Home / CY AIF Law of 2018 / PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS / [131] Management and conduct of business.

131. Management and conduct of business.

(1) The governing body of the internally managed AIFLNP consists of at least three (3) natural persons, of which at least one (1) performs executive duties therein.

(2) The business of the internally managed AIFLNP is conducted by at least two (2) natural persons, which are of sufficiently good repute and possess sufficient knowledge and experience to perform their duties, and they fall within the definition senior management:

(3) When a depositary is appointed, the persons who effectively direct the business of the external manager of the AIFLNP or the AIFLNP, in case it is internally managed, shall not participate in the governing body or senior management of the AIF’s depositary, and vice versa.

(4) In case of an externally managed AIFLNP, the members of the governing body and the persons who conduct the business of the external manager of the AIFLNP shall disclose to the external manager their capacity which could give rise to a conflict of interest while carrying out their duties and more specifically their capacity as members of the governing body, or as persons who conduct the business of another AIFLNP or another collective investment undertaking, or as members of an external manager, other than the one managing the specific AIFLNP.