The Cyprus Investment Funds Association (CIFA) on Friday expressed its commendation for the recent approval by the Cabinet of a draft law regarding the establishment and operation of Fund Managers and Undertakings of Collective Investments.
Specifically, the draft law delineates terms for granting operating licenses to such companies, their organisation and functioning, their execution of managerial functions, as well as the delegation of management functions.
“This enactment holds substantial significance for the Investment Fund sector, as it finalises the regulatory framework within Cyprus, rendering our country an even more attractive destination for Investment Funds, Fund Managers, and related service providers,” CIFA said in their statement.
Moreover, the association explained that “recognising the international competitiveness and dynamism of this sector, CIFA urges the House of Representatives for swift deliberation and adoption of the legislation”.
Meanwhile, CIFA president Andreas Yiasemides emphasised that “the Investment Fund sector has emerged as a new pillar of the Cypriot economy, creating new job opportunities, supporting the domestic economy with investments of nearly €3 billion, and fortifying plans for a resilient and sustainable growth model”.
“The approval of this legislation will add another advantage to the ongoing efforts aimed at continuously strengthening the framework governing collective investments in Cyprus, further solidifying our country as a premier international destination,” Yiasemides added.
The endorsement of this legislation marks a pivotal stride in fortifying Cyprus’s financial landscape, accentuating its allure as a regional centre for investment and bolstering its economic growth prospects.