Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 3: Common provisions regarding the organisation and operation of AIFs / [14] Retention of minimum assets.
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14. Retention of minimum assets
(1) (a) The AIF must, within twelve (12) months from the date its authorisation was granted, raise at least five hundred thousand euros (€500.000) worth of capital from investors:
It is provided that, for the purposes of this article, the capital commitments shall not be included in the calculation of the minimum level of assets:
It is further provided that, in the case of an umbrella AIF, the requirement for a minimum level of assets applies to each investment compartment∙
It is furthermore provided that, in case of an internally managed AIF, the calculation of the minimum level of assets excludes the initial capital requirement under this Law.
(b) The Securities and Exchange Commission may, upon the submission of a written request by the external manager of the AIF or the AIF, in case it is internally managed, decide to extend the period of paragraph (a) up to another twelve months, if this is deemed necessary due to the specific circumstances of the case.
(2) The payments made by investors towards the AIF, shall be made in cash or assets that relate to the investment policy of the AIF, and which are free of liens.
(3) The non-cash payments made by investors towards the AIF must be valued at the time of the payment, by an independent valuer who meets the requirements of Article 73 of Regulation (EU) No. 231/2013.
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