Home / CY AIFM Law of 2013 / PART ΧΙΙ – FINAL AND TRANSITIONAL PROVISIONS / Section 87 - Derogations and transitional provisions.

Derogations and transitional provisions.

87.-(1) AIFMs of the Republic performing activities under this Law, before 22 July 2013, shall take all necessary measures to comply with this Law and shall submit an application to the Commission for authorisation in accordance with section 7, within one year of that date.

(2) Sections 38 to 42 of this Law, shall not apply to the marketing of units of AIFs that are subject to a current offer to the public under a prospectus that has been drawn up and published in accordance with Directive 2003/71/EC before 22 July 2013, for the duration of validity of that prospectus.

(3) AIFMs in so far as they manage AIFs of the closed-ended type before 22 July 2013 which do not make any additional investments after 22 July 2013 may however continue to manage such AIFs without authorisation under this Law.

(4) AIFMs, in so far as they manage AIFs of the closed-ended type, whose subscription period for investors has closed prior to 21st of July 2011, and are constituted for a period of time which expires at the latest 3 years after 22 July 2013, may, however, continue to manage such AIFs without needing to comply with this Law, except for section 29 and, where relevant, sections 33 to 37 or to submit an application for authorisation under this Law.

(5) The Commission, as the competent authority of the home Member State of an AIF or, in case where the AIF is not regulated, the competent authority of the home Member State of an AIFM, may allow institutions referred to in paragraph (a) of subsection (3) of section 23 and established in another Member State to be appointed as a depositary until 22 July 2017. This section shall apply without prejudice to the full application of sections 23 to 28, with the exception of subparagraph (a) of subsection (7) of section 23 on the place where the depositary is to be established.