The 5th International Funds Summit welcomed leading fund managers and administration specialists who evaluated the changing competitive landscape in the asset management services sector while collectively addressing international standardization, regulatory and legal compliance fulfilment criteria and the various challenges the industry is facing.

The summit’s objective was to provide a platform where professionals could share knowledge and experience through conversations, interactive panel discussions, and first-class presentations by world-renowned industry professionals and sector leaders. Some of the main topics discussed were the regulatory issues, priorities and recent as well as upcoming changes; the evolution of FinTech and its impact on the industry; and the importance of the custodians and depositaries in developing the market.

Charalambos Prountzos, Partner and Central, Eastern and Southeastern Europe & Central Asia (CESA) Law Leader, as well as Head of Law & Fund Services in EY Cyprus, participated in the panel discussion focussing on the Cyprus funds industry. Commenting on the current state of the funds and asset management industry, Charalambos stated that: “The funds industry is one of the biggest hopes of Cyprus to create a truly diversified economy and it has been proven that as a jurisdiction we have the necessary skill set and capabilities to develop the industry further. It is reassuring to note that both the industry leaders and the government support these efforts. We need to focus on maintaining our agility and ensure that the reputation of Cyprus is reinforced as an asset management jurisdiction amongst other European players.”

Alexei Kuznetsov, Partner, Tax Financial Services Leader, Central, Eastern and Southeastern Europe & Central Asia, EY Russia, was among the guest speakers of the summit, presenting the investment funds regulations and market trends from a Commonwealth of Independent States (“CIS”) perspective. Alexei argued during his presentation that Cyprus has all the potential and skills required to be a funds and asset management jurisdiction. Even though there is demand for structures in other jurisdictions, Cyprus remains very competitive and very attractive for CIS.