CIFA Membership will ensure that FundCount stays abreast of all developments in the Cyprus Fund Sector and provides the best support to our Cyprus clients on industry and regulatory development
November 10, 2022 – FundCount today announced its joining of the Cyprus Investment Funds Association (CIFA). CIFA is the fund industry’s sole recognized body located in Cyprus.
Cyprus is a member of the EU and its regulatory framework is fully aligned with all the EU directives and regulations. The Cyprus legal system is based on common law. The combination of the EU legal framework and common law system makes Cyprus a uniquely attractive jurisdiction for structuring and operating investment funds.
FundCount’s membership with CIFA will give it access to industry initiatives for regulatory, compliance, and development expansion of Cyprus as a fund jurisdiction. This access allows the firm to stay abreast of the top of regional regulatory issues and industry trends.
“The (funds) sector in Cyprus has shown resilience and continued to grow at all levels: from improving the legislative and regulatory framework to attracting new collective investment organizations from different countries,” says Andreas Athinodorou of ATG Funds, member of the board of CIFA. “Particular interest is observed in Alternative Investment Funds AIFs, whose net assets increased by 61.5% in 2021 and reached €11.1 billion in the first quarter of 2022.”
Joining CIFA at this time is particularly attractive given that the fund sector in Cyprus is growing as of late. For instance, MUFG, the international Fund Administrator of Mitsubishi bank, is starting a full-fledged office in Cyprus. ARAMCO of KSA has announced the launching of a Cyprus fund with a target AUM of US1.5b for investments in the shipping and ESG energy sectors.
The benefits of this new membership include:
⦁ CIFA membership will provide all the necessary information at the source to ensure that FundCount is compliant with all local regulatory issues and policy, provide in-depth knowledge of all industry developments, and provide regular updates on technical issues.
⦁ CIFA is driving the initiative for regulating the fund administration profession in Cyprus. The relevant legislation is expected to come into force by January 2023. This new regulated environment will create the need for the Cyprus fund industry to adopt robust technology solutions like FundCount
⦁ CIFA membership will enable a direct connection between FundCount and the Local and International custodians, brokers, provide market data sources to simplify local implementations, and will make it easier for clients to automatically exchange data with these entities.
⦁ CIFA membership provides the opportunity to participate in events, seminars, and conferences, gaining insights and connecting with other protagonists of the sector, potential customers, regulators, and policymakers.
⦁ CIFA has built strong relations and connections with regulators and policymakers both in Cyprus and the EU, and this will allow us to promote FundCount user views and opinions.
The Cyprus Investment Funds Association (CIFA) was established in February 2013 and registered as an Association in April of the same year under the Associations and Foundations Law of 1972, with the purpose and aspiration to become the collective voice and the reference point for all professionals and legal entities, offering services or engaged in the Investment Funds Industry in Cyprus. CIFA’s Board of Directors is composed of highly reputable industry professionals experienced in all aspects of the industry, including fund management, advisory, banking, audit, and legal.
Founded in 1999, FundCount provides integrated accounting and investment analysis software that improves operational efficiency and delivers immediate, actionable intelligence to single and multi-family offices, fund administrators, hedge funds and private equity firms around the world. FundCount is a global organization headquartered in the U.S. with five offices on four continents. For more information, visit fundcount.com.
The Cyprus Investment Funds Association (CIFA) was established in February 2013 and registered as an Association in April of the same year under the Associations and Foundations Law of 1972, with the purpose and aspiration to become the collective voice and the reference point for all professionals and legal entities, offering services or engaged in the Investment Funds Industry in Cyprus.