Home / CY AIFM Law of 2013 / PART VI – RIGHTS OF AIFMs TO MANAGE AND MARKET EU AIFs IN THE UNION / Section 41 - Conditions for managing EU AIFs established in a Member State other than the Republic and for the provision of services in a member state other than the Republic, by an AIFM of the Republic.
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Conditions for managing EU AIFs established in a Member State other than the Republic and for the provision of services in a member state other than the Republic, by an AIFM of the Republic.
41.-(1) An AIFM of the Republic may, directly or by establishing a branch-(i)
(a) Manage an EU AIF established in a Member State other than the Republic, on condition that the AIFM authorization covers the management of that type of AIF; and
(b) provide in a Member State other than the Republic the services referred to in subsection (6) of section 6 and which are covered by the AIFM license.
(2) An AIFM of the Republic, which plans to manage for the first time an EU AIF established in a Member State other than the Republic or/and provide in a Member State other than the Republic the services referred to in subsection (6) of section 6, communicates to the Commission the following information:
(a) the Member State in which it intends to manage directly AIFs or/and establish a branch or/and provide the services referred to subsection (6) of section 6;
(b) a programme of operations stating in particular the services which the AIFM of the Republic intends to perform or/and identifying the AIFs it intends to manage.
(3) If the AIFM of the Republic intends to establish a branch, it shall provide the following information in addition to that referred to in subsection (2):
(a) the organisational structure of the branch;
(b) the address in the home Member State of the AIF from which documents may be obtained;
(c) the names and contact details of the persons responsible for the management of the branch;
(4) The Commission, so long as the AIFM’s management of the AIF complies, and will continue to comply with this Law and the AIFM otherwise complies with this Law -
(a) shall, within one month of receiving the complete documentation in accordance with subsection (2) or within two months of receiving the complete documentation in accordance with subsection (3), transmit the complete documentation, including a statement to the effect that the AIFM concerned is authorised by the Commission, to the competent authorities of the host Member State of the AIFM; and
(b) shall immediately notify the AIFM about the transmission in accordance with paragraph (a).
(5) In the event of a change to any of the information communicated to the Commission in accordance with subsections (2) and/or (3), the AIFM of the Republic shall give written notice of that change to the Commission at least one month before implementing planned changes, or immediately after an unplanned change has occurred. If the changes are acceptable because they do not affect the compliance of the AIFM’s management of the AIF with this Law, or the compliance by the AIFM with this Law otherwise, the Commission shall allow the change and, without undue delay, shall inform the competent authorities of the host Member State of the AIFM of those changes.
(6) If, pursuant to a planned change, the AIFM’s management of the AIF would no longer comply with this Law or the AIFM would otherwise no longer comply with this Law, the Commission shall inform the AIFM without undue delay that it is not to implement the change.
(7) If a planned change is implemented notwithstanding the provisions of subsections (5) or (6) of this section, or if an unplanned change has taken place pursuant to which the AIFM’s management of the AIF would no longer comply with this Law or the AIFM otherwise would no longer comply with this Law, the Commission shall take all due measures in accordance with section 71.
(8) The Commission may, by directive, specify any of the following:
(a) the information to be notified in accordance with subsections (2) and (3);
(b) to establish standard forms, templates and procedures for the transmission of information in accordance with subsections (2) and (3).
(i) 97(I) of 2015
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