Home / CY AIF Law of 2018 / PART IV LISTED AIFs / [101] Listing of AIF units in a secondary market, for trading.

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

(1)(a) AIF units can be listed on a secondary market for trading; the terms and conditions for the listing, the special obligations arising out of the listing, any obligations provided for in this Law or a Securities and Exchange Commission directive, as well as the rules for the trading, suspension or delisting from the secondary market shall be defined by the legislation and the rules governing the specific market.

(b) In any case, the secondary market in which the AIF units are traded, shall ensure that only the investors to whom the AIF is addressed to shall have access to the market for the purchase of units.

(2)(a) Without prejudice to the provisions of section (1), the listing of a specific category or of specific categories of AIF units in a secondary market, as well as the listing of a specific investment compartment or of specific investment compartments of the AIF in a secondary market, is permitted.

(b) In the case of an AIF which operates in the form of a limited partnership, only the units belonging to its limited partners can be listed in the secondary market.

(c) An AIF is a traded AIF, in accordance with this Law, if the units of at least one category or one investment compartment have been listed in a secondary market. Traded AIF units are only the units of the category or of the investment compartment that have been listed in such a market, and in every case, the total number of the issued units of the specific category or of the investment compartment that has been listed in a secondary market are traded AIF units.

(3) AIF units can be listed in one or more secondary markets, provided that the conditions and the obligations determined by the law and the rules governing the relevant market are fulfilled and complied with.