A focus on the Alternative Investment Funds Law

31 May & 1 June 2021 | 9:00 a.m. – 12:15 p.m. | 6 CPD

31 May & 1 June 2021 | 9:00 a.m. – 12:15 p.m. | 6 CPD

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Important Note

Please note that KPMG will offer this training face-to-face at KPMG offices in Nicosia, should there is a considerable decrease in COVID-19 cases in Cyprus and the government restrictions allow this adjustment. In such a case, the training will be conducted on 1 June 2021. Further information will be communicated to you in due course.

Webinar’s overview

This training focuses on the Alternative Investment Funds (AIF) regulatory framework and industry practices. Expert trainers with solid experience on funds will assist the attendees in understanding both the setup procedures and the ongoing operations of an AIF and use real-life examples, which will enhance the participants learning experience. The 2018 Cyprus AIF Law will be covered, as well as the latest developments in the area. Through the webinar participants will comprehend the options to setup AIFs and feel confident to cope with the ongoing requirements.

Webinar’s goals

By the end of the webinar, participants will:

  • Identify the various fund structures
  • Acknowledge their features and suitability to meet the investors’ needs
  • Define the key changes in the AIF Law regarding partnerships and the new fund structure of the Registered AIF
  • List the key features of an AIFM
  • Describe the risk management role and the main tools involved
  • Acknowledge other operational matters
  • Explain the authorisation process of the CySEC
  • Apply the organisational and code of conduct requirements of a fund manager
  • Understand the role of the Depositary and Fund Administrator (duties and responsibilities).

Participants*

The training will cover the Cyprus regulatory framework for funds and asset managers, as well as good practices followed by foreign regulators and financial services participants. Therefore, fund managers, employees of CIFs, employees of firms offering fund consulting and other services such as lawyers, accountants and professionals of fiduciary firms will benefit by attending this training.

*The number of participants is restricted to 28.

Agenda

Join the webinar (8:30 a.m. - 9:00 a.m.) *

Sessions (9:00 a.m. – 12:15 p.m. including a 15-min break between sessions)

1. Introduction (45 min)

  • What is an Investment Fund
  • Why use an Alternative Investment Fund (AIF)?
  • The Cyprus funds industry in numbers

2. Overview of the legal framework for funds (1 hr & 30 min)

  • Regulatory timeline and key change in the regulatory framework
  • Definition of Alternative Investment Fund
  • Alternative Investment Funds characteristics
  • Types of Alternative Investment Funds and legal forms
  • Internally - Managed vs Externally - Managed Fund

3. Fund manager and key service providers (1 hr & 15 min)

  • Cyprus legal framework for asset management
  • External manager

                    1.  Cyprus Legal Framework for Asset Management-Eligible entities

                    2. Duties of external manager

  • Depositary duties
  • Other service providers

                    1. Fund Administrator

                    2. External Auditor

                    3. Internal Auditor

                    4. Regulatory Compliance/Anti-money Laundering Compliance Officer    

4. Authorisation / Registration of Alternative Investment Fund (45 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. Investment fund operations & administration (45 min)

  • Administrator workflow
  • Reporting requirements

                    1. Annual report

                    2. Semi-annual report

  • Statistical and other reporting obligations

6. Investment fund tax considerations (30 min)

  • Tax issues for Funds and fund managers

                    1. Taxation of the fund

                    2. Taxation of the investors

  • Taxation of the Fund Manager

7. Case studies (30 min)

  • How to determine the optimal structure
  • Indicative structures
  • Illustration of real-life examples of fund structures

Conclusions

  • Evolving regulation
  • Key conclusions.                             

*Note: Please join the meeting 30 minutes prior to the webinar’s start time (join at 8:30 a.m.), in order to make sure that you do not face any connection or other technical issues.

Registration

If you wish to register for the webinar, please complete the registration form.

Once your registration is submitted, you will receive an email stating the participation fee, including any discounts, if applicable. Kindly note that the payment should be settled at least two days prior to the webinar’s date for your registration to be confirmed.

The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. Please note that there are limited seats available, therefore enrol in this webinar as soon as possible.

If you do not receive our confirmation e-mail regarding your registration, your participation cannot be guaranteed.

Cost

€264 + VAT. Net investment after subsidy from the HRDA of €102: €212,16 (including VAT) for all eligible participants*

*Last Date for 10% Early Bird Discount: 10/05/2021

 

Discounts available:

  • For more than two (3+) participants from the same company a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for participants who enrol in the same training, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • For individuals/legal entities who/which register in more than two (3+) trainings during the same semester (January-June & July-December), a 10% discount is available on the total cost, before the VAT and HRDA subsidy. This discount only applies for individuals/legal entities who/which enrol in more than two (3+) webinars during the same semester, on the same day. This discount can only be combined with the early bird discount and the HRDA subsidy, when applicable.
  • There is a 10% discount for alumni members. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the early Bird discount and the HRDA subsidy, when applicable.
  • There is a 10% Early bird discount on selected trainings for participants who enrol in a training course until a specific date which is stated above. This discount should be applied before the VAT and HRDA subsidy and can only be combined with the HRDA subsidy, when applicable.
  • HRDA subsidy for all HRDA approved trainings.

Contact

For any queries, please contact Irini Avraam on +357 22 207 460 or at academy@kpmg.com.cy.

CPD: This webinar may contribute to Continuing Professional Development requirements. Shortly after the webinar’s date, participants will receive electronically a certificate of attendance confirming the total number of training hours (6 CPD).

Trainers

Rouvas Antonis
Board Member, Asset Management, KPMG in Cyprus

Antonis is a Board Member and heads the Asset Management Division. He leads an integrated team which facilitates structuring, setting up and operating fund vehicles and fund management companies in Cyprus.

He holds a BSc (High Honours) in Business and Mathematics from Wake Forest University, NC, USA.  Additionally, he is a Member of the Institute of Chartered Accountants in England and Wales (FCA) and the Association of Corporate Treasurers, UK (AMCT). He also holds the Advanced Level Certification from the Cyprus Securities and Exchange Commission.

Antonis served as the Group CFO of Hellenic Bank in Cyprus during 2008-2017. Prior to Hellenic Bank, he led the Financial Risk Management Division of KPMG in Cyprus and between 1996-2004 he worked at Credit Suisse (Singapore, Cyprus, London). Antonis returned to KPMG in 2017. He has a broad experience in all aspects of fund management and a strong technical expertise in both operational and regulatory areas. 

 

Vasiliou Michalis
Board Member, Audit Services, KPMG in Cyprus

Michalis Vasiliou is a Board Member offering audit services at KPMG in Cyprus and the incoming Head of the Asset Management department from June 2021. Michalis graduated from the University of Manchester with a first-class degree in Accounting and Finance and is a Fellow (FCA) of the Institute of Chartered Accountants in England & Wales (ICAEW).

Michalis primarily services groups operating within the investment funds and financial services sector. Furthermore, he is a member of the Department of Professional Practice (Accounting) at KPMG in Cyprus, providing technical support on the correct application of IFRSs requirements. Michalis is also a presenter for IFRS seminars to the staff of KPMG, to clients and the public through KPMG Academy.

Michalis is the Chairman of the Investment Funds committee of the Institute of Certified Public Accountants in Cyprus (ICPAC), Chairman of the Alternative Investment Funds committee of the Cyprus Investment Funds Association (CIFA) and a member of the Funds Administration committee of CIFA.

 

Papaconstantinou Demetris
Manager, Asset Management, KPMG in Cyprus

Demetris is a Manager in the Asset Management team. His main areas of practice include the licensing of Investment Funds (AIFs and UCITS) and Fund Managers, as well as the compliance, governance, regulatory advice, restructuring and risk management advice of such entities. Also, he has an active role on operationalization projects of financial services companies (such as fund management entities and Credit Acquisition Companies).

He graduated from the University of Nottingham with Master’s Degree in Finance and Investments. In addition, he holds the Advanced Level Certification from the Cyprus Securities and Exchange Commission.

Demetris joined KPMG in Cyprus in 2018. Before joining KPMG, he worked as a Risk Analyst and later as a Risk Manager at an Asset Management firm, where he was part of the team managing the Fixed Income UCITS funds. Furthermore, Demetris has experience in alternative investments (e.g. Hedge funds, Private Equity) and Fund of Funds (FoF).

 

Economou Marios
Assistant Manager, Asset Management, KPMG in Cyprus

Marios is an Assistant Manager in the Asset Management team of KPMG in Cyprus. His main areas of expertise include the licensing of Investment Funds (AIFs and UCITS) and Fund Managers, as well as the compliance, governance, regulatory advice, restructuring and risk management advice of such entities. Moreover, he has been involved in audit and advisory services of large institutions both financial and non-financial, as well as in projects related to securitisation of banking assets and operationalisation of Cyprus Credit Acquiring Companies (CyCAC).

Marios holds a BSc (Honours) in Law from Kingston University. Additionally, he is a Member of the Institute of Chartered Accountants in England and Wales, as well as the Cyprus Bar Association. Marios has strong technical expertise in both operational and regulatory matters of investment vehicles (AIF, RAIF, CYCAC).

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The programme has been approved by the HRDA. Enterprises participating with their employees who satisfy HRDA’s criteria, are entitled to subsidy. 

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