Home / CY AIFM Law of 2013 / PART ΙΧ – SUPERVISION RULES / CHAPTER 1 - Designation, powers and redress procedures / Section 75 - False statements and withholding of information, criminal penalties and civil liability.
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False statements and withholding of information, criminal penalties and civil liability.
75.-(1) A person who -
(a) in the course of providing information for any of the purposes of this Law, makes a false or misleading or deceitful statement or announcement or submits false misleading or deceitful information as to any fact thereof or withholds information or omits the submission of information or in any way impedes the immediate collection of information or the immediate conduct of inspection or entry or investigation of the Commission, and/or
(b) violates Regulation (EU) No 231/2013,
shall commit a criminal offence and shall be subject to a penalty of imprisonment not exceeding five years or to a fine up to seven hundred thousand euro (€700.000) or to both penalties.
Without prejudice to the provisions of this section, a person acting in violation of this section, shall be subject to an administrative penalty in accordance to the provisions of section 74.
(2) A person that provides the services of section 6, without prior authorisation by the Commission, shall commit a criminal offence and shall be subject to imprisonment not exceeding five years, or to a fine up to seven hundred thousand euro (€700.000) or to both penalties.
(3) A person, which knowingly publishes, makes available or distributes advertising material or application documents or statements for participation to an AIF, that may not distribute its units in the Republic in accordance with this Law, shall commit a criminal offence and shall be subject to imprisonment not exceeding three years or to an administrative fine not exceeding two hundred thousand euro (€200.000) or to both penalties.
(4) Where the criminal offence in accordance with this section, is committed by a legal person, criminally liable shall also be held, in addition to the legal person, any of the members of the board of directors, the general manager or any other official or employee or associate of the legal person, which is proven to consent or acted jointly in the commitment of the criminal offence.
(5) A person, who in accordance with the provisions of subsection (4), is criminally liable for the offences committed by the legal person, shall be jointly and wholly liable with the legal person for every damage caused to a third party as a result of the act or the omission lying behind the offence.
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