Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 51 - Authorisation of a non-EU AIFM from the Commission when the Republic has been determined as the Member State of reference.
Embedded Files
Authorisation of a non-EU AIFM from the Commission when the Republic has been determined as the Member State of reference.
51.-(1) After receiving an application for authorisation from a non-EU AIFM referred to in subsection (1) of section 49, the Commission shall assess whether the determination of the Republic as Member State of reference by the AIFM complies with the criteria laid down in section 50. If the Commission considers that this is not the case, it shall refuse the authorisation request of the non-EU AIFM explaining the reasons for its refusal. If the Commission considers that the criteria of section 50 have been complied with, it shall notify ESMA, without undue delay, requesting advice on its assessment. In its notification to ESMA, the Commission shall provide ESMA with the justification by the non-EU AIFM of its assessment that the Republic is its Member State of reference and with information on the marketing strategy of the AIFM.
(2) The terms referred to in subsection (6) or (7) of section 8 of this Law shall be suspended, in accordance with the third subparagraph of paragraph 5 of Article 37 of Directive 2011/61/EU, during ESMA’s examination of the Commission’s assessment which has been notified to ESMA in accordance with subsection (1) of this section.
(3) If the Commission proposes to grant the authorisation referred to in subsection (1) of section 49, contrary to ESMA’s advice, it shall inform ESMA, stating the reasons for insisting on its decision. In such a case and so long as the non-EU AIFM intends to market units of AIFs managed by it in Member States other than the Republic, which is its Member State of reference, the Commission shall also inform the competent authorities of those Member States thereof, stating its reasons for granting the authorisation. In so far as applicable, the Commission shall also inform the competent authorities of the home Member States of the AIFs managed by the AIFM thereof, about the authorisation granted to the non-EU AIFM and about the reasons for granting the authorisation.
(4) The Commission, as the competent authority of the Republic, may act in accordance with paragraph 6 of Article 37 of Directive 2011/61/ΕU.
Page updated
Report abuse