Home / CY AIF Law of 2018 / PART V SUPERVISION AND PENALTIES / Chapter 2: Criminal Provisions and Administrative Penalties / [121] Criminal offences.

121. Criminal offences.

(1) A person who, in the course of providing information for any of the purposes of this Law –

(a) makes a statement or submits documents or makes an announcement which is false, misleading or deceitful as to any fact thereof∙ or

(b) withholds information or omits the submission of information or in any way impedes the immediate collection of information or the immediate conduct of inspection or entry or investigation of the Securities and Exchange Commission, is guilty of a criminal offence, punishable, upon conviction, by a term of imprisonment not exceeding five (5) years or by a fine not exceeding three hundred and fifty thousand euro (€350.000) or by both penalties.

(2) A person using a designation or name or description that creates the impression that it is an AIF of this Law, without being authorised as an AIF by the Securities and Exchange Commission in accordance with this Law, is guilty of a criminal offence, punishable, upon conviction, by a term of imprisonment not exceeding five (5) years or by a fine not exceeding three hundred and fifty thousand euro (€350.000) or by both penalties.

(3) A person, who knowingly publishes, circulates or distributes advertising material or subscription applications or statements for participation to an AIF, without being able, subject to the provisions of this Law, to distribute its units in the Republic, is guilty of a criminal offence, punishable, upon conviction, by a term of imprisonment not exceeding three (3) years or by a fine not exceeding two hundred thousand euro (€200.000) or by both penalties.

(4) Where a criminal offence in accordance with this Law, is committed by a legal person or by a person acting on behalf of the legal person and it is established that it is either committed with its consent or cooperation or approval or that it has been facilitated by the proven negligence of the natural person who, at the time of the commitment of the criminal offence, held a position as a member of the management, or as an officer, director, general manager, manager, secretary, associate or any other similar position in the legal person, or appears to act in such a capacity, the relevant natural person shall also be guilty for the same criminal offence and shall be subject to the penalties provided for this offence.

(5) A person, who, in accordance with the provisions of section (4), is criminally liable for the offences committed by the legal person, shall be jointly and wholly liable with the legal person, for all damages caused to a third party as a result of the act or the omission constituting the offence