Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 53 - Notification to ESMA for any exemptions granted from compliance with certain provisions of this Law.
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Notification to ESMA for any exemptions granted from compliance with certain provisions of this Law.
53.-(1)(a) In case the Commission, as the competent authority of the Member State of reference of the non-EU AIF, considers that the AIFM may rely on subsection (2) of section 49 to be exempted from compliance with certain provisions of this Law, shall, without undue delay, notify ESMA thereof. It shall support this assessment by the information provided by the AIFM in accordance with points (ii) and (iii) of paragraph (a) of subsection 2 of section 52.
(b) The term referred to in subsections (6) or (7) of section 8 of this Law shall be suspended during the ESMA review in accordance with the third subparagraph of paragraph 9 of Article 37 of Directive 2011/61/EU.
(2) If the Commission proposes to grant authorisation contrary to ESMA’s advice referred to in subsection (1) of section 49, it shall inform ESMA stating its reasons. In such a case, if the non-EU AIFM intends to market the units of AIFs managed by it in Member States other than the Republic which is the Member State of reference, the Commission shall also inform the competent authorities of those Member States thereof, stating its reasons for granting the authorisation.
(3) The Commission, being the competent authority of the Republic, may act in accordance with the sixth subparagraph of paragraph 9 of Article 37 of the Directive 2011/61/EU.
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