Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 64 - Conditions for managing AIFs established in a Member State other than the Republic, when the Republic is the member state of reference, by non-EU AIFMs.
Embedded Files
Conditions for managing AIFs established in a Member State other than the Republic, when the Republic is the member state of reference, by non-EU AIFMs.
64.-(1) A non-EU AIFM, duly authorised by the Commission in accordance with subsection (1) of section 49, may manage EU AIFs established in a Member State, other than the Republic, either directly or via the establishment of a branch, provided that the AIFM is authorised by the Commission to manage that type of AIF.
(2) The AIFM referred to in subsection (1), intending to manage EU AIFs established in a Member State other than the Republic, which is its Member State of reference, for the first time, shall communicate the following information to the Commission:
(a) the Member State in which it intends to manage the AIF directly or establish a branch;
(b) a programme of operations stating in particular the services which it intends to perform and identifying the AIF it intends to manage.
(3) If the AIFM referred to in subsection (1), intends to establish a branch, it shall provide, in addition to the information requested in subsection (2), the following information;
(a) the organisational structure of the branch;
(b) the address in the home Member State of the AIFM from which documents may be obtained;
(c) the names and the contact details of persons responsible for the management of the branch.
(4) The Commission shall, within one month of receiving the complete documentation in accordance with subsection (2) or within two months of receiving the complete documentation in accordance with subsection (3), transmit that documentation, including a statement to the effect that the AIFM concerned is authorised by the Commission, to the competent authorities of the host Member State of the AIFM referred to in subsection (1). Such transmission shall occur only if the AIFM’s management of the AIF complies and will continue to comply with this Law and the AIFM otherwise complies with this Law. The Commission shall immediately notify the AIFM about the transmission. The Commission shall also inform ESMA that the AIFM may start managing the AIF in the host Member State of the AIFM.
(5) In the event of a change to any of the information communicated in accordance with subsection (2) or, if relevant with subsection (3) of this section, the AIFM referred to in subsection (1) shall give written notice to the Commission, as the competent authority of 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 subsection referred to 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 the compliance of the AIFM’s management of the AIF with this Law or the compliance by the AIFM with this Law, the Commission shall, without undue delay, inform the competent authorities of the host Member State of the AIFM of those changes.
(6) The Commission may, by directive, develop any of the following:
(a) draft regulatory technical standards to specify the information to be notified in accordance with subsections (2) and (3);
(b) draft regulatory technical standards, to establish standard forms, templates and procedures for the transmission of information in accordance with subsections (2) and (3).
Page updated
Report abuse