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International Collective Investment Schemes “ICIS” – Private ICIS

Within Cyprus Law there are two schemes:

Private ICIS – Funds that are not available to the public. For these funds the supervisory authority is the Central Bank of Cyprus.

Public ICIS – Funds that are available to the public (the UCITS). For these funds the supervisory authority is the Cyprus Securities and Exchange Commission.

International collective investment scheme, means an international fixed capital company, an international variable capital company, an international unit trust scheme and an international investment limited partnership, the sole object of which is the collective investment of funds of unitholders and the units of which, unless provided otherwise by the Law or any other law applicable thereto or its constitutional documentation, are at the option of unitholders redeemed or repurchased directly out of the assets of the scheme.

In Cyprus there are four types of legally accepted types of funds-schemes:

• International Fixed Capital Company (IFCC)

• International Variable Capital Company (IVCC)

• International Unit Trust Scheme (IUTS)

• lnternational Investment Limited Partnership (IILP)

It must be noted that the Central Bank of Cyprus recognises, for the time being, only Private Schemes which have up to 100 investors.

Upon an application for the creation of one of the above, the Central Bank will designate whether the ICIS is:

(a) A scheme to be marketed to the general public; or

(b) a scheme to be marketed solely to experienced investors; or

(c) a private international collective investment scheme

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