Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS (table of contents)

Chapter 1: General characteristics and distinctions of AIFs

[04] AIF legal forms and use of the AIF designation.

[05] Conversion of AIF.

[06] AIF management.

[07] Open-ended or closed-ended AIF.

[08] Listing of AIF units in a secondary market.

[09] Umbrella AIF.

[10] Conversion of AIF to umbrella AIF and vice versa.

[11] Possibility of conversion of an AIF’s legal form.

Chapter 2: Authorisation of an AIF

[12] Submission of application for authorisation of an AIF and amendments to the data submitted.

[13] Granting AIF authorisation.

Chapter 3: Common provisions regarding the organisation and operation of AIFs

[14] Retention of minimum assets.

[15] Investment policy.

[16] Risk management.

[17] Conflicts of interest.

[18] Liquidity management.

[19] Remuneration policies.

[20] Valuation.

[21] Management and conduct of business.

[22] AIF transactions.

Chapter 4: AIF administration

[23] Delegation of administration function

Chapter 5: AIF external manager

[24] Organisation and operations of the external manager.

[25] Resignation and replacement of the external manager.

Chapter 6: AIF depositary

[26] Appointment of AIF Depositary.

[27] Depositary tasks and obligations.

[28] Delegation of depositary tasks.

[29] Specific tasks of the depositary.

[30] Depositary liability.

[31] Independence between the depositary and the external manager of the AIF.

[32] Resignation of the depositary.

[33] Replacement of the depositary.

[34] Termination of the appointment of the depositary.

Chapter 7: Subscriptions and redemptions of AIF units

[35] AIF units.

[36] Rules for the marketing of AIF units.

[37] Issue of free-of-charge AIF units.

[38] Disclosure to investors regarding the net asset value and the subscription or redemption price of AIF units.

[39] Marketing of AIF units to professional investors in the Republic.

[40] Marketing of AIF units to retail and well informed investors in the Republic.

[41] Marketing of AIF units to another member state or third country.

[42] Redemption or repurchase of AIF units.

[43] Suspension of the redemption or repurchase of AIF units.

[44] Prohibition of issuance, redemption and repurchase of AIF units.

Chapter 8: Special provisions

Part 1 - Common fund

[45] General provisions regarding a common fund.

[46] Unitholders’ Register of the common fund.

[47] Joint unitholders of the common fund.

[48] Confirmation of participation into a common fund.

[49] Transfer of common fund units.

[50] Pledge of common fund units.

[51] Common fund rules.

[52] Dissolution and liquidation of the common fund.

[53] Withdrawal of common fund authorisation.

Part 2 - Fixed or variable capital investment companies

[54] General provisions regarding an investment company.

[55] Application of the provisions of the Company Law and special Company Law and special Company Law arrangements.

[56] Investment company set up as internally managed AIF.

[57] Operating conditions.

[58] Name, designation, capital and shares.

[59] Content of instruments of incorporation of an investment company.

[60] Amendments to the instruments of incorporation of an investment company.

[61] Changes in the persons who effectively direct the business of an investment company.

[62] Reduction of assets or initial capital of an investment company.

[63] Dissolution and liquidation of an investment company.

[64] Withdrawal of authorisation of an investment company.

Part 3 - Limited Partnerships

[65] General provisions regarding the limited partnership.

[66] Limited partnership set up as internally managed AIF.

[67] General partner of an AIF.

[68] Limited partners.

[69] Partnership agreement.

[70] Amendment of the partnership agreement.

[71] Unitholders’ register, joint unitholders, and confirmation of participation

[72] Transfer of limited partnership units.

[73] Pledge of limited partnership units.

[74] Dissolution and liquidation of a limited partnership.

[75] Withdrawal of authorisation of a limited partnership.

Chapter 9: Obligations regarding disclosures to investors

[76] Offering document, half-yearly report, annual report, annual financial statements and financial year of the AIF.

[77] Half-yearly report of the AIF.

[78] Annual report of the AIF.

[79] Offering document of the AIF.

[80] Right to receive documents.

[81] Audit of the annual financial statements and of the annual report of the AIF.

[82] AIF publication expenses.

[83] AIF marketing communications.

Chapter 10: Mergers

[84] Possibility of mergers between AIFs.

[85] Types of mergers.

[86] Authorisation for the merger.

[87] Decision regarding the merger.

[88] Terms of the merger

[89] Verification of the merger by the depositary.

[90] Assignment to an independent auditor.

[91] Disclosures to and rights of unitholders.

[92] Right to redeem, repurchase or convert units.

[93] Expenses relating to the merger.

[94] Effective date of the merger.

[95] Effects of the merger.

[96] Tax provisions regarding AIF mergers.

[97] Enabling provisions.