Home / CY AIF Law of 2018 / PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS / [129] Minimum level of assets and initial capital.

129. Minimum level of assets and initial capital.

(1)(a) The AIFLNP must, within twelve (12) months from the date its authorisation was granted, raise at least two hundred fifty thousand euros (€500.000) worth of capital from investors, and for the purposes of this article the capital commitments shall not be included in the calculation of the minimum level of assets:

It is provided that, in the case of an umbrella AIF, the requirement for a minimum level of assets applies to each investment compartment∙

It is further provided that, in case of an internally managed AIFLNP, the calculation of the minimum level of assets excludes the initial capital requirement of this section (4).

(b) The Securities and Exchange Commission may, upon the submission of a written request by the external manager of the AIFLNP or the AIFLNP, in case it is internally managed, decide to extend the period of paragraph (a) up to another twelve (12) months, if this is deemed necessary due to the specific circumstances of the case.

(2) The payments made by investors towards the AIFLNP, shall be made in cash or assets that relate to the investment policy of the AIF, and which are free of liens.

(3) The non-cash payments made by investors towards the AIF must be valued at the time of the payment, by an independent valuer who meets the requirements of Article 73 of Regulation (EU) No. 231/2013.

(4) Without prejudice to the provisions of section (1), an internally managed AIFLNP shall have, at any time, either in cash or assets readily convertible to cash, an initial capital of at least fifty thousand euro (€50.000)∙ the own funds shall not be calculated in the assets of the AIFLNP which are used for investment purposes:

It is provided that, in case the own funds consist of cash, they shall be deposited into an account of a credit institution established in a member state, in the name of the AIFLNP.

(5) The Securities and Exchange Commission may, by means of a directive, specify technical matters and details for the application of this article.