Announcement
The House of Representatives has recently approved the Investment Funds Administrators Law which was welcomed by all practitioners, regulators and the Cyprus Investment Funds Association (CIFA).
The new legal framework will enhance the transparency and investor’s trust to the sector and will allow the upgrading of our legal environment, placing Cyprus among the top tier financial and investment hubs.
CIFA president Mrs Maria Panayiotou stated among others that ‘the approval of the Investment Fund Administrators Law is a landmark moment that completes a core component of the sector’s institutional framework. It will contribute significantly to building trust, safeguarding investors, and boosting the competitiveness of the Cypriot investment funds ecosystem’.
It is reminded that until recently, the operations of Investment Fund Administrators were not governed by any explicit legal framework.
Investment Fund Sector in numbers:
- Assets Under Management: 11.1 billion euros
- Net Asset Value: 9.6 billion euros
- Management Companies & Undertakings for Collective Investments: 322
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