articles | 04 June 2021

CIFA: Ultimate Beneficial Owner Register on the spotlight

The finer points were discussed during CIFA’s digital workshop - The Cyprus Stock Exchange offers significant benefits to Investment Funds.  

CIFA’s second digital workshop, which was organised in collaboration with Invest Cyprus, was another resounding success. The free online event, where more than 200 delegates attended, analyzed and expanded on two very important issues directly related to the Investment Funds sector. More specifically, the Ultimate Beneficial Owner (UBO) Register’s mode of operation and the services and benefits Investment Funds receive when they register with the Cyprus Stock Exchange (CSE).  

Minister of Energy, Commerce and Industry Natasa Pilides, who was a keynote speaker at the event, explained how important the establishment of the UBO Register is in terms of compliance with European Directives, as well as for transparency purposes and increasing the public’s confidence in business. 

Τhe Cyprus Securities and Exchange Commission Chairwoman, Demetra Kalogerou, expressed her satisfaction with the UBO Register’s introduction for both companies and Trusts. In parallel, she noted that, in order to bring greater transparency, amendments to the relevant legislation will be suggested so that it also covers some organizations that are currently exempt from submitting information in relation to their beneficiaries. 

Officials from the Department of Registrar of Companies analyzed the finer points and various aspects of the Register’s operation. Specifically, Eleni Kouzouli, Senior Officer-Head of Companies Section, discussed the Register’s legal aspects, while Maria Hadjiconstanti, Officer-Project Team for the reform of DRCOR, explained how the system works for submitting interim and final information. Stalo Papaioannou, Deputy Registrar of Companies and Official Receiver, provided clarifications to questions posed by the audience.

Nikos Tripatsas, Acting General Manager at the Cyprus Stock Exchange, analyzed the Cyprus Stock Exchange role and mission. Furthermore, Maria Petsa, Head of Listing and Market Division at the Cyprus Stock Exchange, explained how Investment Funds can register in the CSE and Angeliki Frangou, Head of Central Securities Depository Division and Legal, expanded on the added services the CSE currently offers to Investment Funds.    

CIFA president Andreas Yiasemides thanked the speakers for their thorough presentations, as well as the delegates for the interest they showed. He also noted that CIFA will continue to organize free digital workshops, following a relevant decision from the organization’s Board, aiming to bring greater transparency and increase the general public’s understanding over the Investment Funds sector. Maria Panayiotou, CIFA Board Secretary, chaired the event.  

On behalf: Cyprus Investment Funds Association 

Cooperation Partners
  • Logo for Cyprus Investment Funds Association
  • Logo for Invest Cyprus
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Association of Cyprus Banks
  • Logo for Cyprus International Businesses Association
  • Logo for CYFA Cyprus