On behalf of the Board of Directors, as the President of the Cyprus Fiduciary Association, I would like to welcome you on our official website, and express our appreciation for your visit hoping that it will meet your expectations and make your journey worthwhile.
One of the primary objectives that we would like our website to achieve is to provide clarity on the vision and the goals of the Association, update our members and other interested parties on recent developments that affect our industry, and the role, input and contribution of the Association where applicable, keep you up to date with all activities and initiatives of the Association and provide a useful reference for materials, best practices and other tools that can help you manage your fiduciary business and enhance your service offering to your clients.
The Cyprus Fiduciary Association has a relatively short history, but it has managed to gain respect and recognition as a significant stakeholder in the Cyprus financial services industry, through its participation in the various forums and discussions that have taken place over the last four years and by promoting and supporting high quality standards for the sector, to raise the reputation of the jurisdiction.
The long pending Fiduciary Law, which was finally enacted in December 2012 (L.196(I)/2012), has not been proved very effective in regulating the sector but promoted instead the segmentation of the market under the three regulators who enforce regulatory frameworks and AML directives with significant differences. As an Association we firmly believe that this segmentation is not contributing to the raising of the standards for the industry and consequently the reputation of the jurisdiction and a single regulator or at least a single regulatory framework and AML Directive, which should be specifically drafted for the fiduciary business and applied consistently by the regulators in the market, will create a “level playing field”, force questionable providers and business out of the market and built more solid foundations for the fiduciary business.
Through our annual forum we will be aiming to bring the various stakeholders in the market together for the establishment of a strategic framework for the financial services industry and the fiduciary sector, which should be guiding government policy decisions, tax, legal and other regulatory objectives and aligning the initiatives and efforts of all private sector participants in pursuing long-term strategic priorities rather than short-term individual opportunistic goals that place at risk the whole industry and harm the reputation of the jurisdiction.
We recognise that our voice will become stronger as we grow the membership base of our Association and our ambition is to capture under our auspices all fiduciary service providers irrespective of whether they are currently regulated by ICPAC or the Cyprus Bar Association as the objectives that we should be striving to achieve as a fiduciary sector are much broader that the regulatory and monitoring aspect which is important but definitely not the one that can protect our industry and the jurisdiction from the strong headwinds that are expected to follow us throughout our journey in the new financial services world.
In that respect we will intensify our efforts in bringing on board all fiduciary companies which are currently regulated by CySec, which recognises us as the representative body of the sector for their regulated entities, and we will continue our discussions with the Board of Directors of ICPAC and the Cyprus Bar Association in order to recognise the benefits of the single representation of the sector in every respect and convince or incentivise their members to join our Association.
Additionally I would like to emphasise to our members that the success of our Association and the achievement of our objectives will not be determined only by the efforts of the Board of Directors but by the contribution and collective efforts of all our members as well. I would therefore urge every one of you to be an ambassador of our Association in your area of authority and responsibility and encourage your staff and members to participate in the Committees which have such an important role to play in achieving our objectives.
Finally I would like to thank all the members of the Board and our Committees for their efforts, hard work and commitment and all our members for their trust and support. As a Board we look forward to a closer, productive and fruitful cooperation with all of you who share our vision for a strong Cyprus Fiduciary Association that can play a critical role in the developments and the future of our industry.