Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

THE IMPACT OF AIFM DIRECTIVE ON CYPRIOT FUNDS BECOMES CLEARER

On July 5 2013 Cyprus transposed into law the EU Alternative Investment Fund Managers (AIFM) Directive by introducing the AIFM Law (56 I/2013) (for further details please read our article “Fortifying the Cypriot investment funds’ legal framework”). By implementing these rules, relevant licenses and agreements will be affected, and the services provided by Cypriot banks, fund administrators and asset managers will be influenced.

Cyprus law affected by the new rules includes:

  • The Law on Open-Ended Undertakings for Collective Investment (78 I/2012), which transposes into law the EU Directive on Undertakings for Collective Investment in Transferable Securities (UCITS) (2009/65/EC);
  • The Law on Investment Services and Activities and Regulated Markets and Other Related Matters (144 I/2007, as amended), which transposes into law the EU Markets in Financial Instruments Directive (MiFID) (2004/39/EC);
  • The Law on International Collective Investment Schemes (47 I/1999).

THE IMPACT OF AIFM DIRECTIVE ON CYPRIOT FUNDS BECOMES CLEARER 1Reference has also been made to the provisions of the European Commission’s Delegated Regulation 231/2013 that apply directly and uniformly across all EU member states, as well as the guidelines and draft regulatory technical standards issued by the European Securities and Markets Authority (ESMA), which refer to key concepts of the directive and types of AIFMs, respectively.

This update sets out some of the main considerations that have emerged following the interaction of the new rules with the Cypriot funds and financial services regime.

Our team of highly experienced professionals can advise you on investment funds, tailored to your specific business and personal circumstances.