Home / CY AIF Law of 2018 / PART IΙΙ MARKETING OF UNITS OF AIFs FROM ANOTHER MEMBER STATE OR THIRD COUNTRY INTO 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.
Embedded Files
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.
(1) AIFs established in another member state or third country and which do not fall within the scope of the Alternative Investment Fund Managers Law, may market their units in the Republic, only where they are subject to effective supervision in their home member state, in accordance with the applicable legislation, in order to ensure the protection of investors and on the condition that they have been authorised by the Securities and Exchange Commission for the marketing of their units in the Republic.
(2) The marketing of the units of the AIFs may begin from the date of the communication of the relevant authorisation to the external manager or the AIF, in case it is internally managed, accordingly.
(3) The external manager or the AIF, in case it is internally managed, accordingly, shall communicate to the Securities and Exchange Commission any change in the information in accordance to which the authorisation of section (1) was granted.
(4) The Securities and Exchange Commission, shall withdraw the authorisation granted to the AIF when-
(a) the AIF has obtained the authorisation by making false statements or by any other irregular means; or
(b) the AIF or its external manager no longer fulfils the conditions under which authorisation was granted in accordance with section (1); or
(c) the conditions required or taken into consideration by the Securities and Exchange Commission for granting an authorisation in accordance with section (1) are no longer satisfied.
(5) In the cases of paragraphs (b) and (c) of section (4), the Securities and Exchange Commission may set a deadline to the external manager or the AIF, in case it is internally managed, to comply. In the case of non-compliance within the above mentioned deadline, the Securities and Exchange Commission may decide to withdraw the authorisation of the AIF.
(6) The Securities and Exchange Commission has the power to take measures against the AIFs of section (1), and against the persons that participate in its marketing network in the Republic, in the case of violation of the legal framework of the Republic relevant to them.
(7) The Securities and Exchange Commission may, by means of a directive, determine the terms, the procedure and the criteria for granting the authorisation of section (1), especially the information to be submitted by the AIF for the granting of authorisation, as well as the marketing and promotion procedure of its units in the Republic.
Page updated
Report abuse