Home / CY AIF Law of 2018 / PART IΙΙ MARKETING OF UNITS OF AIFs FROM ANOTHER MEMBER STATE OR THIRD COUNTRY INTO THE REPUBLIC / [100] Common provisions regarding AIFs of sections 98 and 99.

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

(1) An AIF, when promoting, advertising and marketing its units and regarding its marketing communications to investors is subject to the provisions of the legislation of the Republic:

It is provided that, article 36 shall apply proportionately to AIFs marketing their units in the Republic.

(2) AIFs shall take the necessary measures, in order to disclose to its investors in the Republic the information provided to investors in accordance with the legislation of its home country. The information disclosed to the investors in the Republic shall be translated in an official language of the Republic or in the English language.

It is provided that the external manager or the AIF, in case it is internally managed, shall be responsible for the translation of that information, while the translation shall accurately reflect the content of the information in the original document.

(3) The frequency of the publication of the issue, marketing, redemption or repurchase price of the units of the AIF in the Republic shall be determined in accordance with the legal framework of the home member state or home third country of the AIF.

(4) AIFs shall comply with articles 83(1) to (3), as well as any obligations deriving from the directives of the Securities and Exchange Commission issued in accordance with section 83(4), in relation to their marketing communications in the Republic.

It is provided that, all marketing communications of an AIF shall also include information as to where and in which language the offering document is available to investors.

(5) AIFs shall designate a credit institution, in order to ensure to unitholders in the Republic the conduct of payments, the redemption or repurchase of units, and take all appropriate measures to ensure that they comply with their obligations for the publication of information in the Republic.

(6) An AIF marketing its units in the Republic shall include in its business name or name used in the Republic a reference to its legal form, such as “investment company”, “limited partnership” or “common fund”, which is also used it in its home member state or home third country.

(7) The Securities and Exchange Commission may, by means of a directive, specify -

(a) the procedure regarding the marketing of units, especially, the way of the submission of the subscription application in an AIF and the information disclosed to investors with the submission of the application;

(b) the obligations regarding the continuous and ad hoc disclosure of information to investors in the Republic and how this information shall be disclosed;

(c) the qualifications and the certification procedure of the persons participating in the marketing network of the units of a collective investment undertaking and in general, the qualifications and the obligations of these persons;

(d) the obligations in the case of termination of the marketing of units in the Republic.

(9) This article shall apply to the AIFs of articles 98 or 99.