(FTSE Global Markets) -- During a speech at the 3rd Cyprus International Funds Summit, the Minister of Finance of the Republic of Cyprus, Harris Georgiades, announced a suite of new legislative amendments designed to further strengthen the growth of the Cypriot investment funds sector.
The new bills provide scope for the faster creation of a broader range of fund structures. The proposed legislative amendments will include the introduction of limited partnerships, expected to further stimulate the growth of investment funds.
The proposed bills will be submitted to the Cyprus Council of Ministers, the ministerial executive branch of the Republic of Cyprus, prior to the end of 2017, after which the legislation’s introduction will be subject to parliamentary approval.
The Summit, hosted in Limassol, saw 450 fund participants from 23 countries across Europe, North America, the Middle East and North Africa, and Asia; following the growth of the European asset management sector where assets under management now exceed €12trn, according to data from the European Fund and Asset Management Association.
Angelos Gregoriades, chairman of Cyprus Investment Funds Association, said: “Cyprus is an increasingly popular jurisdiction in which investment firms domicile their funds. We welcome this new legislation which we believe addresses the needs of investors to make the process of basing funds in the European Union simpler, more efficient and cost effective while retaining the strict regulatory framework that investors expect from an EU jurisdiction.”