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 81 - Cooperation in supervisory activities.
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Cooperation in supervisory activities.
81.-(1) The Commission may request the cooperation of the competent authorities of another Member State in a supervisory activity or for an on-the-spot verification or in an investigation in the territory of the latter within the framework of its powers pursuant to this Law.
(2) Where the Commission receives a request from the competent authority of another Member State, with respect to an on-the-spot verification or an investigation in the Republic, it shall perform any of the following:
(a) carry out the verification or investigation itself;
(b) allow the requesting authority to carry out the verification or investigation;
(c) allow auditors or experts to carry out the verification or investigation.
(3) In the case referred to in paragraph (a) of subsection (2), the Commission shall accept a probable request of the competent authority of the other Member State, that members of its own personnel assist the persons acting on behalf of the Commission carrying out the verification or investigation. The verification or investigation shall, however, be the subject of the overall control of the Commission. In the case referred to in paragraph (b) of subsection (1), the Commission may request that members of its own personnel assist the personnel carrying out the verification or investigation of behalf of the competent authority of the other Member State.
(4) The Commission may refuse to exchange information and/or to act on a request for cooperation in carrying out an investigation or on-the-spot verification only in the following cases:
(a) the investigation, on-the-spot verification or exchange of information might adversely affect the sovereignty, security or public order in the Republic; and/or
(b) judicial proceedings have already been initiated in respect of the same actions and the same persons before the authorities of the Republic; and/or
(c) final judgement has already been delivered in the Republic, in respect of the same persons and the same actions.
(5) The Commission shall inform the requesting competent authority of the other Member State of any decision taken under subsection (4), stating the reasons thereof.
(6) The Commission may, by Directive, develop implementing technical standards to establish common procedures for cooperation between the Commission and other competent authorities in on-the-spot verifications and investigations.
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