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  (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

3. 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

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 (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

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.

Services

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.

Trainers

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.