Home / CY AIFM Law of 2013 / PART ΙΙ – AUTHORISATION OF AIFMs / Section 7 - Application for authorisation. 

Application for authorisation.

7.-(1) In order to be duly authorised, an AIFM of the Republic, shall submit an application for authorisation to the Commission accompanied by the following: 

(a) information on the persons effectively conducting the business of the AIFM;

(b) information on the identities of the AIFM’s shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings and on the amounts of those holdings;

(c) a programme of activity setting out the organisational structure of the AIFM, including information on how the AIFM intends to comply with its obligations under Parts ΙΙ, ΙΙΙ and IV and, where applicable, Parts V, VI, VII and VIII;

(d) information on the remuneration policies and practises pursuant to section 14;

(e) information on arrangements made for the delegation and sub-delegation of functions, as referred to in sections 20 to 22, to third parties.

(2) Further to the information referred to in paragraph (1), an AIFM of the Republic, applying for authorisation, shall provide to the Commission the following information on the AIFs it intends to manage:

(a) information about the investment strategies including the types of underlying funds if the AIF is a fund of funds, and the AIFM’s policy as regards the use of leverage, and the risk profiles and other characteristics of the AIFs it manages or intends to manage, including information about the Member States or third countries in which such AIFs are established or are expected to be established;

(b) information on where the master AIF is established if the AIF is a feeder AIF;

(c) the rules or instruments of incorporation of each AIF the AIFM intends to manage;

(d) information on the arrangements made for the appointment of the depositary in accordance with sections 23 to 28, for each AIF the AIFM intends to manage;

(e) any additional information referred to in section 30(1) for each AIF the AIFM intends to manage.

(3) Where a UCITS management company, authorised pursuant to the Undertakings on Collective Investments Law of 2012, applies for authorisation as an AIFM under this Law, the Commission shall not require the UCITS management company to provide information or documents which the UCITS management company has already provided when applying for authorisation for the first licence, provided that such information or documents remain up-to-date. (i)

(4) The Commission shall inform ESMA of authorisations granted or withdrawn in accordance with this Part, on a quarterly basis.

(5) The Commission may, by virtue of Directives, specify the information to be provided according to paragraphs (1) and (2) and determine standard forms, templates and procedures for the provision of this information.

(i) 78(I) of 2012.