Home / CY AIF Law of 2018 / PART V SUPERVISION AND PENALTIES / Chapter 1: Supervision of AIFs / [111] Powers of the Securities and Exchange Commission.

111. Powers of the Securities and Exchange Commission.

(1) The Securities and Exchange Commission shall exercise its powers-

(a) directly, and/or

(b) in collaboration with other competent authorities or persons, and/or

(c) under its responsibility, in case of delegation of powers to other authorities or persons, and/or

(d) by application to the competent judicial authorities.

(2) The powers of the Securities and Exchange Commission, in accordance with section (1), shall include, among other, the following actions:

(a) demand the termination of any action or to refrain from any act or practice that is contrary to the provisions of this Law or of any provisions of the relevant legislation,

(b) impose a temporary prohibition to the exercise of any professional activity in accordance with the following procedure:

• where the Securities and Exchange Commission finds that a person violates the provisions of this Law or a directive issued pursuant to this Law, may impose to this person a temporary prohibition to the exercise of a professional activity for a period that does not exceed five (5) days, with the possibility of extension for one or more times, for a period of less than five (5) days, in order to terminate of the violation,

• during the prohibition period, the person subject to the prohibition shall make all reasonable actions to revoke the reasons for which the prohibition of professional activity has been imposed,

• if the Securities and Exchange Commission is satisfied that the reasons for which the prohibition has been imposed, are revoked before the end of the first or any five (5) day period, may allow the exercise of professional activity before the expiry of the prohibition period;

(c) adopt any type of measure to ensure that the AIFs, as well as the persons engaged in AIF activity, continue to comply with the requirements of this Law and with the provisions of the applicable legislation of the capital market;

(d) demand to suspend the marketing, redemption or repurchase of AIF units, where this is to the interests of the unitholders of the AIF or of the investors in general.

(3) The Securities and Exchange Commission may delegate to one or more auditors or experts the conduct of a general or special, regular or ad hoc audit of an AIF, as well as of any person engaged in AIF activity, on every matter related to the implementation of this Law or any other provision of the applicable legislation, applying, proportionately, the provisions of articles 50 and 51 of the Cyprus Securities and Exchange Commission Law.

(4) The Securities and Exchange Commission ensures the easy access to complete, accurate and updated information in relation to this Law, the directives of the Securities and Exchange Commission issued pursuant to this Law, and on other regulatory provisions related to the establishment and operation of the AIFs, in an official language of the Republic.