Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS /Chapter 1: General characteristics and distinctions of AIFs / [05] Conversion of AIF

5. Conversion of AIF.

(1) AIFs authorised subject to the provisions of article 13 may not convert, in any way, into an entity not subject to the provisions of this Law or into a RAIF.

(2) An AIF may convert into an AIFLNP subject to the provisions of Part VII, upon the submission of the relevant application and the granting of authorisation in accordance with article 126.

(3) RAIFs and AIFLNPs may convert into an AIF in accordance with the provisions of this Part, upon the submission of the relevant application and the granting of authorisation in accordance with article 13.

(4) Externally managed AIFs or AIFLNPs may convert into internally managed AIFs or AIFLNPs, respectively, if the relevant application is submitted and the conditions provided for in the relevant articles of this Law in relation to internally managed AIFs or AIFLNPs are satisfied, respectively, and upon the issuance and notification of its authorisation status by the Securities and Exchange Commission, subject to the provisions of this Part or Part VII, respectively.

(5) Internally managed AIFs or AIFLNPs may convert into externally managed AIFs or AIFLNPs, respectively, if the relevant application is submitted and the Securities and Exchange Commission is satisfied that -

(a) the external manager of the AIF, in case of conversion into an externally managed AIF, complies with the conditions provided for in article 13(3)(a)∙ or

(b) the external manager of the AIFLNP, in case of conversion into an externally managed AIFLNP, complies with the conditions provided for in article 126(3)(a)(i) to (iii) and (b),

and upon the issue of the authorisation and the notification of its authorisation status by the Securities and Exchange Commission in accordance with this Part or Part VII, respectively.

(6) The Securities and Exchange Commission may, by means of a directive, specify the information or data to be included in the application provided for in this article lay down standardized templates and procedures for the provision of information or data, as well as to regulate any technical matters and details relating to the application of this article.