Home / CY AIFM Law of 2013 / PART Ι – INTRODUCTORY PROVISIONS / Section 3 - General Scope of application of the Law. 

General Scope of application of the Law.

3.-(1) Subject to paragraph (3) of this section and section (4), this Law shall apply to:

(a) AIFMs of the Republic which manage one or more AIFs, irrespective of whether such AIFs are EU AIFs or non-EU AIFs;

(b) EU AIFMs, which manage one or more AIFs, irrespective of whether such AIFs are EU AIFs or non-EU AIFs;

(c) non-EU AIFMs, which manage one or more EU AIFs;

(d) non-EU AIFMs, which market one or more AIFs in a Member State, irrespective of whether such AIFs are EU AIFs or non-EU AIFs;

(2) For the purposes of paragraph (1), the following shall be of no significance:

(a) whether the AIF is of open-ended or closed-ended type; and

(b) whether the AIF is constituted under the law of contract, under statute, under trust law, or has any other legal form; and

(c) the legal structure of the AIFM.

(3) This Law shall not apply to the following entities or arrangements:

(a) holding companies;

(b) institutions for occupational retirement provision which are covered by the Law on Establishment, Activities and Supervision of Institutions for Occupational Retirement Provision or the law of another Member State which harmonises the Directive 2003/41/EC, which includes: (i)

• authorised entities responsible for managing such institutions and acting on their behalf, referred to in paragraph (1) of Article 2 of this Directive; and

• the investment managers appointed pursuant to paragraph (1) of Article 19 of this Directive, 

In so far as they do not manage AIFs; 

(c) supranational institutions, such as the European Central Bank, the European Investment Bank, the European Investment Fund, the European Development Finance Institutions and bilateral development banks, the World Bank, the International Monetary Fund and other supranational institutions and similar international organisations, in the event that such institutions or organisations manage AIFs and in so far as those AIFs act in the public interest;

(d) national central banks;

(e) national, regional and local authorities and organisations and other institutions which manage funds supporting social security and pension systems;

(f) employee participation schemes or employee savings schemes;

(g) securitisation special purpose entities;

(h) insurance contracts;

(i) joint ventures.

(4) The Commission shall take all necessary steps to ensure that AIFMs referred to in section (1) comply with Law at all times.

(i) 208(Ι) of 2012.