Marangos And Hadjipapa LLC

Market abuse is not an unknown term in Cyprus but lately, it has become especially popular. It has been part of the financial services legislation of Cyprus for the last seventeen years, first with the introduction of the Possession, Use and Publication of Privileged Confidential Information, the Supervisory Capacity of the Securities and Exchange Commission and Other Related Matters Law of 1999 (L. 36(I)/1999), and its subsequent replacement by the Insider Dealing and Market Manipulation (Market Abuse) Law of 2005 (L. 116(I)/2005) which transposed EU Directive 2003/6/EC into Cyprus Law.

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The Prospectus Directive 2003/71/EC has been in force since 2005. Together with Regulation 809/2004, they lay down the rules governing the prospectus to be made available to the public when a company makes an offer or an admission to trading of transferable securities on a regulated market in the EU.

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Back in 1985, the original UCITS Directive (85/611/EEC) created the internal market for investment funds in Europe. “UCITS” or “Undertakings for the Collective Investment in Transferable Securities” are investment funds regulated at European Union level. They account for around 75% of all collective investments by small investors in Europe.

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Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors. It takes many forms, not all of which involve the potential for a financial return. The investors providing funds may do so as a donation, in return for a reward.

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Any one of us managing his/her personal assets is in essence performing some sort of asset management. Asset management in the financial world is understood to mean the professional management and trading of securities and other types of assets to achieve a specific investment goal as set out by the investor. Asset management exists because investors with assets (retail or institutional) don’t always have the expertise and knowledge necessary to invest their assets in order to receive a good return in their investment and increase their wealth.

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Quietly but steadily, in the last five years, the fund industry in Cyprus has been evolving and growing. Originally, the fund industry in Cyprus was regulated by the International Collective Investment Schemes Law of 1999 (the ICIS Law), a Law largely created to cater for private funds set up to manage the wealth of a few individuals.

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On the 18th February 2015, the European Commission published a Green Paper on building the Capital Markets Union and with that, the debate has officially begun. The CMU (in short) is a plan of the European Commission that aims to create deeper and more integrated capital markets in the 28 Member States of the EU.

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