Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 6: AIF depositary / [27] Depositary tasks and obligations.

27. Depositary tasks and obligations.

(1) The depositary of the AIF is entrusted with the tasks provided for in article 24 of the Alternative Investment Fund Managers Law.

(2) The depositary shall act honestly, fairly, professionally and in the interest of the AIF and the unitholders of the AIF.

(3) A depositary shall not carry out activities with regard to the external manager or the AIF, in case it is internally managed, that may create conflicts of interest between the AIF, the investors of the AIF, the external manager, and itself, unless the depositary has functionally and hierarchically separated the performance of its depositary tasks from its other potentially conflicting tasks, and the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the AIF.

(4) The assets referred to in article 24(3) of the Alternative Investment Fund Managers law, shall not be reused by the depositary without the prior consent of the external manager or the AIF, in case it is internally managed.