Home / CY AIFM Law of 2013 / PART V – AIFMs MANAGING SPECIFIC TYPES OF AIF / CHAPTER 2 - Obligations of AIFMs managing AIFs which acquire control of non-listed companies and issuers / Section 36 - Specific provisions regarding the annual report of AIFs exercising control of non- listed companies
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Specific provisions regarding the annual report of AIFs exercising control of non- listed companies
36.-(1) When an AIF acquires, individually or jointly, control of a non-listed company pursuant to subsection (1) of section 33, in conjunction with subsections (5) and (6) of that section, the AIFM managing such AIF shall -
(a) request and use its best efforts to ensure that the annual report, drawn up in accordance with subsection (2) of this section, is made available by the board of directors or any other management body of the non-listed company to the employees’ representatives or, where there are none, to the employees themselves within the period such annual report has to be drawn up in accordance with the applicable national law; or (i)
(b) for each such AIF, include in the annual report provided for in section 29 the information referred to in subsection (2) of this section relating to the relevant non-listed company.
(2) The additional information to be included in the annual report of the company or the AIF, in accordance with subsection (1) of this section, shall include at least a fair review of the development of the company’s business representing the situation at the end of the period covered by the annual report. The report shall also give indication of -
(a) any important events that have occurred since the end of the financial year; and
(b) the company’s likely future development; And
(c) the information concerning acquisitions of own shares according to Article 24, paragraph 2, of Directive 2012/30/EU. (ii)
(3) The AIFM managing the relevant AIF shall either -
(a) request and use its best efforts to ensure that the board of directors or any other management body of the non-listed company makes available the information referred to in paragraph (b) of subsection (1) of this section relating to the company concerned, to the employees’ representatives or, if there are none, to the employees themselves within the period referred to in subsections (1) or (2) accordingly of section 29; or
(b) make available the information referred to in paragraph (a) of subsection (1) of this section, to the investors of the AIF, in so far as already available, within the period referred to in subsection (1) or (2) of section 29 and, in any event, no later than the date on which the annual report of the non-listed company is drawn up in accordance with the national applicable law.
(i) 8(I) of 2015
(ii) 8(I) of 2015
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