Home / CY AIFM Law of 2013 / PART ΙΧ – SUPERVISION RULES / CHAPTER 2 - Cooperation of the Commission with the competent authorities of other Member States / Section 77 - Obligation of the Commission to cooperate with the competent authorities of the other Member States, with ESMA and the ESRB.
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Obligation of the Commission to cooperate with the competent authorities of the other Member States, with ESMA and the ESRB.
77.-(1) The Commission shall cooperate with the competent authorities of other Member States, with ESMA and the ESRB, whenever necessary for the purpose of carrying out their duties under this Law or the Directive 2011/61/EU accordingly. The Commission shall use its powers for the purpose of cooperation, even in cases where the conduct under investigation does not constitute an infringement of any regulation in force in the Republic.
(2) The Commission shall immediately supply the competent authorities of the other Member States and ESMA with the information required for the purposes of carrying out their duties under Directive 2011/61/EU.
(3) The Commission, as the competent authority for the supervision of the AIFMs of the Republic -
(a) shall forward a copy of the relevant cooperation arrangements entered into in accordance with sections 44, 45, 52, 62 and/or 63 of this Law, to the host Member States of the AIFMs; and
(b) shall forward the information received from third-country supervisory authorities in respect to the AIFM in accordance with procedures relating to the applicable regulatory technical standards referred to in paragraph 14 of Article 35, paragraph 17 of Article 37 or paragraph 14 of Article 40 of Directive 2011/61/EU, or where relevant, pursuant to subsection (8) to (10) of section 70 of this Law, to the competent authorities of the host Member States of the AIFMs concerned.
(4) The Commission, being the competent authority of the Republic, may act in accordance with the third point of paragraph 4 of Article 5 of Directive 2011/61/EU.
(5) Where the Commission has clear and demonstrable grounds to suspect that acts contrary to Directive 2011/61/EU are being or have been carried out by an AIFM not subject to its supervision, shall notify ESMA and the competent authorities of the home and host Member State of the AIFM concerned thereof in as specific a manner as possible.
(6) Where the Commission receives, as the competent authority of the Republic, which is either the host or the home Member State of the AIFM, a notification in accordance with paragraph 5 of Article 50 of Directive 2011/61/EU, shall take appropriate action thereof and notify ESMA and the competent authority that made the notification of the outcome of that action and, to the extent possible, of significant interim developments.
(7) Subsections (5) and (6) shall apply without prejudice to the competences of the Commission or the notifying competent authority.
(8) The Commission may, by Directive, develop draft implementing technical standards to determine the conditions of application with regard to the procedures for exchange of information between the Commission and the competent authorities of other Member States or ESMA.
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