Home / CY AIF Law of 2018 / PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS / [133] Withdrawal of AIFNLP authorisation.

133.Withdrawal of AIFLNP authorisation.

(1) The Securities and Exchange Commission may decide to withdraw the authorisation of an AIFLNP when-

(a) the AIFLNP has obtained the authorisation by making false statements or by any other irregular means; or

(b) the AIFLNP does not raise the minimum assets within the timeframe provided for in article 129(1)(a); or

(c) the AIFLNP does not raise the minimum assets within the extended timeframe provided for in article 129(1)(b); or

(d) the AIFLNP has ceased the activity covered by its authorisation for a time period longer than six (6) months; or

(e) the AIFLNP no longer fulfils the conditions under which authorisation was granted; or

(f) the investment company or the limited partnership expressly renounces its authorisation, informing the Securities and Exchange Commission in writing.

(2) The Securities and Exchange Commission may withdraw the authorisation of an AIFLNP when the internally managed AIFLNP or external manager of the AIFLNP does not comply with the authorisation requirements of the AIFLNP or its obligations deriving from the law governing its operation.

(3) In the cases of sections (1) and (2), the Securities and Exchange Commission shall communicate its decision regarding the withdrawal of the authorisation of the AIFLNP to its external manager or the AIFLNP, in case it is internally managed, and the Registrar. Following the communication of the decision of the Securities and Exchange Commission regarding the withdrawal of the authorisation, AIFLNP is dissolved and put into liquidation in accordance with article 132.