Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 10: Mergers / [91] Disclosures to and rights to unitholders.

91. Disclosures to and rights of unitholders.

(1) The merging and/or the receiving AIF shall provide appropriate and accurate information to their respective unit-holders regarding the impeding merger, so as to enable them to-

(a) have a view and make an informed decision, having a complete knowledge on the impact of the proposal on their investment; and

(b) exercise their rights in accordance with sections 87 and 92.

(2) The information of section (1) shall include the following:

(c) any specific rights of the unitholders in relation to the impending merger, including, but not limited to, the right to obtain a copy of the independent auditor’s report on request, and the right to request the redemption or repurchase of their units or, if applicable the last date for the exercise of this right;

(d) the important procedural aspects and the scheduled effective date of the merger; and

(e) a copy of the offering document of the receiving AIF.

(3) The information of sections (1) and (2) shall be included on the website of the external manager of the receiving and merging AIFs, or of the AIF itself in case it is internally managed in accordance with article 6(2)(a) and shall be provided to the unitholders of the merging and receiving AIFs by the means set out in a directive issued by the Securities and Exchange Commission, only where the Securities and Exchange Commission has approved the merger in accordance with section 86. The above mentioned information shall be communicated, at least, thirty (30) days before the last date for the submission of an application for redemption or repurchase, or, where applicable, conversion, without any additional charge in accordance with section 92(1):

It is provided that, the provisions of this section apply to AIFLNPs, as if the reference to article 6(2)(a) is a reference to article 125(1)(a).

(4) The Securities and Exchange Commission may, by means of a directive, specify in detail the content and format of the information referred to in sections (1) to (3).