Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 2 - Fixed or variable capital investment companies / [57] Operating conditions.
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57. Operating conditions.
(1) An investment company may start its operations only if it has been authorised by the Securities and Exchange Commission in accordance with:
(a) article 13, in case it is an internally or externally managed AIF, which operates in the form of an investment company in accordance with article 6(2):
It is provided that, the provisions of this paragraph shall apply to AIFLNPs as if the reference to article 6(2) is a reference to article 125(1), and the reference to article 13 is a reference to article 126.
(b) article 8 of the Alternative Investment Fund Managers Law, in case it is an AIFM, which is an internally managed AIF, which operates in the form of an investment company in accordance with article 6(2)(a).
(2) The internally managed AIF, which operates in the form of an investment company in accordance with article 6(2)(a) shall not engage in activities other than those referred to in article 6(1):
It is provided that, the provisions of this section shall apply to AIFLNPs as if the reference to article 6(2)(a) is a reference to article 125(1)(a).
(3) Without prejudice to Union law, an AIF which operates in the form of an investment company which is authorised by the Securities and Exchange Commission shall have its registered office in the Republic.
(4) Without prejudice to article 56, an external manager shall be appointed for the AIF management of the investment company.
(5) The safekeeping of the assets of the investment company shall be entrusted to a depositary in accordance with the provisions of Chapter 6 of Part II.
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