Home / CY AIF Law of 2018 / PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS / Chapter 8: Special provisions / Part 3 - Limited Partnerships / [75] Withdrawal of authorisation of limited partnership.
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75.Withdrawal of authorisation of a limited partnership.
(1) The Securities and Exchange Commission may decide to withdraw the authorisation of a limited partnership when-
(a) the limited partnership has obtained the authorisation by making false statements or by any other irregular means; or
(b) the limited partnership does not raise the minimum assets within the timeframe provided for in article 14(1)(a); or
(c) the limited partnership does not raise the minimum assets within the extended timeframe provided for in article 14(1)(b); or
(d) the limited partnership has ceased the activity covered by its authorisation for a time period longer than six (6) months; or
(e) the limited partnership no longer fulfils the conditions under which authorisation was granted;
(f) the limited partnership expressly renounces the authorisation, informing the Securities and Exchange Commission in writing.
(2) The Securities and Exchange Commission may withdraw the authorisation of a limited partnership when-
(a) its general partner does not comply with the authorisation requirements of the limited partnership or its obligations deriving from the law governing its operation,
(b) the limited partnership no longer satisfies any of the conditions required or taken into consideration by the Securities and Exchange Commission for granting its authorisation.
(3) In the cases of section (2), the Securities and Exchange Commission shall set a timeframe to the general partner or the limited partnership to comply; if the general partner or the limited partnership fails to comply within the set timeframe, the Securities and Exchange Commission may decide to withdraw the license of the limited partnership.
(4) In the cases of sections (1) to (3), the Securities and Exchange Commission shall communicate its decision regarding the withdrawal of the authorisation of the limited partnership to the general partner or the limited partnership, the Registrar and the competent authorities of the countries where the units of the limited partnership are marketed. Following the communication of the decision of the Securities and Exchange Commission regarding the withdrawal of the authorisation of the limited partnership to its general partner or itself, the limited partnership is dissolved and put into liquidation in accordance with article 74.
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