The CIFA now holds observer status at the European Fund and Asset Management Association, the representative association of the European investment management industry, for two years beginning this month.
EFAMA also examined Cyprus’s adoption of UCITS IV and the AIFMD (Alternative Investment Fund Managers Directive) before allowing the CIFA's participation.
CIFA president, Angelos Gregoriades, said: “The approval of CIFA’s membership to EFAMA marks a vote of confidence in Cyprus as a fund and asset management centre. It acknowledges the sector’s ability to adapt to changing legislative requirements and provide future growth for the whole Cypriot community. We look forward to developing our reach internationally to support managers and investors domiciled in Cyprus.”
The news follows EFAMA’s annual general meeting earlier this week, which saw president Christian Dargnat claim that Europe will see an average growth of 3% in coming years.
Speaking after the meeting, EFAMA director general Peter De Proft said Europe felt it needed “more time” to implement MiFID II (Markets in Financial Instruments Directives II), which will be partially introduced from next month.
MiFID II is a piece of legislation aimed at increasing transparency within European financial markets.
“The consensus is yes, of course we want transparency, but this important piece of legislation should not be rushed through. There needs to be proper time and consideration given to this," he said. “Let’s create a perfect framework and system that benefits clients.”
Source: International Adviser