AIF & IFA Laws and Succession Planning in Cyprus

The participants of this training will embark on a transformative journey as both them and the trainers will explore the latest regulations shaping the funds industry in Cyprus. Designed for professionals at all levels, this program features interactive sessions and real-world case studies. The training will cover the Alternative Investment Funds (AIF) regulation, which was enacted in 2018, as well as the proposed Investments Funds Administration (IFA) Law, expected to come into force by the end of the year. The participants will have the opportunity to identify the requirements of the proposed new law, understand the key processes, procedures, and roles within fund administration, and explore what Fund Administrators must have in place to comply with the IFA Law.

Additionally, they will find out the importance of succession planning for wealthy individuals whilst examining the legal tools available in Cyprus to assist them secure their family's financial future and gain control over their assets.

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

• Define AIF Funds and their legal characteristics.
  
• Identify the various fund structures and acknowledge their features and their suitability to meet the investors’ needs.
• Describe the essential systems and processes required to carry out the fund administration
• function effectively and efficiently.
• Identify key laws and regulations for succession planning in Cyprus.
• Explain the role and operations of the Fund Administrator.
• Identify the organisational needs and systems in place in order to comply with IFA Law.
• Apply the legal requirements and needs to set-up a fund.
• Apply and illustrate fund administration procedures and workflow.
• Encourage the application of funds regulations by clients, operating in the fund industry.
• Adopt best practices for fund operations.
• Enhance and encourage investor 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. It is also useful for professionals who want to enhance their knowledge about succession planning.

All participants should be currently employed.

*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. IFA Law Organisational and Operational Procedures & Measures Fund Manager and key service providers  (50 min)

• 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

3.  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

4. Fund administration & Transfer agency services (50 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

5. Overview of the legal framework for funds  (1 hr & 35 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

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. Laws and regulations for succession planning in Cyprus (1 hr)

• Analysing the legal framework for succession plaining in Cyprus
• Wills and succession law
• Re-sealing and executing foreign will in Cyprus
• The legal framework governing trusts in Cyprus
• Analysing the benefits of creating an international trust in Cyprus7

8. Conclusions (30 min)

• Evolving regulation
• Key conclusions.

Our services include:

• Handouts, including the hard copy presentation, examples, case studies, exercises, and additional notes, if applicable.
• Stationery, such as pads, pens, and files.
• Drinks (coffee, tea, etc.) and a buffet lunch.
• A fully equipped training room with WiFi access.
• Certificate of completion.

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 enroll 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

€260 Net investment after subsidy from the HRDA of €120: €140 for all eligible participants*

€260 + VAT (19%) for all participants who are non-eligible for the HRDA subsidy.

*Last Date for 10% Early Bird Discount: 21/11/2024

Note

We do not provide a soft copy of the presentation for face-to-face seminars. However, if you would like to request one, please contact us. We may be able to provide it, subject to approval. In this case, the cost of the soft copy will be €50 for participants who have already attended the relevant training, or €100 for those who have not.
 

HRDA Note

For HRDA approved trainings, all individuals who wish to attend our training courses should not only fill out our registration form, but also complete the registration process through the ERMIS platform in order to be approved by the HRDA. Please reach out to the HRDA Ermis officers on 22 390 300 for more details regarding this process. Kindly also note that each participant regardless if they are claiming the HRDA subsidy or not, will need to complete their registration through ERMIS as a physical person and choose our training in order to be able to attend (either as an employee whose company is claiming the subsidy or as an individual not claiming the subsidy).
 

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 enroll 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 enroll 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 enroll 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. 
• Please note that while participants may qualify for multiple discounts, a maximum of two discounts, up to a total of 20%, can be applied per registration.

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. At the end of the seminar participants will be given 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 overseeing external audits at the firm. He studied Accountancy at Northumbria University in Newcastle and is a Fellow member of the Association of Chartered Certified Accountants (FCCA).

Petros is the Vice President of the Cyprus Investment Fund Association (CIFA). 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.

Kyriacos N. Theodorides
Board Member, Partner - KPMG Law (Theodorides, Georgiou, Iacovou & Co LLC), KPMG in Cyprus

Kyriacos N. Theodorides has over 29 years of extensive practical experience in advocacy and case handling, specialising in commercial disputes, arbitration, company law, and mergers and acquisitions. He has obtained an LLB(Hons) from the University of Wales and an LLM (Master of Laws) from the University of Bristol. Among other positions, he is a member of the Cyprus Bar Association, an Arbitrator appointed by the Shanghai International Arbitration Centre (SHIAC), and a member of the First Instance Committee of the Cyprus Advertising Regulation Organisation (CARO).

His practice mainly focuses on civil litigation and dispute resolution concerning corporate, banking and insurance matters. He has extensive representing local and international clients before the District Courts and the Supreme Court of the Republic of Cyprus.

Kyriacos practices also in litigation concerning the recognition and enforcement of foreign judgements and international arbitration awards. He has experience adjudicating disputes regarding trusts and has represented foreign clients in numerous civil litigations initiated in Cyprus Courts. He also handles corporate and commercial contracts on behalf of local and foreign banking institutions and has taken on assignments for drafting agreements aimed at restructuring major loans and credit facilities. Kyriacos’ practice extends to advising Receivers / Managers appointed by banks under floating charges.

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

Constantinos is a Principal, specialising in global compliance management services, including fund administration. 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), serves on the Administrative Services (ASP) Committee at ICPAC, and is part of the Fund Administration and Depository Committee at the Cyprus Investment Funds Association (CIFA).