class: €200
Annual subscription fee (single funds): €1,000
Annual subscription fee (umbrella funds): €1,000 + €400 per class or sub-fund
Annual subscription fee (only sub-fund): €500 per sub-fund