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 / [61] Changes in the persons who effectively direct the business of an investment company.
Embedded Files
61.Changes in the persons who effectively direct the business of an investment company.
In case of an internally managed AIF which operates in the form of an investment company in accordance with article 6(2)(a), excluding an AIFM which is an internally managed AIF, or in case of an externally managed AIF which operates in the form of an investment company in accordance with article 6(2)(b)-
(a) every change-
in the composition of the governing body of the internally managed AIF in the form of an investment company, or
in the persons who effectively direct the business of the internally managed AIF in the form of an investment company shall be communicated to the Securities and Exchange Commission, by the external manager or the investment company in case of an internally managed AIF, without undue delay and in any case before its implementation.
(b) in case the Securities and Exchange Commission finds that the persons of sub-paragraphs (i) and (ii) of paragraph (a) are not of good repute and that they lack sufficient knowledge, skills and experience to perform their duties, it shall instruct the investment company to immediately replace them and the investment company shall comply with the instructions∙
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).
(2) In case of an AIFM, which is an internally managed AIF, every change in the composition of its governing body and in the persons who conduct its business, is subject to articles 8(2)(c) and 10 of the Alternative Investment Fund Managers Law, which shall apply in this case.
Page updated
Report abuse