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CFA 5th Annual General Meeting

June 2017

On Monday, 12 June 2017, the Cyprus Fiduciary Association held its 5th Annual General Meeting at the Hilton Cyprus in Nicosia.

The AGM was honoured by the presence of the Chairwoman of the Cyprus Securities & Exchange Commission (CySEC), Ms Demetra Kalogerou, the Vice-Chairman of CySEC, Mr Andreas Andreou, the Director General of the Cyprus Investment Promotion Agency (CIPA), Ms Natasa Pilides, the President and General Manager of the Institute of Certified Public Accountants of Cyprus (ICPAC), Mr Demetris Vakis and Mr Kyriakos Iordanou, the MP of the Democratic Rally, Mr Marios Mavrides and the President of the Cyprus Investment Funds Association (CIFA), Mr. Angelos Gregoriades.

In his welcoming note to the members and the officials attending the AGM, the General Manager of the Cyprus Fiduciary Association, Mr George Ioulianos, stated that the huge importance of the international business sector to Cyprus does not allow anyone to be complacent and that a collective effort is now needed by all stakeholders in order to be able to further develop our country.

In her address to the AGM, the Chairwoman of CySEC initially referred to the forthcoming changes in the framework of anti-money laundering and terrorist financing. Ms Kalogerou then made reference to the priorities of the Commission, emphasizing the need to improve the internal procedures and controls of Administrative Services Providers (ASPs). Ms. Kalogerou noted that there has been a significant improvement in the operations of ASPs, but some recurring weaknesses need to be addressed. To this end, the Commission intends to introduce mandatory ISO standards that will enhance the proper functioning of ASPs.

The General Manager of ICPAC, Mr Iordanou, began his own speech by reminding everyone that despite the improvement in the economy and the country’s credibility, we still need to do a lot more in order to achieve a sustainable growth. He noted his disappointment in the fact that such an important economic sector does not receive the attention it deserves that will enable it to be further developed. According to Mr Iordanou, it is important that the supervisory framework does not hinder the operations of the sector and reiterated his belief that the three supervisory authorities should strengthen their cooperation to the benefit of the sector. Finally, Mr Iordanou said that the Institute looks forward to further developing its cooperation with the Cyprus Fiduciary Association.

The CIPA Director General, initially thanked the Cyprus Fiduciary Association for its contribution to the sector, but also its persistence on promoting best practices and professional standards in the operations of ASPs. Ms Pilides noted that the demands of foreign investors are constantly changing and therefore Cyprus should keep abreast with the developments in order to remain competitive. She stressed the importance of the fiduciary services sector in Cyprus and made reference to the Agency’s efforts to promote our products and services abroad. Ms Pilides concluded with the promise to intensify their efforts to develop and promote the sector in cooperation with all related stakeholders.

The President of the Cyprus Fiduciary Association, in his own speech, stressed the importance of the international business sector for Cyprus and claimed that the government should show more interest and do more if we are to remain a competitive international business centre. According to Mr Michael, Cyprus currently faces many challenges, and therefore, concrete steps need to be taken to tackle them. He stressed the need to properly inform all stakeholders about the operations of the ASPs as well as about the sector’s contribution to our country’s economy. Most of all though, the sector needs to develop a single strategy with the contribution of the government and the private sector. Finally, Mr. Michael made reference to the activities of the Association during the last 12 months and stated that the Association will continue its hard work in order to further develop Cyprus as an international business centre.

The AGM concluded with the approval of the audited financial statements of 2016, the approval of proposed changes to the Association’s Articles of Association and the ratification of the appointment of a new member to the Board of Directors for the following year. The new member is TMF Administrative Services (Cyprus) Ltd that will be represented at the Board by the company’s CEO, Ms Ulyana Holovenko.

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