Home / CY AIF Law of 2018 (Table of Contents)

PART Ι: INTRODUCTORY PROVISIONS

[01] Short title.

[02] Interpretations.

[03] Scope of application of this Law.

PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS

Chapter 1: General characteristics and distinctions of AIFs

[04] AIF legal forms and use of the AIF designation.

[05] Conversion of AIF.

[06] AIF management.

[07] Open-ended or closed-ended AIF.

[08] Listing of AIF units in a secondary market.

[09] Umbrella AIF.

[10] Conversion of AIF to umbrella AIF and vice versa.

[11] Possibility of conversion of an AIF’s legal form.

Chapter 2: Authorisation of an AIF

[12] Submission of application for authorisation of an AIF and amendments to the data submitted.

[13] Granting AIF authorisation.

Chapter 3: Common provisions regarding the organisation and operation of AIFs

[14] Retention of minimum assets.

[15] Investment policy.

[16] Risk management.

[17] Conflicts of interest.

[18] Liquidity management.

[19] Remuneration policies.

[20] Valuation.

[21] Management and conduct of business.

[22] AIF transactions.

Chapter 4: AIF administration

[23] Delegation of administration function

Chapter 5: AIF external manager

[24] Organisation and operations of the external manager.

[25] Resignation and replacement of the external manager.

Chapter 6: AIF depositary

[26] Appointment of AIF Depositary.

[27] Depositary tasks and obligations.

[28] Delegation of depositary tasks.

[29] Specific tasks of the depositary.

[30] Depositary liability.

[31] Independence between the depositary and the external manager of the AIF.

[32] Resignation of the depositary.

[33] Replacement of the depositary.

[34] Termination of the appointment of the depositary.

Chapter 7: Subscriptions and redemptions of AIF units

[35] AIF units.

[36] Rules for the marketing of AIF units.

[37] Issue of free-of-charge AIF units.

[38] Disclosure to investors regarding the net asset value and the subscription or redemption price of AIF units.

[39] Marketing of AIF units to professional investors in the Republic.

[40] Marketing of AIF units to retail and well informed investors in the Republic.

[41] Marketing of AIF units to another member state or third country.

[42] Redemption or repurchase of AIF units.

[43] Suspension of the redemption or repurchase of AIF units.

[44] Prohibition of issuance, redemption and repurchase of AIF units.

Chapter 8: Special provisions

Part 1 - Common fund

[45] General provisions regarding a common fund.

[46] Unitholders’ Register of the common fund.

[47] Joint unitholders of the common fund.

[48] Confirmation of participation into a common fund.

[49] Transfer of common fund units.

[50] Pledge of common fund units.

[51] Common fund rules.

[52] Dissolution and liquidation of the common fund.

[53] Withdrawal of common fund authorisation.

Part 2 - Fixed or variable capital investment companies

[54] General provisions regarding an investment company.

[55] Application of the provisions of the Company Law and special Company Law and special Company Law arrangements.

[56] Investment company set up as internally managed AIF.

[57] Operating conditions.

[58] Name, designation, capital and shares.

[59] Content of instruments of incorporation of an investment company.

[60] Amendments to the instruments of incorporation of an investment company.

[61] Changes in the persons who effectively direct the business of an investment company.

[62] Reduction of assets or initial capital of an investment company.

[63] Dissolution and liquidation of an investment company.

[64] Withdrawal of authorisation of an investment company.

Part 3 - Limited Partnerships

[65] General provisions regarding the limited partnership.

[66] Limited partnership set up as internally managed AIF.

[67] General partner of an AIF.

[68] Limited partners.

[69] Partnership agreement.

[70] Amendment of the partnership agreement.

[71] Unitholders’ register, joint unitholders, and confirmation of participation

[72] Transfer of limited partnership units.

[73] Pledge of limited partnership units.

[74] Dissolution and liquidation of a limited partnership.

[75] Withdrawal of authorisation of a limited partnership.

Chapter 9: Obligations regarding disclosures to investors

[76] Offering document, half-yearly report, annual report, annual financial statements and financial year of the AIF.

[77] Half-yearly report of the AIF.

[78] Annual report of the AIF.

[79] Offering document of the AIF.

[80] Right to receive documents.

[81] Audit of the annual financial statements and of the annual report of the AIF.

[82] AIF publication expenses.

[83] AIF marketing communications.

Chapter 10: Mergers

[84] Possibility of mergers between AIFs.

[85] Types of mergers.

[86] Authorisation for the merger.

[87] Decision regarding the merger.

[88] Terms of the merger

[89] Verification of the merger by the depositary.

[90] Assignment to an independent auditor.

[91] Disclosures to and rights of unitholders.

[92] Right to redeem, repurchase or convert units.

[93] Expenses relating to the merger.

[94] Effective date of the merger.

[95] Effects of the merger.

[96] Tax provisions regarding AIF mergers.

[97] Enabling provisions.[97] Enabling provisions.

Part IΙΙ: Marketing of units of AIFs from another Member State or third country into the Republic

[98] Marketing of units of AIFs established in another member state or third country and which fall within the scope of the Alternative Investment Funds Managers Law, in the Republic.

[99] Marketing of units of AIFs established in another member state or third country and which do not fall within the scope of the Alternative Investment Funds Managers Law, in the Republic.

[100] Common provisions regarding AIFs of sections 98 and 99.

Part IV: Listed AIFs

[101] Listing of AIF units in a secondary market, for trading.

[102] Conditions for the listing of AIF units in a secondary market, for trading.

[103] Marketing of listed AIF units.

[104] Listing of units of AIFs, which are established in another member state or third country, in a secondary market operating in the Republic

[105] Asset value, price of units and relevant matters.

[106] Special rules for AIF units’ pricing.

[107] Comparing performance against the benchmarks index.

[108] Cooperation between the Securities and Exchange Commission and other countries’ competent authorities.

[109] Enabling provision.

Part V: Supervision and penalties

Chapter 1: Supervision of AIFs

[110] Competences of the Securities and Exchange Commission.

[111] Powers of the Securities and Exchange Commission.

[112] Supplementary provisions.

[113] Power to issue directives.

[114] Professional secrecy and cooperation with other countries’ competent authorities and organisations.

[115] Obligation to submit publications and information regarding the AIF.

[116] Submission of information regarding the AIF.

[117] AIFs’ register.

[118] Fees and annual contributions.

[119] Justification of the decisions.

Chapter 2: Criminal Provisions and Administrative Penalties

[120] Administrative penalties.

[121] Criminal offences.

Part VI: Transfer of an AIF from and to the Republic

[122] Transfer of an AIF, established under statute, to and from the Republic.

[123] Transfer of an AIF, established under the law of contract, to and from the Republic.

Part VΙI: Alternative Investment Funds with limited number of persons

[124] AIFLNP legal forms, use of designation and characteristics.

[125] Externally and internally managed AIFLNP.

[126] Granting AIFLNP authorisation.

[127] Marketing of AIFLNP units.

[128] Depositary.

[129] Minimum level of assets and initial capital.

[130] Reduction of assets or capital of an investment company.

[131] Management and conduct of business.

[132] Dissolution and liquidation of AIFLNP.

[133] Withdrawal of AIFLNP authorisation.

Part VIII: Registered Alternative Investment Funds

Chapter 1: Establishment of RAIFs

[134] Operation of RAIFs.

[135] External manager and depositary of a RAIF.

[136] Minimum level of assets of a RAIF.

[137] RAIF units.

[138] Registration in the RAIFs’ register and deletion from it.

Chapter 2: RAIF Operation

[139] Disclosure requirements.

[140] Marketing of RAIF units.

[141] Mergers between RAIFs

[142] Enabling provisions.

Part ΙX: Tax provisions

[143] Tax provisions.

Part X: Final and transitional provisions

[144] Transitional provisions.

[145] Continuation of operation of AIFs and AIFLNPs.

[146] Repeal of Laws.