Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 10: Mergers / [86] Authorisation for the merger.

86. Authorisation for the merger.

(1) Mergers of AIFs shall be subject to prior authorisation by the Securities and Exchange Commission.

(2) Under the supervision of one of the AIFs that participate in the merger, or its external manager, in case one is appointed, the following information shall be submitted to the Securities and Exchange Commission, either in an official language of the Republic, or in English in case the documents required by the Law for granting authorisation to all AIFs that participate in the merger, have been submitted to the Securities and Exchange Commission only in English:

(a) the common terms of the merger, approved by the participating AIFs or by their external managers, in case external managers are appointed;

(b) the written consent by each of the depositaries of the receiving and merging AIFs, regarding the realisation of the merger;

(c) the information on the impending merger that the receiving and merging AIF will provide to their unitholders.

(3) In case the Securities and Exchange Commission considers that the information submitted in accordance with section (2) is not complete, shall request additional information within ten (10) working days, the latest, from the date of the submission of that information.

(4) The Securities and Exchange Commission shall examine the possible consequences of the impeding merger to the unitholders of the merging and the receiving AIFs, in order to assess whether sufficient information is provided to the unitholders. In case the Securities and Exchange Commission considers it is necessary or prudent, it may request-

(a) clarifications regarding the information addressed to the unitholders of the receiving and merging AIF, and

(b) to amend or complete the information to be communicated to its unitholders within fifteen (15) working days, the latest, from the date of submission of the information of section (2) from the receiving or merging AIF.

(5) The Securities and Exchange Commission shall inform the participants in the merger within twenty (20) days from the submission of the complete information of section (2), whether it will grant or not authorisation for the merger.