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Traditionally the launch pad for investment funds primarily into Russia, the former Soviet republics and Eastern Europe, Cyprus has in recent years revised and developed its fund legislation to service a wider market. As a member of the EU, the principal focus has been on the Alternative Asset Class and a complete review of local legislation has culminated in the approval of the Alternative Investment Funds (AIF) Law in July 2014 (which is due for review in 2016). Cyprus also transposed the UCITS IV Directive in 2012 and the Alternative Investment Funds Managers Directive (AIFMD) in 2013 Regulatory oversight has now been focused through The Cyprus Securities and Exchange Commission (CySEC) and they are seeking to increase Cyprus’ appeal as a fund domicile.
Cyprus offers both EU-regulated Undertakings of Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs). Consideration is being given to enhancing the attractiveness of the framework – such as the introduction of a Limited Partnership (LP) with legal personality to allow for internally managed LPs, the introduction of a de minimis asset management regime for managers below the AIFM thresholds and an unregulated AIFs regime under strict conditions.