Draft law for collective investments debated at the House

The House of Representatives is making good progress in its discussion of the draft legislation on the establishment and operation of collective investment organisations, according to the Cyprus Investment Firms Association (CIFA), which issued an announcement to welcome the news.

The matter was discussed at the House Finance Committee this week, with the debate having commenced back in April and a new session booked for September, after parliament's summer recess, MPs said.

The draft law aims to establish an additional tier of services for managing collective investments through the operation of Collective Investment Organisations (Fund managers), complementing the existing level of collective investment funds.

The aim is to enhance sector specialisation, improving services for capital managers and investors alike, and place Cyprus firmly on the international collective investments map.

CIFA stressed how important the draft law is, with fund managers eagerly anticipating its approval in order to further boost their presence in Cyprus, and increase the services they can offer to investment funds and managers.

“CIFA is calling on the members of the House Finance Committee to continue to assess the specific draft law as a matter of high priority, so that it can be led to the House Plenum for approval the soonest possible,” the association said in its announcement.

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