Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 60 - Conditions for the marketing in a Member State other than the Republic, with a passport, of EU AIFs managed by a non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
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Conditions for the marketing in a Member State other than the Republic, with a passport, of EU AIFs managed by a non-EU AIFM, when the Member State of reference of the AIFM is the Republic.
60.-(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 a Member State other than the Republic, 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 a Member State other than 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 39.
(3) No later than twenty working days after the receipt of a complete notification pursuant to subsection (2), the Commission, as the competent authority of the Republic, which is the Member State of reference of the AIFM referred to in subsection (1), shall transmit the notification file to the competent authorities of the of the Member State where the units of the AIF are intended to be marketed. Such transmission shall occur only if the AIFM’s management of the AIFcomplies and will continue to comply with this Law and that in general the AIFM complies with this Law. The Commission shall enclose a statement to the effect that the AIFM concerned is authorised to manage AIFs with a particular investment strategy.
(4) The notification letter referred to in subsection (2) and the statement referred to in subsection (3) are provided in a language customary in the sphere of international finance. The Commission may file or transmit electronically the documents referred to in subsection (5).
(5) Upon transmission of the notification file in accordance with subsection (3), the Commission shall, without undue delay, notify the AIFM of the transmission. The Commission shall also inform ESMA and the competent authorities of the relevant AIF that the AIFM may start marketing the units of the AIF in the relevant host Member State of the AIFM.
(6) Arrangements referred to in paragraph (h) of subsection (2) of section 39 are subject to the law and supervision of the host Member State of the AIFM referred to in subsection (1) of this section.
(7) In the event of a material change to any of the particulars communicated in accordance with subsection (2) of this section, the AIFM referred to in subsection (1) shall give written notice of that change to the Commission, as the competent authority of the Republic, which is its Member State of reference, 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 to the other Member States. If the changes are acceptable because they do not affect the compliance of the AIFM’s management of the AIF with this Law, or the 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 and the competent authorities of the host Member States of the AIFM of those changes.
(8) Subject to paragraph 1 of Article 43 of Directive 2011/61/EU, the AIFM referred to in subsection (1) of this section, may market units of the AIFs it manages only to professional investors.
(9) The Commission may, by directive, develop draft implementing technical standards to determine:
(a) the form and content of a model for the notification letter referred to in subsection (2);
(b) the form and content of a model for the transmission and the statement referred to in subsection (3);
(c) the form of the written notice referred to in subsection (7).
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