A focus on AIFs & new developments

8 December 2022 | 8:30 a.m. – 3:55 p.m. | 6,15 CPD | KPMG Nicosia

8 December 2022 | 8:30 a.m. – 3:55 p.m. | 6,15 CPD | KPMG Nicosia

fund-and-asset

Important Note

Please note that KPMG will offer this training as a webinar, if health considerations and government restrictions require this adjustment. In such a case, the webinar will be conducted in two sessions, on 8 and 9 of December 2022 (from 9:00 to 12:15). Further information will be communicated to you in due course.

Seminar’s overview

KPMG Academy will repeat one of its most in-demand seminars, which will be delivered by a Board Member and a Principal with solid hands-on experience and knowledge in their field. The trainers will provide participants with an overview of the Alternative Investment Funds (AIF) and the proposed Investment Fund Administration (IFA) regulatory framework. In addition, they will highlight the key processes, procedures and roles within the fund administration and discuss what Fund Administrators need to have in place to comply with the prosposed IFA Law. The learning process will be enhanced through the use of explanations, illustrations and where possible exercises.

NOTE: Seminar on regulatory compliance following CySEC’s decision to enforce a directive. The said directive requires from all certified persons who are registered in the public register to attend professional training courses. The topics of the training courses should fall within the existing legislation on the capital markets.

Seminar’s goals

By the end of the seminar, participants will be able to:

  •  attain an overview of AIF Funds and their legal characteristics
  • recognize the various fund structures and acknowledge their features and their suitability to meet the investors’ needs
  • describe the role and operations of the Fund Administrator
  • explain the essential systems and processes required to carry out the fund administration function effectively and efficiently
  • identify the organisational needs and systems in place to comply with IFA Law
  • apply the legal requirements and needs to set-up a fund
  • apply and illustrate fund administration procedures and workflow
  • promote the significance of being in compliance with funds regulations, especially for clients operating in the fund industry
  • adopt best practices for funds operations
  • enhance and encourage investor’s capital protection.

Participants*

The seminar is suitable for several professional and job functions, such as investment funds professionals, fund administrators, fund custodians, legal professionals who deal with funds, risk managers, accountants, fiduciary service providers and other professionals who wish to gain an insight into Cyprus funds law.

*The number of participants is restricted to 28.

Agenda

1. Introduction (15 min)

  • Timeline of Legal Developments
  • Types of Funds and their classification, the legal form and structure, basic legal characteristics of AIF Fund
  • The Cyprus funds industry in numbers

2. Overview of the legal framework for funds (2 hrs & 30 min)

  • Regulatory timeline and key change in the regulatory framework
  • Definition of Alternative Investment Fund (AIF)
  • Alternative Investment Funds characteristics
  • Types of Alternative Investment Funds and legal forms

                      > Internally- Managed Vs Externally- Managed Fund

  • Mini Manager framework

   IFA Law Organisational and Operational Procedures & Measures

3. Fund Manager and key service providers (1 hr)

  • Cyprus legal framework for asset management
  • External Manager
  • Cyprus legal framework for asset management-Eligible entities
  • Duties of the External Manager
  • Depositary duties
  • Fund Administrator duties
  • Other service providers
  • External Auditor
  • Internal Auditor

4. Authorisation / Registration of Alternative Investment Fund (AIF) (30 min)

  • Authorisation procedure for Alternative Investment Fund (“AIF”) and Alternative Investment Fund with Limited Number of Persons (“AIFLNP”)
  • Registration procedure for Registered Alternative Investment Fund (“RAIF”)
  • Investment restrictions and types of Alternative Investment Funds classifications

5. Fund administration & Transfer agency services (1 hr & 30 min)

  • Administrator workflow
  • Reporting requirements

                    > Annual report

                    > Semi-annual report

  • Statistical and other reporting obligations
  • Register of investors
  • Processing of subscriptions redemptions and transfer of shares
  • Contract notes
  • Communicating and reporting to investors

6. Investment fund tax considerations (30 min)

  • Tax issues for funds and Fund Managers

                    > Taxation of the fund

                    > Taxation of the investors

  • Taxation of the Fund Manager

7. Case studies (30 min)

    Illustration of real-life examples of fund administration activities and calculations                   

8.  Conclusions (30 min)

  • Evolving regulation
  • Key conclusions

Registration & Contact

If you wish to register for the seminar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the seminar’s date for your registration to be confirmed.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enrol in this seminar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€250 + VAT. Net investment after subsidy from the HRDA of €106,25: €191,25 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 17/11/2022

 

Discounts available

  • For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same seminar, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • For individuals/legal entities who/which register in more than two (3+) seminars during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) seminars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early bird discount and the HRDA subsidy, when applicable. For more information on our alumni scheme, click here.
  • There is a 10% early bird discount on selected seminars for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
  • HRDA subsidy for all HRDA approved seminars. 


Contact

For any queries, please contact Elli Athanasiou on +357 22 209 053 or at academy@kpmg.com.cy.

CPD: This seminar may contribute to Continuing Professional Development requirements. At the end of the seminar participants will be given a certificate of attendance confirming the total number of training hours (6, 15 CPD).

Trainers

Michalis Vasiliou
Board Member, Head of Asset Management services, KPMG in Cyprus

Michalis Vasiliou is a Board Member and the Head of the Asset Management services at KPMG in Cyprus. He graduated from the University of Manchester with a first-class degree in Accounting and Finance and he is a Fellow (FCA) of the Institute of Chartered Accountants in England and Wales (ICAEW).

Michalis primarily services groups operating within the investment funds and financial services sector. Furthermore, he is a member of the Department of Professional Practice (Accounting) at KPMG in Cyprus, providing technical support on the correct application of IFRSs requirements. He has been a presenter for IFRS seminars which are addressed to the staff of KPMG, to clients and the public through KPMG Academy.

Michalis is the Chairman of the Investment Funds Committee of the Institute of Certified Public Accountants in Cyprus (ICPAC) and the Chairman of the Alternative Investment Funds Committee of the Cyprus Investment Funds Association (CIFA).


Constantinos Mitsingas
Principal, Global Compliance Management services, KPMG in Cyprus

Constantinos Mitsingas is a Principal at KPMG in Cyprus, offering global compliance management services (including fund administration services). He has studied accounting and finance at London South Bank University and is a Fellow member of the Association of Chartered Certified Accountants (FCCA).

Constantinos is also a member of the Institute of Certified Public Accountants in Cyprus (ICPAC), a member of the Energy sub-committee of the ICPAC and a member of the Funds Administration committee of the Cyprus Investment Funds Association (CIFA).

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The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. 

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