The Cyprus Investment Funds Association (CIFA) has joined forces with law firm King & Wood Mallesons (KWM) to develop the legal and regulatory framework for investment funds in Cyprus.

In order to position Cyprus as an international jurisdiction for the domiciliation and management of funds, the law firm has conducted on a comprehensive review of the Cypriot investment funds framework, such as corporate tax arrangements and registration laws.

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CIFA chairman Angelos Gregoriades remarked: "We are pleased to mandate KWM – as the only global law firm headquartered in Asia – to take Cyprus’ investment funds sector to the next stage of its development. It marks our commitment to Cyprus’ recovery in developing core growth sectors, of which fund management is one. There is huge opportunity for global fund managers from Asia and other regions to use Cyprus as a springboard to the deep markets of Europe."

The new action plan will include development of a strategy for investment funds sector, study of the current legislation and regulatory and legal framework as well as submission of recommendations based on the strategy to prepare a new legislation.

The legislation is expected to cover laws on investment funds and fund managers, relevant tax provisions for investment funds and corporate legislation realted to investment funds.

The findings of the review are scheduled to be published later in this year, following which the two entities will work together to promote Cyprus as a gateway to Europe for regional fund managers, especially in Asia.

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European Fund and Asset Management Association (EFAMA) approved CIFA observer status in last June after Cyprus’ adoption of the UCITS IV as well as AIFMD directives into the country’s national legal system.