Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 7: Subscriptions and redemptions of AIF units / [41] Marketing of AIF units to another member state or third country.
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41. Marketing of AIF units to another member state or third country.
(1) The external manager or the AIF, in case it is internally managed, may market in another member state or third country, the units of the AIF to professional and/or well informed investors, only if this is allowed by the legislation of that member state or third country, respectively, or to retail investors, as the case is, under the following conditions:
(a) in the case of marketing to another member state of units of an AIF managed by an AIFM, or units of an AIFM which is an internally managed AIF, the notification procedure of article 32 of Directive 2011/61/EU applies, provided that said article 32 is applicable∙
(b) in the case of marketing of units of an AIF that does not fall within the scope of paragraph (a) in another member state or third country, a notification shall be submitted to the Securities and Exchange Commission accompanied by the following documents or information:
the member state or third country where the AIF intends to market its units, and
the arrangements made in relation to the marketing of the AIF units in the member state or third country.
(2) Before the marketing of the units of the AIF in the member state or third country begins, in accordance with paragraph (b) of section (1), the external manager or the AIF, in case it is internally managed, shall submit to the Securities and Exchange Commission, a confirmation by the competent authorities of the member state or the third country, that the appropriate marketing procedures regarding the marketing of units of the AIF in its jurisdiction, provided by the legislation of the host country, has been followed.
(3) The Securities and Exchange Commission may, by means of a directive, specify any technical matter or detail regarding the application of this article.
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