Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / 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.
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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.
45.-(1) An AIFM authorised in accordance with Directive 2011/61/EU in a Member State other than the Republic, may market to professional investors in the Republic, units of non-EU AIFs it manages and of EU feeder AIFs that do not fulfil the requirements referred to in the second sentence of subsection (1) of section 38 of this Law, as soon as the conditions laid down in the first subparagraph of paragraph 2 of Article 35 of Directive 2011/61/EU are met.
(2) Subject to the provisions of subsections (1) and (2) of section 67, the AIFM referred to in subsection (1) of this section may market the units of the AIFs it manages only to professional investors.
(3) The AIFM referred to in subsection (1) of this section, may start marketing the units of the AIF in the Republic as of the date of the transmission of the complete notification to the Commission by the competent authorities of its home Member State in accordance with paragraph 6 of Article 35 of Directive 2011/65/EU.
(4) Arrangements regarding the marketing of non-EU AIFs in the Republic managed by an AIFM of a Member State other than the Republic and, where relevant, information on the arrangements established to prevent units of the AIF from being marketed to retail investors, including in the case where the AIFM relies on activities of independent entities to provide investment services in respect to the AIF, information about arrangements made for the marketing of AIFs, shall be subject to the law of the Republic and to the supervision of the Commission.
(5) The Commission shall accept the notification letter referred to in paragraph 5 of Article 35 of Directive 2011/61/EU and the statement referred to in that paragraph, if this is provided in a language customary in the sphere of international finance. The electronic submission of documentation and information referred to in paragraph 6 of Article 35 of Directive 2011/61/EU is also acceptable.
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