Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 57 - Issue of directives.

Issue of directives.

57.-(1) The Commission may, by directive, specify the procedure to be followed for the determination of the Republic as Member State of Reference.

(2) The Commission may, by directive:

(a) develop guidelines to determine the conditions of application of the measures adopted by the European Commission in accordance with paragraph 15 of Article 37 of Directive 2011/61/EU;

(b) develop regulatory technical standards to determine the minimum content of the cooperation arrangements referred to in paragraph (d) of subsection (1) of section 52 of this Law, so as to ensure that the Commission, as the competent authority of the Republic, which is the Member State of reference of the AIFM and the competent authorities of the host Member States of the AIFM receive sufficient information in order to be able to exercise their supervisory and investigatory powers under the Directive 2011/61/EU;

(c) develop draft regulatory technical standards to specify the procedures for coordination and exchange of information between the Commission, as the competent authority of the Republic, which is the Member State of reference of the AIFM and the competent authorities of the host Member States of the AIFM;

(d) develop draft regulatory technical standards for the determination of the form and content of the request referred to in subsection (7) of section 55 of this Law;

(e) develop draft regulatory technical standards on the following:

• the manner in which an AIFM must comply with the requirements laid down in this Law, taking into account that the AIFM is established in a third country and, in particular the presentation of the information required in sections 29 to 31 of this Law;

• the conditions under which the law to which a non-EU AIFM or a non-EU AIF is subject is considered to provide for an equivalent rule having the same regulatory purpose and offering the same level of protection to the relevant investors.