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The new format CIFSA CPD Seminar took place on the 2nd of June 2015, All CIFSA seminars now conform to the Cyprus Securities Exchange Committee regulations for CPD and will enable delegates to receive valuable CPD accreditation. CIFSA has previously always focused on education as a primary goal for the Seminars and the new format reinforces this focus. This first new format seminar is a precursor to the 3rd Quarter Seminar, which will include representation from FECIF and CIFA and will focus on the impact of new MIFiD and IMD regulation on the delivery of Financial Services in Cyprus.

Subjects covered in this Seminar included, an overview of the new ICCS complaints procedure which came into effect in May 2015, including an update following the appointment of the Financial Ombudsman.

Richard Robinson on behalf of Kestral provided an excellent insight into the advantages of Dynamic long only, multi asset allocation Funds, that adopt a more modern approach to traditional investment, holding, listed equities, debt securities, money market instruments, real estate, commodities, absolute return funds and currencies. This type of fund can offer both upside potential with downside protection.

Matt Tailford from Sovereign Trustees described the impact of changes in recent UK Finance Acts relating to UK Pensions. Described as “the most radical shake up of UK Pensions” the changes require a seismic shift in the type and scope of advice required by individuals nearing retirement. The latest changes are intended to offer individuals “greater freedom of choice”. For individuals moving to Cyprus the changes require local guidance and advice based on their personal circumstances. Issues such as double tax treaties, residency, domicile, succession planning and benefits will all require careful analysis to make sure that UK pensioner holders make the most of their UK Pensions in Cyprus.

Alexandros Constantinou of MAP S.Platis provided delegates with a Global overview of Anti Money Laundering Trends. Alexander described the origins of the latest initiatives to combat Global organised crime, which accounts for up to 2.5% of World GDP. The focus of new AML legislation and cooperation is to prevent access to financial services and markets by organised crime, terrorist groups, corrupt politicians and individuals, whilst also reducing the availability of methods of tax evasion. Recommendations from FATF form the basis of international regulations and provide a framework for governments to regulate and control the movement of money generated illegally. In addition the AML legislation is equally intended to prevent and mitigate both tax evasion and aggressive tax avoidance by imposing transparency requirements on individuals and legal entities. In Europe and in Cyprus new AML legislation has been framed and implemented to ensure compliance with internationally acceptable practices.

The sponsors and the attendees overwhelmingly rated the CIFSA Seminar a success describing the information as informative and well presented. CIFSA Seminars are Free to members of CIFSA.

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