CYGNATOR FUND - Section 49 - Authorisation and specific obligations for non-EU AIFMs intend

Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / 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.

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.

49.-(1) (a) Where the Republic is the Member State of reference of a non-EU AIFM in accordance to section 50, the non-EU AIFM may manage EU AIFs established in the Republic or in another Member State and/or market in the Republic units of the AIFs it manages either in accordance with sections 59 to 61 or in accordance with sections 62 and 63, only if it acquires prior authorisation by the Commission.

(b) The Commission grants authorisation to a non-EU AIFM referred to in paragraph (a), in accordance with the relevant provisions of this Law.

(2) A non-EU AIFM intending to obtain prior authorisation by the Commission in accordance with subsection (1), shall comply with this Law, with the exemption of Part VI. If and to the extent that compliance with a provision of this Law is incompatible with compliance with the law to which the non-EU AIFM and/or the non-EU AIF marketed in the Union is subject there shall be no obligation on the AIFM to comply with that provision of this Law if it can demonstrate that:

(a) it is impossible to combine such compliance with compliance with a mandatory provision in the law to which the non-EU AIFM and/or the non-EU AIF marketed in the Republic is subject; and

(b) the law to which the non-EU AIFM and/or the non-EU AIF is subject provides for an equivalent rule having the same regulatory purpose and offering the same level of protection to the investors of the relevant AIF; and

(3) A non-EU AIFM intending to obtain prior authorisation by the Commission in accordance with subsection (1), shall have a legal representative established in the Republic. The legal representative shall -

(a) be the contact point of the AIFM in the Union and any official correspondence between the competent authorities and the AIFM and between the EU investors of the relevant AIF and the AIFM shall take place through that legal representative; and

(b) perform the compliance function relating to the management and marketing activities performed by the AIFM under this Law together with the AIFM.

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