Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 2: Authorisation of an AIF / [12] Submission of application for authorisation of an AFI and amendments to the data submitted.
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12. Submission of application for authorisation of an AFI and amendments to the data submitted.
(1) The commencement of operations of an AIF requires the prior authorisation and communication of the authorisation by the Securities and Exchange Commission, in accordance with the provisions this Chapter.
(2) By way of derogation from section (1), for the commencement of operations of an AIFM which is an internally managed AIF, the prior authorisation and communication of authorisation by the Securities and Exchange Commission is required, in accordance with article 8 of the Alternative Investment Fund Managers Law.
(3) In order for an AIF to be established as a common fund, its external manager shall submit to the Securities and Exchange Commission, in addition to the application for granting authorisation, the following data:
(a) the name and the data identifying and certifying the appropriateness of the AIF’s external manager, as well as the identity of the person or persons responsible for the risk management and portfolio management functions∙
(b) a statement by the external manager confirming that it agrees to perform the investment management functions for the AIF∙
(c) a statement by the depositary confirming that it agrees to perform the depositary functions for the assets of the AIF, in accordance with this Law∙
(d) the identity of the person or persons appointed by the depositary as responsible for monitoring the activity of the AIF and sufficient information for these persons, including a resume, so that the Securities and Exchange Commission is in a position to assess whether they are of good repute and that they possess sufficient knowledge, skills and experience to perform their duties∙
(e) a draft of the AIF’s fund rules, signed by the AIF’s external manager∙
(f) a draft of the AIF’s offering document∙
(g) a draft of the AIF’s key investor information document, as provided for in article 36(3)(c)∙
(h) any other information provided for in article 30(1) of the Alternative Investment Fund Managers Law, the provisions of which are proportionately applicable in this case.
(4) In order for an AIF to be established as an investment company, either internally managed subject to article 6(2)(a) or externally managed subject to article 6(2)(b), the persons signing its instruments of incorporation, when the investment company is under incorporation, or the members of its board of directors, when the investment company is an existing company, or its external manager, when the investment company is externally managed, shall submit to the Securities and Exchange Commission, in addition to the application for granting authorisation, the following data:
(a) the name of the AIF, its registered address, as well as the address of its headquarters∙
(b) sufficient information and data, including a resume, for the persons who effectively direct the business of the internally managed AIF, so that the Securities and Exchange Commission is in a position to assess whether they are of good repute and that they possess sufficient knowledge, skills and experience to perform their duties∙
(c) the name and the data identifying and certifying the appropriateness of the AIF’s external manager, as well as the identity of the person or persons responsible for the risk management and portfolio management functions∙
(d) a statement by the external manager, where one is appointed, confirming that it agrees to perform the investment management functions for the AIF∙
(e) a statement by the depositary confirming that it agrees to perform the depositary functions for the assets of the AIF, in accordance with this Law∙
(f) the identity of the person or persons appointed by the depositary as responsible for monitoring the activity of the AIF and sufficient information for these persons, including a resume, so that the Securities and Exchange Commission is in a position to assess whether they are of good repute and that they possess sufficient knowledge, skills and experience to perform their duties∙
(g) a draft of the AIF’s instruments of incorporation∙
(h) a draft of the AIF’s offering document∙
(i) a draft of the AIF’s key investor information document, as provided for in article 36(3)(c)∙
(j) any other information provided for in article 30(1) of the Alternative Investment Fund Managers Law, the provisions of which are proportionately applicable in this case:
It is provided that, the provisions of this section shall apply to AIFLNPs as if the reference to article 6(2) is a reference to article 125(1).
(5) In order for an AIF to be established as a limited partnership, either internally managed with separate legal personality subject to article 6(2)(a) or externally managed subject to article 6(2)(b), its external manager or the general partner of the internally managed limited partnership, shall submit to the Securities and Exchange Commission, in addition to the application for granting authorisation, the following data:
(a) the name of the AIF as provided for in article 51(1)(a) of the General and Limited Partnerships and Business Names Law and its registered address∙
(b) sufficient information and data, including a resume, for the persons who effectively direct the business of the internally managed AIF, so that the Securities and Exchange Commission is in a position to assess whether they are of good repute and that they possess sufficient knowledge, skills and experience to perform their duties∙
(c) the name and the data identifying and certifying the appropriateness of the AIF’s external manager, as well as the identity of the person or persons responsible for the risk management and portfolio management functions∙
(d) a statement by the external manager, where one is appointed, confirming that it agrees to perform the investment management functions for the AIF∙
(e) a statement by the depositary confirming that it agrees to perform the depositary functions for the assets of the AIF, in accordance with this Law∙
(f) the identity of the person or persons appointed by the depositary as responsible for monitoring the activity of the AIF and sufficient information for these persons, including a resume, so that the Securities and Exchange Commission is in a position to assess whether they are of good repute and that they possess sufficient knowledge, skills and experience to perform their duties∙
(g) a draft of the AIF’s partnership agreement∙
(h) a draft of the AIF’s offering document∙
(i) a draft of the AIF’s key investor information document, as provided for in article 36(3)(c)∙
(j) any other information provided for in article 30(1) of the Alternative Investment Fund Managers Law, the provisions of which are proportionately applicable in this case:
It is provided that, the provisions of this section shall apply to AIFLNPs as if the reference to article 6(2) is a reference to article 125(1).
(6) For the purposes of sections (3) to (5), the Securities and Exchange Commission, may, in addition to the information referred to in the aforementioned sections, request the submission of any additional or clarifying information or data, if it deems it necessary or useful, in order to decide about the granting, or not, of AIF authorisation.
(7) The information or data referred in sections (3) to (6) shall be submitted either in an official language of the Republic or in an official language of the Republic and in the English Language or only in English.
(8) (a) The external manager of the AIF or the AIF, in case it is internally managed, shall notify the Securities and Exchange Commission for any material change in the data or information which was a requirement for granting the AIF authorisation and in particular for any change in the information provided subject to this article, at least one month before the implementation of such change:
It is provided that, every change regarding the information or data of article 13(1)(b) to (d) is subject to the Securities and Exchange Commission’s prior approval, and when there is a change in the persons who effectively direct the business of the internally managed AIF, as provided for in article 13(1)(c), the AIF shall submit to the Securities and Exchange Commission sufficient information and data, including a resume, so that the Securities and Exchange Commission is in a position to assess whether they are of good repute and that they possess sufficient knowledge, skills and experience to perform their duties.
(b) The Securities and Exchange Commission shall, within one month of receipt of a duly completed notification for the change, inform the external manager of the AIF or the AIF, in case it is internally managed, whether the change provided for in paragraph (a) is rejected or a restriction is imposed regarding its implementation∙ the Securities and Exchange Commission may decide to extend this period for an additional month, if this is deemed necessary due to the specific circumstances of the case, in which case the external manager of the AIF or the AIF, in case it is internally manager, is informed.
(c) The provisions of paragraphs (a) and (b) shall apply to AIFLNPs as if the reference to article 13(1) is a reference to article 126(1).
(9) The Securities and Exchange Commission may, by means of a directive, specify the information or data submitted in accordance with sections (3) to (5) and determine standard forms, templates and procedures for the provision of such information.
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