Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 10: Mergers / [90] Assignment to an independent auditor.

90. Assignment to an independent auditor.

(1) The merging and receiving AIFs shall assign an independent auditor to validate the following:

(a) the criteria adopted for the valuation of the assets and where applicable, the liabilities as at the date of the calculation of the exchange ratio;

(b) the cash payment per unit, where applicable; and

(c) the method of calculation of the exchange ratio, as well as the calculation of the exchange ratio.

(2) The auditor of the merging AIF, as well as the auditor of the receiving AIF shall be considered independent auditors, for the purposes of section (1).

(3) A copy of the independent auditor’s report shall be communicated on request and free of charge, to the unit-holders of both the merging and the receiving AIFs and to the Securities and Exchange Commission.