Home / CY AIF Law of 2018 / PART X: FINAL AND TRANSITIONAL PROVISIONS / [144] Transitional provisions.

144. Transitional provisions.

(1) Without prejudice to article 10 of the interpretation Law, the directives of the Securities and Exchange Commission and other regulatory decisions which were issued pursuant to the Alternative Investment Funds Laws of 2014 and 2015, shall continue to apply, until amended or replaced by directives or regulatory decisions, pursuant to the provisions of this Law. (i)

(2) Without prejudice to article 10 of the interpretation Law, the acts and decisions of the Securities and Exchange Commission which were legally issued or taken pursuant to the Alternative Investment Funds Laws of 2014 and 2015, shall remain in force, unless they are amended or revoked by the Securities and Exchange Commission or annulled by the relevant court subject to the provisions of Article 146 of the Constitution.

(3) The international collective investment schemes which were authorised in accordance with the International Collective Investment Schemes Law, which before the entry into force of this Law were operating as AIFs or AIFLNPs, pursuant to the provisions of article 120 of the Alternative Investment Funds Laws of 2014 and 2015, shall be considered as AIFs or AIFLNPs authorised under this Law.

(4) Administrative and other penalties imposed by the Securities and Exchange Commission pursuant to the provisions of the Alternative Investment Funds Laws of 2014 and 2015, shall remain in force as if they were imposed pursuant to this Law.

(5) Any applications submitted to the Securities and Exchange Commission, pursuant to the Alternative Investment Funds Laws of 2014 and 2015, and which at the time of entry into force of this Law were under examination or are still pending, shall be updated within three (3) months from the entry into force of this Law, so that they include any new data and information required under this Law.

(6) (a) In the case of international collective investment schemes which filed an application with the Securities and Exchange Commission, in accordance with article 120(1)(b) of the Alternative Investment Funds Laws of 2014 and 2015, the provisions of article 120(3) of the Alternative Investment Funds Laws of 2014 and 2015 shall continue to apply, until the granting of authorisation as AIFs or AIFMs of the Republic:

It is provided that, in case an international collective investment scheme is not granted with an authorisation, it must proceed with its dissolution in accordance with article 120(2) of the Alternative Investment Funds Laws of 2014 and 2015:

It is further provided that, the international collective investment schemes, until their dissolution or granting of authorisation as AIFs or AIFMs of the Republic, shall remain subject to the International Collective Investment Schemes Laws of 1999 and 2000, irrespective of their repeal by article 122 of the Alternative Investment Funds Laws of 2014 and 2015.

(b) For the of international collective investment schemes which complied, within the specified timeframe, with articles 114 to 118 of the Alternative Investment Funds Laws of 2014 and 2015 and have submitted all information, data and documents required for the submission of an application for authorisation of an AIFLNP, in accordance with article 120(1)(a) of the Alternative Investment Funds Laws of 2014 and 2015, the provisions of article 120(4) of the Alternative Investment Funds Laws of 2014 and 2015 shall continue to apply until the Securities and Exchange Commission informs them, in writing, that they fulfil the requirements for their operation as AIFLNPs.

(i) Cap.1., 11 of 1989, 131(I) of 2014, 11(I) of 2015.

(ii) 47(I) of 1999, 63(I) of 2000.