The European Fund and Asset Management Association (Efama) has given the Cyprus Investment Funds Association (Cifa) formal membership.
Cifa was unanimously granted observer status for a two-year term, starting in June 2014.
“The approval of Cifa’s membership to Efama marks a vote of confidence in Cyprus as a fund and asset management centre,” said Angelos Gregoriades, president of Cifa.
"It acknowledges the sector’s ability to adapt to changing legislative requirements and provide future growth for the whole Cypriot economy."
Cifa’s membership to Efama follows a rigorous assessment of Cyprus’ fund management framework and its adoption of the Ucits and Alternative Investment Fund Managers (AIFM) directives into the country’s national legal system.