Home / CY AIFM Law of 2013 / PART ΙΙΙ – OPERATING CONDITIONS FOR AIFMs / CHAPTER 2 - Organisational Requirements /  Section 18 - Procedures arrangements and mechanisms applied by AIFMs. 

Procedures arrangements and mechanisms applied by AIFMs.

18. AIFMs shall use, at all times, adequate and appropriate human and technical resources that are necessary for the proper management of AIFs. Without prejudice to the general obligation, AIFMs of the Republic shall have, according to the nature of the AIFs it manages, -

(a) sound administrative and accounting procedures, control and safeguard arrangements for electronic data processing; and

(b) adequate internal control mechanisms including, in particular, rules for personal transactions by its employees or for the holding or management of investments in order to invest on its own account and ensuring, at least -

• that each transaction involving the AIFs may be reconstructed according to its origin, the parties to it, its nature and the time and place which it was effected; and

• that the assets of the AIFs managed by the AIFM are invested in accordance with the AIF rules or instruments of incorporation and the legal provisions in force.