Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 59 - Conditions for the marketing in the Republic, with a passport, of EU AIFs managed by non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
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Conditions for the marketing in the Republic, with a passport, of EU AIFs managed by non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
59.-(1) A non-EU AIFM, duly authorised by the Commission in accordance with subsection (1) of section 49, may market the units of an EU AIF it manages to professional investors in the Republic, which is its Member State of reference, with a passport, as soon as the conditions laid down in this section are met.
(2) In case the AIFM, referred to in subsection (1), intends to market units or shares of an EU AIF in the Republic, shall submit a notification to the Commission in respect of that AIF. The notification shall comprise the documentation and information referred to in subsection (2) of section 38.
(3) No later than twenty working days after the receipt of a complete notification pursuant to subsection (2), the Commission shall inform the AIFM referred to in subsection (1) whether it may start marketing the AIF identified in the relevant notification. The Commission may prevent the marketing of the AIF only if the AIFM’s management of the AIF does not or will not comply with this Law or if the AIFM otherwise does not or will not comply with this Law. In the case of a positive decision by the Commission, the AIFM may start marketing the AIF in the Republic as of the date of the notification by the Commission to that effect. The Commission shall also inform ESMA and the competent authorities of the AIF that the AIFM may start marketing units or shares of the AIF in the Republic.
(4) The arrangements referred to in paragraph (h) of subsection (2) of section (39) shall be subject to the laws of the Republic and to the supervision of the Commission.
(5) In the event of a material change to any of the particulars communicated in accordance with subsection (2) of this section, accordingly, the AIFM referred to in subsection (1) shall give written notice of that change to the Commission at least one month before implementing a planned change, or immediately after an unplanned change has occurred. If, pursuant to a planned change, the AIFM’s management of the AIF would no longer comply with this Law, or the AIFM would otherwise no longer comply with this Law, the Commission shall inform the AIFM, without undue delay, that it is not to implement the change. If a planned change is implemented notwithstanding the provisions of this section mentioned above, or if an unplanned change has taken place pursuant to which the AIFM’s management of the AIF no longer complies with this Law or the AIFM otherwise no longer complies with this law, the Commission shall take all due measures in accordance with section 71, including, if necessary the express prohibition of marketing of the AIF. If the changes are acceptable because they do not affect compliance of the AIFM’s management of the AIF with this Law, or compliance by the AIFM with this Law otherwise, the Commission shall, without delay, inform ESMA in so far as the changes concern the termination of the marketing of the relevant AIF or any additional AIFs being marketed.
(6) Subject to the provisions of subsections (1) and (2) of section 67, the AIFM referred to in subsection (1) of this section may market units of AIFs it manages only to professional investors.
(7) The Commission may, by directive, develop draft regulatory technical standards to determine the form and content of the notification letter referred to in subsection (2).
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