Fund & Asset management: A focus on new AIF & IFA law

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 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 new IFA Law. The learning process will be enhanced through the use of explanations, illustrations- and where possible- exercises.

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

• attain an overview of AIF Funds and their legal characteristics
  
• recognise 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.

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.

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 (1 hr & 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.

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: €143,75 for all eligible participants*

*Last Date for 10% Early Bird Discount: 14/11/2023

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 Vasiliki Sioziou on +357 22 207 460 or at academy@kpmg.com.cy.

CPD

This seminar may contribute to Continuing Professional Development requirements. Shortly after the seminar date, participants will receive electronically a certificate of attendance confirming the total number of training hours (6 CPD).

Petros Mavrommatis
Board Member, Head of Asset Management Services, KPMG in Cyprus

Petros is a Board Member heading the Asset Management team at KPMG in Cyprus and dealing with external audits at the firm. He has studied Accountancy at Northumbria University in Newcastle and is a Fellow member of the Association of Chartered Certified Accountants (FCCA).

Petros is currently having a sit as an observer at the Board of Directors of CIFA and acts as the Chairman of the AIF Committee. He is, also, the Vice President of the Corporate Governance and Professional integrity committee of ICPAC. Furthermore, he is the co-founder and vice-chairman of the KPMG Cyprus Audit Committee Institute.

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

Constantinos is a Principal offering global compliance management services, including fund administration services, at KPMG in Cyprus. 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-committed of the ICPAC, and a member of the Funds Administration committee of the Cyprus Investment Funds Association (CIFA).