ΠΕΡΙΓΡΑΦΗ

Professionals working within the Investment Fund Sector require a set of specific specialised knowledge and technical skills. The Cyprus Fund Administration Professional Assessment provides practical know how of the investment environment, examines the creation of a fund structure, appraises the key responsibilities of the important roles within a fund (the fund manager, the fund administrator and the fund’s governing body), examines the relationship between NAV and the performance of a fund, analyses the different fund types, structures and services available to investors in offshore jurisdictions, and assesses the legislative and regulatory frameworks affecting the funds sector.

The overall aim of the certificate is to introduce, discuss and describe the investment fund from its inception right through to its termination detailing the functions and parties to a fund; the roles, responsibilities, and activities of all the parties to the fund and how each area interacts with each other.

ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ

The objective of the examination is to provide candidates with a good introduction to the fund administration services industry with a focus on Cyprus Investment Funds. 

By attending the programme, participants will be able to:

• Understand the benefits of Investment Funds to financial industry operations and efficiency.
• Know the definition of the main types and legal forms of Investment Funds in Cyprus and the main EU Funds Jurisdictions.
• Understand the key terms, definitions and concepts related to Investment Funds.
• Understand the differences between a General Partnership / Limited Partnership and a Variable Capital Investment Company.
• Identify who the primary stakeholders and principals are within Cyprus’s and EU’s Investment Funds ecosystem and grasp their specific functions.
• Know the activities of each stakeholder in the Investment Funds ecosystem.
• Understand the concept of EU passporting in the context of Cyprus’s Investment Funds.
• Know expected regulatory changes, focusing on Fund Administrators.
• Know the different types of Alternative Investment Funds and their features.
• Know the different fund types, structures, and services available to investors in offshore jurisdictions.
• Understand the different types of management of an Investment Fund.
• Understand the legal provisions related to managing an Investment Fund in Cyprus.
• Understand the process of execution of subscriptions and redemptions.
• Understand the ‘Investor Acceptance’ process within a Fund Administration entity.
• Understand the nature and characteristics of investments in debt instruments.
• Be able to analyze and evaluate the strategic role of bonds in investment portfolios
• Understand the nature and characteristics of equity investments.
• Be able to evaluate the factors influencing stock prices
• Understand the nature and characteristics of other types of investments.
• Understand what ETFs are and how the investment in ETFs is recorded.
• Know the life cycles of different financial products i.e., Equity, debt, and virtual assets.
• Know the forces and factors that influence an Investment Fund Lifecycle and suggest how the life cycle might be extended.
• Understand and apply fundamental accounting principles and concepts.
• Be able to apply the double-entry accounting system and understand its impact on financial reporting.
• Understand the valuation of various investment types, understanding the accounting treatments and reconciliation processes, and learn to accurately calculate the Net Asset Value (NAV).
• Know the processes and procedures involved in the safekeeping of assets, including securities and cash management, and understand the oversight mechanisms in place.
• Know how subscriptions, share issues, and redemptions impact fund valuation and performance, and comprehend their effects on NAV.
• Identify the appropriate methods to calculate the value of the fund’s investments.
• Understand the significance of outsourcing and the role of specialist service jurisdictions within the global fund industry.
• Know the importance of Policy Valuation Policy.
• Understand the various components of a complete set of financial statements.
• Know how to prepare financial statements for funds with different legal forms.
• Know the IFRSs in specific fund context.
• Understand the ethical responsibilities of financial reporting under IFRS.
• Understand specific tax structures for investment funds, including tax-advantaged, pass-through, surrogate, and distribution-deduction prototypes.
• Understand the role and general impact of double taxation treaties in fund operations.
• Understand the impact of VAT in structuring a fund.
• Understand the Cyprus taxation system and its implications for fund operations.
• Identify key tax considerations when selecting Cyprus as a fund domicile.
• Understand the anti-money laundering strategies and practices in Investment Funds (FATCA, CRS, etc.).
• Know investor classification and fund management strategies in Cyprus.
• Identify the key regulatory documents and reports filed by Investment Funds.

ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ

The certificate programme will be of particular interest and relevance to those working in, and those seeking to work in the investment funds industry and to newly practising professionals working in the Fund Administration, asset management and investment funds area of the legal and auditing advisory firms.

ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ

Training Outline

1. Introduction to Investment Funds
2. Principals and Stakeholders
3. Legal Framework in Cyprus
4. Establishing an Investment Funds: Types, Structures & Strategies
5. Management of an Investment Fund in Cyprus
6. Fund Operations in Cyprus
7. Investing in Bonds
8. Investing in Equity
9. Investing in Other Type of Assets
10. The Financial Products Life Cycle
11. Accounting Basics
12. Fund Accounting
13. Fund Valuations
14. Fund Financial Statements Under IFRS
15. Taxation of Investment Funds
16. Taxation of Investment Funds in Cyprus
17. Regulation and Statutory Reporting in Cyprus

Trainers

Alexis Kartalis

Mr. A. Kartalis graduated from the Department of Statistics of Athens University of Economics and Business (ex A.S.O.E.E) in 1991. In 2003 he got an MBA in Finance from ESCEM. He started his career from Citibank Athens, where he worked from 1994 till 1997. From 1997 till 2012 he worked at BNP Paribas Securities Services Athens, initially as Head of Securities Operations and then as General Manager. From September 2013 till today he works as General Manager in GMM Global Money Managers Ltd, a Cypriot mutual funds management company. He is a holder of Advanced Certification and AML Certification from the Cyprus Securities and Exchange Commission and a seminars’ instructor in European Institute of Management and Financed, approved by Cyprus Human Resources Development Authority.

Marios Mortis

Marios Mortis holds a Bachelor's degree in Business Administration with a focus on Accounting, as well as a Master's degree in Banking and Finance. He is a qualified member of the Association of Certified Chartered Accountants (ACCA). Marios has accumulated valuable experience working in various positions and companies within Cyprus's accounting, audit, advisory, assurance, and banking sectors. In the past seven years, Marios has embarked on a new and fulfilling career path in the field of education, which he finds both challenging and fascinating. He served as a Visitor Academic at a local university in Cyprus, where he taught several courses, including corporate governance and business ethics, corporate finance, corporate risk management, and audit and assurance. Currently, Marios holds the position of Trainer and Accountancy Programmes Leader at EIMF (European Institute of Management and Finance). In this role, he oversees the management of both professional and academic accounting and finance programmes. Marios has successfully designed and delivered professional training courses covering topics such as corporate reporting, tax, AML (Anti-Money Laundering), funds, forensic accounting, financial analysis, auditing, and financial workshops. Furthermore, Marios is entrusted with leading the Department of Accounting & Finance within EIMF's Academic School. He actively engages in research within the domains of finance and accounting, contributing to both academic and professional endeavors in these fields.

Athos Myrianthous

Athos is a Senior Financial Services Professional with hands on consulting experience in the areas of AIF & UCITs Funds, CIFs, PIs, EMIs and other regulated entities in the finance sector.  He has extensive experience in Set up and Licencing, Compliance & AML, Fund Administration, Transfer Agent and other financial regulation matters. He holds an Honours degree in Law (LLB) from Queen Mary University London, a Master’s Degree in International Commercial Law (LLM) from Westminster University and a Master’s Degree in Finance (MsC ship. & finance ) from Cass Business School, City University. He is a holder of the Cyprus Bar, member of the Cyprus Investment Funds Association (CIFA), holder of CYSEC’s Advanced Certificate in Financial Services Legal Framework and CYSEC AML Certification. He is also member in a number of technical committees and working groups including the CIFA AML Technical committee, for the past few years. He held various positions in the Legal and Finance Sector and for many years provided expert advice and technical assistance in Finance Law and Funds Law, to entities both on a local and international level. He is currently Deputy Head of the Financial Services Registration Department (FSRD) of MAP S. Platis.

Herodotos Michael

Herodotos is a Senior Manager in Authorisations and Regulatory Business Development at MAP S.Platis. He joined MAP S. Platis in 2011 and since then he has been part of the Financial Services Registration Department also dealing with regulatory business development. During his tenure Herodotos was successfully involved in the registration/authorisation of various EU financial institutions regulated under various EU legislations such as MiFID II, PSD2 and the AIFMD. He is also involved in the provision of consultancy and compliance services in relation to the financial services sector as well as in relation to the GDPR.   Herodotos is a member of the Board of Directors of the Association of Cyprus Electronic Money and Payment Institutions and holds an Advanced Certification from the Cyprus Securities & Exchange Commission. He also holds a BSc in Mathematics from the University of Reading and an MSc in Financial Risk Management from the ICMA Centre of the Henley Business School of University the of Reading.

Training Style 

Given the technical nature of the course content and the need for participants to grasp complex concepts related to investment funds, a blended training style incorporating both instructor-led sessions and interactive activities would be effective. 

By adopting a blended training style that combines lectures, case studies, group discussions, workshops, guest speakers, online resources, Q&A sessions, and practical exercises, participants can engage with the course content effectively, develop a deeper understanding of investment funds, and acquire practical skills relevant to their roles in the financial services industry.

Assessment 

The assessment duration is 75 minutes and consists of 50 Multiple Choice Questions with four options, will be delivered online via the CISI professional assessment platform, offering flexibility through both remote assessment and physical presence at the EIMF’s computer testing centre. The pass mark has been set at 70%, with two attempts.

Upon successfully passing the assessment, you will attain the Cyprus Fund Administration Certificate.

CPD Recognition

This programme may be approved for up to 24 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.