Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 63 - Conditions for the marketing in the Republic, with a passport, of non-EU AIFs managed by non-EU AIFM, when the Member State of reference of the AIFM is a Member State other than the Republic.
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Conditions for the marketing in the Republic, with a passport, of non-EU AIFs managed by non-EU AIFM, when the Member State of reference of the AIFM is a Member State other than the Republic.
63.-(1) A non-EU AIFM, duly authorised by the competent authorities of its Member State of reference in accordance with paragraph 1 of section 37 of Directive 2011/61/EU, may market the units of a non-EU AIF it manages to professional investors in the Republic, with a passport, as soon as the conditions laid down in this section are met.
(2) In addition to the conditions of this Law that apply to EU AIFMs, a non-EU AIFM referred to in subsection (1) shall also meet the following conditions:
(a) appropriate cooperation arrangements are in place between the competent authorities of the Member State of reference of the AIFM and the competent authority of the third country where the non-EU AIFM is established, in order to ensure at least an efficient exchange of information that allows the competent authorities of its Member State of reference to carry out their duties in accordance with this Directive 2011/61/EU;
(b) the third country where the non-EU AIF is established, is not listed as a Non-Cooperative Country and Territory by FATF;
(c) the third country where the non-EU AIF is established has signed an agreement with the Member State of reference of that AIFM, with the Republic and with each other Member State in which the units of the non-EU AIF are intended to be marketed which fully complies with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters including any multilateral tax agreements.
(3) The Commission shall receive the notification file from the competent authorities of the Member State of reference of the AIFM referred to in subsection 1 of this section, including a statement to the effect that the AIFM concerned is authorised to manage AIFs with a particular investment strategy in accordance with paragraph 6 of Article 40 of Directive 2011/61/EU.
(4) The Commission shall accept the electronic transmission and filing of the documents referred to in subsection (3) from the competent authorities of the Member State of reference of the AIFM referred to in subsection (1).
(5) The AIFM referred to in section (1) may start marketing the units of the AIFs in the Republic, as of the date it is notified by the competent authority of its Member State of reference of the transmission of the notification file to the Commission in accordance with paragraph 6 of Article 40 of Directive 2011/61/EU.
(6) Arrangements referred to in point (h) of Annex IV of Directive 2011/61/EU are subject to the laws of the Republic, as the host Member State of the AIFM referred to in subsection (1) and to the supervision of the Commission.
(7) Subject to subsections (1) and (2) of section 67, the AIFM referred to in subsection (1) of this section, may market units of the AIFs it manages only to professional investors.
(8) The Commission, being the competent authority of the Republic, may act in accordance with the second subparagraph of paragraph 2 and/or in accordance with paragraph 15 of Article 40 of Directive 2011/61/EU.
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