Listing on the Cyprus Stock Exchange

The Cyprus Stock Exchange (CSE) is an EU-regulated and recognised Exchange, with a competitive pricing policy for both market participants and investors. It offers fast and simple listing procedures with minimum bureaucracy, advanced technology and infrastructure, as well as flexibility and effectiveness at low cost.

Both UCITS and AIFs can be very easily and quickly listed on the Cyprus Stock Exchange (CSE). A CSE listing provides a number of advantages for fund managers and investors.

Fund Listing: Key Facts

Listed funds enjoy several benefits. Funds that obtain a listing can be more effectively marketed to investors and can therefore be considered as an eligible investment opportunity for various institutional investors. A listing provides visibility and transparency to investors with the prices of listed funds posted on the CSE’s website and reported to the market through major data vendors. Price mechanism is provided, through Net Asset Value (NAV) postings and market prices, if funds are tradable. This parameter is important for fund managers who require a publicly quoted Exchange price for their investments.

Currently, 17 non-tradable Collective Investment Funds – more specifically, two single schemes UCITS funds and 15 sub-funds of one UCITS umbrella scheme – are listed on the CSE.  Additionally, two AIFs have been listed on the non-tradable Collective Investment Schemes Market, one single scheme and two classes of shares of a sub-fund (Umbrella Scheme).

Table of Contents

Fund Listing: Key Facts

Two Listing Options

Who Can List?

Issuer Listing Requirements

Listing Fees

Reporting Requirements

Additional Services: Registry Keeping

Registry Fees

Key Benefits of Listing on the CSE

FAQ: Cyprus Fund Listing

Two Listing Options

The CSE operates, the Regulated Market and the Emerging Companies Market (ECM), which have sub-markets. Among these sub-markets there is a separate market for Collective Investment Schemes under the Regulated Market.

Collective Investment Schemes may be listed on:

Non-Tradable Collective Investment Schemes Market 

In this Market, funds are listed (no trading takes place) with the obligation to announce prices and to follow any other obligation that arises from the law of their establishment. For the listing of investment funds on this Market, specific listing requirements need to be fulfilled. The listing of CIS on this Market offers transparency to the investors through the relevant announcements (NAV and others) and prestige to the issuer since the fund is listed on a recognised and regulated stock exchange.

Tradable Collective Investment Schemes Market

In addition to the benefits mentioned above, in this Market funds are listed and are available for trading through the automated Trading System of the Cyprus Stock Exchange.

Who Can List

The following CIS may be listed after approval by the CSE Council, on the Collective Investment Schemes (CIS) Market of the Cyprus Stock Exchange (CSE):

Collective Investment Schemes in Transferable Securities (UCITS): Common Funds or Variable Capital Investment Companies, which have obtained an operating licence by CySEC or have the right for distribution of units or shares to the public in Cyprus.

Alternative Investment Funds (AIFs): Common Funds or Variable or Fixed Capital Investment Companies or Limited Partnerships, which have obtained an operating licence by CySEC or have the right for distribution of units or shares to the public in Cyprus.

RAIFs: Registered Alternative Investment Funds can also be listed on the Cyprus Stock Exchange.

Issuer Listing Requirements

Requirements: Non-Tradable Collective Investment Scheme Market

An Issuer who is interested to list for the first time its securities on the Non-Tradable Collective Investment Scheme Market, in addition to any other requirement of the Law and the general listing requirements, as far as they are applicable, must satisfy the Council that the Issuer also responds to the following special requirements:

  • has an establishment and an operation licence from the competent authorities of the country of origin
  • the assets of the Mutual Fund or the Variable Capital Investment Company must be at least €200,000. The Council may, by a decision, in the case of an index-replicating Collective Investment Scheme to require a larger minimum amount of assets, depending on the index

Requirements: Tradable Collective Investment Scheme Market

To list on the Tradable Collective Investment Schemes Market, in addition to the abovementioned criteria, the following rules apply:  

  • the ETF Issuer should have appointed at least one Market Maker and ensure its existence during the listing and trading of the units
  • the ETF is entitled to dispose its units to investors in Cyprus in accordance with the relevant legislation
  • assign the keeping of the Units’ Registry or Shareholders’ Registry as the case may be, to the Central Depository Registry
  • the beneficiary-index provider should grant to the ETF issuer a lawful user licence of the index at the name of the ETF

Listing Fees

  • Tradable Collective Investment Schemes Market: €2,000
  • Non-Tradable Collective Investment Schemes Market: €1,000
  • Collective Investment Schemes Market with more than one class:
  • First class: €1,000
  • Additional class: €200
  • Annual subscription fee (single funds): €1,000
  • Annual subscription fee (umbrella funds): €1,000 + €400 per class or sub-fund
  • Annual subscription fee (only sub-fund): €500 per sub-fund

Reporting Requirements

Issuers have to comply with a number of reporting obligations and have to inform the CSE of the following:

  • Reporting of the Net Asset Value
  • Submission and publication of Financial Statements
  • Disclosure and publication of any information with regards to material changes of each Fund (i.e. in the content of the Prospectus and Articles of Association)

Additional Services: Registry Keeping

The CSE can maintain in its Central Depository and Central Registry (CSD) the registries of unitholders of AIFs and UCITS, whose units are not traded on a stock exchange market but have the option to be listed. This service provides managers efficient and secure online services at a competitive cost. With the undertaking of a registry, the disposal, redemption or settlement, transfer, pledge, change of information or other actions regarding the units or their holders are performed at the CSD.

Registry Fees

Fee for Undertaking the Registry

  • For tradable schemes: 0.01% on the value, min charge €1,000 – max charge €10,000
  • For non-tradable (but listed) schemes: €1,000 (€500 per additional class)
  • For non-listed schemes: €1,000 (€500 per additional class)

Annual Fee for keeping the Registry

  • For tradable funds: €2,000
  • For non-tradable funds (but listed): €1,000
  • For non-listed funds: €1,000

Key Benefits of Listing on the CSE

  • An EU-regulated and recognised exchange
  • An improved fund profile and credibility to investors
  • Fast and simple listing procedures with minimum bureaucracy
  • Competitive pricing policy for investors and market participants
  • Potential to increase investor base
  • A high level of visibility and transparency to investors 
  • A price mechanism is provided either through Net Asset Value (NAV) postings, or market prices (if traded) to fund managers

FAQ: Cyprus Fund Listing

What is the history and background of the CSE?

The Cyprus Stock Exchange was established in 1993 and trading began in 1996. The bourse’s operations grew substantially when it launched a common platform with the Athens Stock Exchange in 2006. The CSE is also a member of the Federation of Euro-Asian Stock Exchanges. The CSE has set its focus on building a reputation as a key listing venue for the emerging markets of the region and to establish itself as a convenient gateway into the European capital market.

How did the CSE perform in recent years?

The CSE is a small but vibrant stock exchange. At the end of 2019, the CSE reached a total market capitalisation of €5 billion. The turnover amounted to €85.3 million. The daily average turnover was €0.35 million per trading day. More information about the CSE and Cyprus’ capital markets can be found here.  

How can international investors access Cyprus funds?

Visibility of Cyprus-domiciled investment funds has increased significantly in recent years.

Cyprus funds are eligible for order routing, settlement and custody via Clearstream’s third-party fund processing platform Vestima. Vestima is a single platform developed to simplify all aspects of investment funds trading.


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April 2021


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