Gold Magazine November - December 2013, Issue 32 | Page 49

SELF-REGULATION DOES NOT IN ANY WAY
IMPLY THAT THE LAW IS NOT AS STRICTLY
ENFORCED
Gold: As Chair of the Institute of Certified
Public Accountants of Cyprus (ICPAC)
Committee dealing with issues relating to
Fiduciary Services, what kind of things do
you discuss?
Helen Hadjichristoudia: ICPAC has been a
strong supporter of the Law Regulating Companies Providing Administrative Services and
Other Related Matters of 2012 from its early
stages as it was always felt that the introduction
of the legislation would provide the industry
with the secure professional foundations required to build upon. In view of this, and in
anticipation of the legislative introduction,
ICPAC proceeded with the establishment of
a separate Committee to deal specifically with
the fiduciary sector. Over the course of our
Committee’s term we have discussed matters
in connection with licensing, regulation, guidance and current issues affecting the business
of our members. Products of our Committee’s
work have been the introduction of a separate
Practicing Certificate for our members providing fiduciary services with separate and distinct
criteria to be satisfied for its issuance and further amendments to the regulations of ICPAC
in order to accommodate such a process.

Helen Hadjichristoudia

Gold: The law regulating fiduciary service
providers was finally approved almost a
year ago but some commentators bel