Home / CY AIF Law of 2018 / PART VIII: REGISTERED ALTERNATIVE INVESTMENT FUNDS / Chapter 1: Establishment of RAIFs / [138] Registration in the RAIFs’ register and deletion from it.

138. Registration in the RAIF’s register and deletion from it.

(1) An AIF which complies with the provisions of article 134 may operate as a RAIF, upon its registration in a register (the “RAIFs Register”) kept by the Securities and Exchange Commission∙ RAIFs shall not be granted authorisation by the Securities and Exchange Commission.

(2) The external manager of the RAIF shall, within one (1) month from the date of the registration of the RAIF with the Registrar, in case the RAIF is established as an investment company or a limited partnership, or from the date of the drafting of its fund rules, in case the RAIF is established as a common fund, submit to the Securities and Exchange Commission an application for the registration of the RAIF in the relevant RAIFs Register, which is accompanied by the following documents and data:

(a) information regarding the investment strategies, including the types of underlying funds if the AIF is a fund of funds, and the external manager’s policy as regards the use of leverage, and the risk profiles and other characteristics of the RAIF it manages or intends to manage,

(b) the fund rules or instruments of incorporation of each RAIF it intends to manage,

(c) information on the arrangements made for the appointment of the depositary in accordance with articles 23 to 28, for each RAIF the AIFM intends to manage,

(d) the offering memorandum of the RAIF,

(e) in case the external manager of the RAIF is an AIFM of the Republic or an EU AIFM or a non-EU AIFM, which may passport its services in accordance with Directive 2011/61/EU, and which has determined a member state of reference, the authorisation granted to it in accordance with the Alternative Investment Fund Managers Law or the legislation of another Member State which harmonises Directive 2011/61/EE respectively.

(3) The Securities and Exchange Commission shall, within one (1) month from the date of submission of the information of section (2), examine and verify whether the authorisation of the AIFM covers the management of an AIF with the investment policy of the RAIF, and in when it confirms that it is covered, registers the RAIF in the RAIFs Register and informs its external manager:

It is provided that, when the Securities and Exchange Commission decides that it shall not register the RAIF in the RAIFs Register, it shall inform its external manager of such decision.

(4) Marketing of RAIF units is not permitted prior to the registration of the RAIF in the RAIFs Register.

(5) The external manager of the RAIF shall notify the Securities and Exchange Commission for any change in the data or information submitted to the Securities and Exchange Commission, as well as other data and information which are submitted pursuant to this Part.

(6) In case the change of section (5) relates to the investment policy of the RAIF, its external manager shall inform the Securities and Exchange Commission at least one (1) month before the implementation of such change; the Securities and Exchange Commission shall examine and verify whether the authorisation of the AIFM covers the management of an AIF with the investment policy of the RAIF, and when it confirms that it is not covered, rejects the change.

(7) (a) The external manager shall disclose, without undue delay and in writing, the fact that the RAIF or itself is under liquidation, in order for this to be registered in the RAIFs Register; when the liquidation is completed, the liquidator shall-

• prepare a special report regarding the liquidation, which is examined and signed by an auditor, and submitted to the Securities and Exchange Commission, and

• notify the Securities and Exchange Commission and the unitholders of the RAIF that the liquidation is complete.

(b) The external manager shall submit to the Securities and Exchange Commission a confirmation that the dissolution and liquidation of the RAIF were completed in accordance with the provisions of this Law∙ the Securities and Exchange Commission shall, upon receipt of the special report and the confirmation, delete the RAIF from the RAIFs Register:

It is provided that, unitholders may request and receive a copy of the special report either by the liquidator or the external manager of the RAIF.

(8) The Securities and Exchange Commission shall keep the RAIFs Register up to date with any new data or information submitted by the external manager of the RAIF.

(9) A RAIF shall be deleted from the RAIFs Register once its dissolution and/or liquidation are complete and the documents of section (7) are submitted to the Securities and Exchange Commission.

(10) The Securities and Exchange Commission may, by means of a directive, specify any detail or matter regarding the registration of a RAIF in the RAIFs Register or its deletion from it.