Home / CY AIFM Law of 2013 (table of Contents)
THE ALTERNATIVE INVESTMENT FUND MANAGERS AND RELATED MATTERS LAW OF 2013
PART Ι – INTRODUCTORY PROVISIONS
Section 1 - Summary title.
Section 2 - Interpretation.
Section 3 - General scope of application of this Law.
Section 4 - Specific scope of application of this Law.
Section 5 - Definition of AIFM.
PART ΙΙ – AUTHORISATION OF AIFMs
Section 6 - Conditions for taking up activities as AIFM in the Republic.
Section 7 - Application for authorisation.
Section 8 - Conditions for granting authorisation.
Section 9- Initial capital and own funds.
Section 10 - Changes in the scope of the authorisation.
Section 11 - Suspension of the authorisation.
Section 12 - Withdrawal of the authorisation.
PART ΙΙΙ – OPERATING CONDITIONS FOR AIFMs
CHAPTER 1 - General Requirements
Section 13 - General Principles.
Section 14 - Remuneration.
Section 15 - Conflicts of interest.
Section 16 - Risk management.
Section 17 - Liquidity management.
CHAPTER 2 - Organisational Requirements
Section 18 - Procedures, arrangements and mechanisms applied by AIFMs.
Section 19 - Valuation.
CHAPTER 3 - Delegation of AIFM functions
Section 20 - Delegation of AIFM functions.
Section 21 - Sub - delegation of AIFM functions.
Section 22 - Liability of the AIFM in case of delegation or sub-delegation.
CHAPTER 4 - AIF Depositary
Section 23 - Appointment of AIF depositary.
Section 24 - Duties of AIF depositary.
Section 25 - Obligations of the AIFM and the depositary when performing their duties.
Section 26 - Delegation of duties by the AIF Depositary to third party.
Section 27 - Depositary liability.
Section 28 - Information obtained by the Depositary.
PART IV – TRANSPARENCY REQUIREMENTS
Section 29 - Annual Report
Section 30 - Disclosure to investors.
Section 31 - Reporting obligations to the Commission.
PART V – AIFMs MANAGING SPECIFIC TYPES OF AIF
CHAPTER 1 - AIFMs managing leveraged AIFs
Section 32 - Use of information by the Commission, supervisory cooperation and limits to leverage.
CHAPTER 2 - Obligations of AIFMs managing AIFs which acquire control of non-listed companies and issuers
Section 33 - Scope of application of this Chapter.
Section 34 - Notification of acquisition of major holdings and control of non-listed companies.
Section 35 - Disclosure in case of acquisition of control.
Section 36 - Specific provisions regarding the annual report of AIFs exercising control of non-listed companies.
Section 37 - Asset stripping.
PART VI – RIGHTS OF AIFMs TO MANAGE AND MARKET EU AIFs IN THE UNION
Section 38 - Marketing of units of EU AIFs in the Republic by an AIFM of the Republic.
Section 39 - Marketing of units of EU AIFs in a Member State other than the Republic by an AIFM of the Republic.
Section 40 - Marketing of units of EU AIFs in the Republic managed by an AIFM of another Member State.
Section 41 - Conditions for managing EU AIFs established in a Member State other than the Republic by an AIFM of the Republic.
Section 42 - Conditions for managing AIFs established in the Republic by an AIFM of another Member State.
PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
Section 43 - Conditions for AIFMs of the Republic which manage non-EU AIFs, which are not marketed in Member States.
Section 44 - Conditions for the marketing in the Republic, with a passport, of non-EU AIFs managed by an AIFM of the Republic.
Section 45 - Conditions for the marketing in the Republic, with a passport, of non-EU AIFs managed by an AIFM of a Member State other than the Republic.
Section 46 - Complementary provisions to sections 44 and 45.
Section 47 - Conditions for the marketing in the Republic, without a passport, of non-EU AIFs managed by an AIFM of the Republic.
Section 48 - Conditions for the marketing in the Republic, without a passport, of non-EU AIFs managed by an AIFM of a Member State other than the Republic.
Section 49 - Authorisation and specific obligations for non-EU AIFMs intending to manage AIFs of the Republic or of another Member State and/or market their units in the Republic or in another Member State.
Section 50 - Determining the Republic as Member State of reference of a non-EU AIFM.
Section 51 - Authorisation of a non-EU AIFM from the Commission when the Republic has been determined as the Member State of reference.
Section 52 - Additional conditions for authorisation of a non-EU AIFM by the Commission.
Section 53 - Notification to ESMA for any exemptions granted from compliance with certain provisions of this Law.
Section 54 - Notification to ESMA for the authorisations granted and for the applications for authorisation that have been rejected regarding non-EU AIFMs.
Section 55 - Change in the business strategy of a non-EU AIFM which affects the determination of the Member State of reference.
Section 56 - Applicable Law in case of disputes arising regarding the application of sections 49 to 55.
Section 57 - Issue of directives.
Section 58 - Rejection of request to exchange of information.
Section 59 - Conditions for the marketing in the Republic, with a passport, of EU AIFs managed by non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
Section 60 - Conditions for the marketing in a Member State other than the Republic, with a passport, of EU AIFs managed by a non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
Section 61 - Conditions for the marketing in the Republic, with a passport, of EU AIFs managed by a non-EU AIFM, when the member state of reference of the AIFM is other than the Republic.
Section 62 - Conditions for the marketing in the Republic or in another Member State, with a passport, of non-EU AIFs managed by a non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
Section 63 - Conditions for the marketing in the Republic, with a passport, of non-EU AIFs managed by non-EU AIFM, when the Member State of reference of the AIFM is a Member State other than the Republic.
Section 64 - Conditions for managing AIFs established in a Member State other than the Republic, when the Republic is the member state of reference, by non-EU AIFMs.
Section 65 - Conditions for managing AIFs established in the Republic by non-EU AIFMs, when the Member State of reference of the AIFM is other than the Republic.
Section 66 - Conditions for the marketing in the Republic of AIFs managed by non-EU AIFMs, without a passport.
PART VIII – MARKETING OF UNITS OF AIFs TO RETAIL INVESTORS IN THE REPUBLIC
Section 67 - Marketing of units of AIFs by AIFMs to retail investors in the Republic.
Section 68 - Disclosures to European Commission and ESMA regarding the marketing of AIFs to retail investors in the Republic.
PART ΙΧ – SUPERVISION RULES
CHAPTER 1 - Designation, powers and redress procedures
Section 69 - Designation of competent authority.
Section 70 - Responsibilities of the Commission and the competent authorities of the home and host Member State of the AIFM.
Section 71 - Powers of the Commission.
Section 72 - Obligations of the Commission to ESMA and to other authorities.
Section 73 - Fees and annual contributions.
Section 74 - Administrative penalties.
Section 75 - False statements and withholding of information, criminal penalties and civil liability.
Section 76 - Justification of the Commission’s decisions.
CHAPTER 2 - Cooperation of the Commission with the competent authorities of other Member States
Section 77 - Obligation of the Commission to cooperate with the competent authorities of the other Member States, with ESMA and the ESRB.
Section 78 - Transfer and retention of personal data.
Section 79 - Disclosure of information to third countries.
Section 80 - Exchange of information relating to the potential systemic consequences of AIFM activity.
Section 81 - Cooperation in supervisory activities.
Section 82 - Dispute settlement.
PART Χ – TRANSFER OF REGISTERED OFFFICE OF AN AIFM FROM AND TO THE REPUBLIC
Section 83 - Transfer of registered office of an AIFM from and to the Republic.
PART ΧΙ – PROVISIONS REGARDING TAXES AND CONTRIBUTIONS
Section 84 - Taxes and contributions.
PART ΧΙΙ – FINAL AND TRANSITIONAL PROVISIONS
Section 85 - Disclosure of derogations from the provisions of the Directive 2011/61/ΕU.
Section 86 - Disclosure of information to ESMA and the European Commission.
Section 87 - Derogations and transitional provisions.
Section 88 - Entry into force.
