Committees

1. Tax and Legal
Targets
  • To review and advise the BoD on issues related to the Companies Law and other related laws and directives as well as the Code of Corporate Governance of the Cyprus Stock Exchange
  • To review Law amendments suggested by the House of Representatives and prepare suggestions and recommendations for review and approval by the BoD
  • To keep contact with the Institute of Certified Public Accountants of Cyprus (ICPAC), the Cyprus Bar Association, the Cyprus Institute of Internal Auditors, and other professional bodies in order to keep CFA Board and Members updated with amendments in the IFRSs, the International Standards of Internal Controls, and other corporate issues.
  • To prepare alerts, updates and other relevant material regarding legal and corporate affairs for the Association’s web page
  • To provide guidance with regards to the preparation of content for seminars related to legal and corporate topics
  • Undertake the drafting of “code of conduct” for the fiduciary industry in Cyprus in cooperation with any external consultants that may be hired
  • To follow and advise the Board of Directors (BoD) on tax and VAT issues and assume all related matters brought up by the BoD
  • To review and prepare circulars and articles regarding tax and VAT related changes including OECD developments and in particular BEPS, legislations, provisions and other regulations
  • To maintain proper communication and cooperation with the Director of the Tax Department of the Ministry of Finance
  • To keep contact with related government authorities, the House of Representatives and other authorized professional parties regarding tax and VAT changes and developments
  • To prepare alerts, updates and other relevant material regarding tax and VAT issues for the Association’s web page
  • To provide guidance with regards to the preparation of content for seminars related to tax and VAT topics
2. Public Relations and Communications
Targets
  • To improve public awareness about the role and activities CFA and to promote the CFA image through the building of connections with local media and the use of positive publicity and events
  • To assist the BoD in the development of methods to communicate important information to members and associates
  • To find ways to encourage member participation in the Association’s activities
  • To assist in the preparation of the agenda/ thematology of the annual CFA Forum and finding notable speakers for the presentations
  • To review and prepare articles regarding developments in the fiduciary sector, both locally and internationally
  • To maintain good relation and cooperation with official bodies and public authorities dealing with international businesses and investments
  • To suggest ways for creating awareness and promoting Cyprus as an International Business centre, as well as ways to improve the Cyprus jurisdiction (products and services, business development, etc.)
  • To prepare informative material for the Association’s web page
3. AML & Compliance Affairs
Targets
  • To deal with all related matters for the introduction and implementation of the Regulation of Undertakings Providing Management & Administration Services to Private Companies and Related Matters Law of 2012 (Ο Περί της Ρύθμισης των Επιχειρήσεων Παροχής Υπηρεσιών Διοίκησης Ιδιωτικών Εταιρειών και Συναφών Θεμάτων Νόμος του 2012) and the AML Directives of the three (3) current supervisory authorities of the fiduciary sector
  • To advise the Board of Directors on best practices regarding the adequate and efficient operations of the Compliance Officer
  • To maintain contact with the Cyprus Securities and Exchange Commission as well as the Institute of Certified Public Accountants of Cyprus (ICPAC) and the Cyprus Bar Association for the exchange of views and cooperation on compliance issues
  • To follow the developments on AML & Compliance Regulations on a local and international level, and inform the BoD accordingly
  • To prepare circulars and articles regarding AML & Compliance Affairs, as well as informative material for the Association’s web page
  • To provide guidance in regards to the preparation of content for seminars related to AML and compliance topics
  • Undertake the drafting of “AML Guidelines” for the fiduciary industry in Cyprus in cooperation with any external consultants that may be hired