Home / CY AIFM Law of 2013 / PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES / Section 66 - Conditions for the marketing in the Republic of AIFs managed by non-EU AIFMs, without a passport.

Conditions for the marketing in the Republic of AIFs managed by non-EU AIFMs, without a passport.

66.-(1) Without prejudice to sections 49 to 63, a non-EU AIFM may market to professional investors in the Republic units of AIFs it manages only if the following conditions are met:

(a) the AIFM complies with sections 29 to 31 in respect of each AIF marketed by it pursuant to this section and with sections 33 to 37 where the AIFM falls within the scope of section 33(1). The competent authority shall be deemed to be the Commission and the investors shall be deemed to be the investors of the Republic;

(b) appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the Commission, the competent authorities of the EU AIFs concerned and the supervisory authorities of the third county where the non-EU AIFM is established and the supervisory authorities of the third country where the non-EU AIF is established in order to ensure an efficient exchange of information that allows the Commission to carry out its duties in accordance with this Law;

(c) the third country where the non-EU AIFM or the non-EU AIF is established is not listed as a Non-Cooperative Country and Territory by FATF.

(2) The Commission, being the competed authority of the Republic, may act in accordance with the second subparagraph of paragraph 1 of Article 42 of Directive 2011/61/EU.

(3) The Commission may, by directive, impose additional obligations on the non-EU AIFMS in relation to the marketing of units of AIFs to professional investors in the Republic for the purposes of this section.

(4) The Commission may, by directive, develop guidelines to determine the conditions of application of the measures adopted in accordance with paragraph 3 of Article 42 of Directive 2011/61/EU.