Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 47 - Conditions for the marketing in the Republic, without a passport, of non-EU AIFs managed by an AIFM of the Republic.
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Conditions for the marketing in the Republic, without a passport, of non-EU AIFs managed by an AIFM of the Republic.
47.-(1) Without prejudice to the provisions of section 44, an AIFM of the Republic may market to professional investors in the Republic, units of non-EU AIFs it manages and EU feeder AIFs that do not fulfil the requirements of the second sentence of subsection (1) of section 38, provided that:
(a) the AIFM of the Republic complies with all the requirements established in this Law with the exemption of sections 23 to 28, and ensures that one or more entities are appointed to carry out the duties referred to in section 24, which the AIFM shall not perform. The AIFM shall provide the Commission with information about the identity of those entities responsible for carrying out the duties referred to in section 24;
(b) appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the Commission and the supervisory authorities of the third country where the non-EU AIF is established in order to ensure an efficient exchange of information that allows the Commission to carry out its duties in accordance with this Law;
(c) the third country where the non-EU AIF is established is not listed as a Non-Cooperative Country and Territory by FATF.
(2) The Commission may, by Directive, impose additional obligations on the AIFMs in respect of the marketing of units of non-EU AIFs to investors in the Republic for the purpose of this section.
(3) The Commission may, by Directive to transpose the act referred to in paragraph 4 of Article 36 of Directive 2011/61/EU.
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