#funds #alternativefunds #aif #moi

Cyprus is now combining its proven tax efficient regime with the required infrastructure for the fund management industry to create a new dynamic and competitive European hub for fund management and administration. With the enactment of the Alternative Investment Funds Law 124(I)/2018 (the “AIF Law”) in July 2018, it now offers a modern and flexible legislative framework to all Alternative Investment Funds (AIF) types within the European AIFM Directive (AIFMD) enabling EU Passporting for AIF's.

The AIF Law of 2018, has introduced the Registered Alternative Investment Funds (RAIFs) regime and in addition fine-tuned the existing types of AIFs, including the AIFs with Unlimited Number of Persons (AIF) and the AIFs with Limited Number of Persons (AIFLNP)).

The regime is combined with the half century international business experience of professionals in Cyprus, the UK based legal system, the low cost and a business friendly government to create one of the most prominent offerings in the Funds Industry.
Cyprus aims to develop a world class fund sector and mark its position as a growing domicile for investment funds and asset management. The continuous upgrading of the legal framework is expected to raise investors confidence in the jurisdiction. For this year two new legislative initiatives are expected to pass into law, for the regulation of Fund Administration and the introduction of the Mini Manager.
Furthermore, the country’s attractive fiscal framework, English-speaking workforce and its competitive operating environment, will likely increase the island’s ranking as a domicile and servicing centre for both Alternative Funds and UCITS. The fact that fund managers are increasingly moving to Cyprus demonstrates the rapid development of the funds sector, attracting additional investments for the Cyprus economy.

For more information check Alternative Funds (AIF) or contact Michael O. Ioannides.

Nominated Advisor (NOMAD) is a law firm or a financial institution or a Cyprus Investment Firm (CIF) or an audit firm or another legal entity appointed by the Council of the Cyprus Stock Exchange as a Nominated Advisor for the Emerging Companies Market of the Cyprus Stock Exchange which manages and promotes the listing of securities on the Emerging Companies Market and whose name is entered in a special list of Nominated Advisors published by the Cyprus Stock Exchange.

The major role of the NOMAD is to ensure that the issuer/company is appropriate to be quoted on the Emerging Companies Markets (ECM) and to assure that the rules and regulations are complied with on flotation. The NOMAD must be retained at all terms to consult the issuer/company. A short sum up, the NOMAD represent the issuer through the listing procedure and provide advice to the issuer in respect of the compliance of the continuous obligations in the market.

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Listing your company in the Cypriot ECM can offer major benefits as it can be associated with being part of such an efficient run market, as well as the general advantages of being listed, such as marketability and credibility. There is an additional advantage for companies with international interest; (depending on the jurisdiction) they can be safeguarded from the application of CFC rules.

LLPO Law firm is CSE approved NOMAD since 2009. It has a actively reputation for its experience in listing companies in the Cyprus Stock Exchange Market. LLPO’s NOMAD role include:

• Nominated Advisory services
• Preparation of the admission document    
• Preparation of the information memorandum
• Ensuring compliance with ECM rules and regulations
• Subsequent to admission, we will continue to advise the company on its ongoing obligations as a listed company

For more information on this subject please contact Mr. Michael Ioannides - Partner LLPO Law Firm Cyprus

#caif #funds #financialservices #moi #aleo

The Alternative Investments Funds Law of 2014 was enacted by the House of Representatives on 10th July 2014 and came into force on 18th July 2014. The new law replaces the International Collective Investment Schemes Law (ICIS) of 1999.
 
Under the applicable Cypriot legislation, namely the AIF Law, the Cyprus Securities and Exchange Commission (“CySEC”) is the regulatory and supervisory authority for AIFs and may, upon a written application, recognise a FIxed or Variable Capital Company, a Common Fund or a Partnership as a AIF.

Cyprus Banks will now have to pay a levy on all deposits they hold at the end of each financial year. The levy will be calculated on all deposits, other than interbank and deposits from financial institutions. This special bank levy will be at the rate of 0.095%.

This measure is projected to raise an annual revenue of 120 million Euro to be used for the establishment of a Financial Stability Fund to save for any future exposure of the banks to global crisis effects.

The Banking sector in Cyprus, being relatively large, due to the characteristic of Cyprus as a financial centre for so many years, is a cause for concern, to some of the US based rating agencies and the measure seems to be a prompt reply to such concerns raised recently.

P.C.Splash Water Limited, the well known importer and distributor of POKKA Coffee, is now on track for stock exchange.

The first act of this play will be the Private Offering of 7.000.000 shares of nominal value of Euro 0.25 each in the share capital of the company, offered for the price of Euro 1.20 per share taking the total offering value to Euro 8.400.000.

The offering has started on the 10.10.2010 and will normally be open until 10.12.2010.

The company has retained LLPO Law Firm Corporate Finance Team to make all preparatory steps, prepare a Private Offering Memorandum and manage the whole issue or shares including clearing of fund and after offering utilization and distribution.

In accordance with the plan approved by the company after the closing of the offering LLPO Law Firm Corporate Finance Team will lead the company to become Public and finally listed in the NEA Market.

The Company will be expected to have a Market Capitalization Value of little less than Euro 45.000.000.

Furthermore, the company also represents and distributes several other products in Cyprus market including Snapple and Loux. The company also self brands Splash Water.

Last but not least the company hold share in P.J.C. Restauraunts Limited the well very known franchisor and owner of all Cyprus Restaurants of PAPA JOHN’S PIZZA.

The LLPO Law Firm Franchise & International Distribution Lawyers are working together with the company to implement the plans of the company in relation to its European Market development. More specifically the Greek and Bulgaria market are the first to be developed and the necessary agreements will be in place early 2011.