Home / CY AIF Law of 2018 / PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS / [127] Marketing of AIFNLP units.

127. Marketing of AIFLNP units.

(1) The marketing of AIFLNP units is forbidden before to the granting of authorisation and notification of authorisation by the Securities and Exchange Commission in accordance with article 126(1).

(2) The marketing of AIFLNP units by the external manager or the AIFLNP, in case it is internally managed, or by other persons that act as their representatives, shall take place in accordance with the provisions of the Investment Services and Activities and Regulated Markets Law, as amended, which regulate the investment service of reception and transmission of orders.

(3) The external manager or the AIFLNP, in case it is internally managed, may market the units of the AIFLNP in another member state or third country, addressed only at professional and/or well informed investors, provided that this is permitted by the legislation of the member state or third country, respectively.

(4) Prior to submitting a subscription application for the purchase of AIFLNP units, the potential investor must receive, through a durable medium, the offering document of the AIFLNP, the minimum content of which, in addition to what is stated in article 79(1), as well as any other detail or technical matters for the application of this section, shall be specified by means of a directive, by the Securities and Exchange Commission.

(5) The redemption or repurchase of units of an AIFLNP shall take place in accordance with the conditions stated in the instruments of incorporation of the AIFLNP, as these may be further specified in its offering document.

(6) The Securities and Exchange Commission may, by means of a directive, regulate any technical matters and details relating to the application of this article, as well as any other matter regarding the marketing of AIFLNP units to professional and/or well informed investors.