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CYGNATOR FUND
  • CYGNATOR
  • DIRECTIVE 2011/61/EU
    • ENACTING TERMS
      • Paragraphs 01 - 04
      • Paragraphs 05 - 11
      • Paragraphs 12 - 19
      • Paragraphs 20 - 27
      • Paragraphs 28 - 35
      • Paragraphs 36 - 45
      • Paragraphs 46 - 52
      • Paragraphs 53 - 58
      • Paragraphs 59 - 64
      • Paragraphs 65 - 71
      • Paragraphs 72 - 79
      • Paragraphs 80 - 84
      • Paragraphs 85 - 91
      • Paragraphs 92 - 95
    • CHAPTER 1 - GENERAL PROVISIONS
      • Article 1 - Subject matter
      • Article 2 - Scope
      • Article 3 - Exceptions
      • Article 4 - Definitions
      • Article 5 - Determination of the AIFM
    • CHAPTER 2 - AUTHORISATION OF AIFMs
      • Article 6 - Conditions for taking up activities as AIFM
      • Article 7 - Application for authorisation
      • Article 8 - Conditions for granting authorisation
      • Article 9 - Initial capital and own funds
      • Article 10 - Changes in the scope of the authorisation
      • Article 11 - Withdrawal of the authorisation
    • CHAPTER 3 - OPERATING CONDITIONS FOR AIFMs
      • Section 1- General requirements
        • Article 12 - General principles
        • Article 13 - Remuneration
        • Article 14 - Conflicts of interest
        • Article 15 - Risk Management
        • Article 16 - Liquidity management
        • Article 17 - Investment in securitisation positions
      • Section 2 - Organisational requirements
        • Article 18 - General principles
        • Article 19 - Valuation
      • Section 3 - Delegation of AIFM functions
        • Article 20 - Delegation
      • Section 4 - Depositary
        • Article 21 - Depositary
    • CHAPTER 4 - TRANSPARENCY REQUIREMENTS
      • Article 22 - Annual Report
      • Article 23 - Disclosure to investors
      • Article 24 - Reporting obligations to competent authorities
    • CHAPTER 5 - AIFMs MANAGING SPECIFIC TYPES OF AIF
      • SECTION 1- AIFMs managing leveraged AIFs
        • Article 25 - Use of information by competent authorities, supervisory coop.
      • SECTION 2 - Obligations for AIFMs managing AIFs which acquire control
        • Article 26 - Scope
        • Article 27 - Notification of the acquisition of major holdings and control
        • Article 28 - Disclosure in case of acquisition of control
        • Article 29 - Specific provisions regarding the annual report of AIFs exerc
        • Article 30 - Asset stripping
    • CHAPTER 6 - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
      • Article 31 - Marketing of units or shares of EU AIFs in the home Member Sta
      • Article 32 - Marketing of units or shares of EU AIFs in Member States other
      • Article 33 - Conditions for managing EU AIFs established in other Member St
    • CHAPTER 7 - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
      • Article 34 - Conditions for EU AIFMs which manage non-EU AIFs which are non
      • Article 35 - Conditions for the marketing in the Union with a passport of a
      • Article 36 - Conditions for the marketing in Member States without a passpo
      • Article 37 - Authorisation of non-EU AIFMs intending to manage EU AIFs and/
      • Article 38 - Peer review of authorisation and supervision of non-EU AIFMs
      • Article 39 - Conditions for the marketing in the Union with a passport of E
      • Article 40 - Conditions for the marketing in the Union with a passport of n
      • Article 41 - Conditions for managing AIFs established in Member S
      • Article 42 - Conditions for the marketing in Mmeber States without a passpo
    • CHAPTER 8 - MARKETING TO RETAIL INVESTORS
      • Article 43 - Marketing of AIFs by AIFMs to retail investors
    • CHAPTER 9 - COMPETENT AUTHORITIES
      • SECTION 1 - Designation, powers and redress procedures
        • Article 44 - Designation of competent authorities
        • Article 45 - Responsibility of competent authorities in Member States
        • Article 46 - Powers of competent authorities
        • Article 47 - Powers and competences of ESMA
        • Article 48 - Administrative penalties
        • Article 49 - Right of appeal
      • SECTION 2 - Cooperation between different competent authorities
        • Article 50 - Obligation to cooperate
        • Article 51 - Transfer and retention of personal data
        • Article 52 - Disclosure of information to third countries
        • Article 53 - Exchange of information relating to the potential systemic con
        • Article 54 - Cooperation in supervisory activities
        • Article 55 - Dispute settlement
    • CHAPTER 10 - TRANSITIONAL AND FINAL PROVISIONS
      • Article 56 - Exercise of the delegation
      • Article 57 - Revocation of the delegation
      • Article 58 - Objections to delegated acts
      • Article 59 - Implementing measures
      • Article 60 - Disclosure of derogations
      • Article 61 - Transitional provisions
      • Article 62 - Amendments to Directive 2003/41/EC
      • Article 63 - Amendments to Directive 2009/65/EC
      • Article 64 - Amendment to Regulation (EC) No 1060/2009
      • Article 65 - Amendment to Regulation (EU) No 1095/2010
      • Article 66 - Transposition
      • Article 67 - Delegated act on the application of Article 35 and Articles 37
      • Article 68 - Delegated act on the termination of the application of Article
      • Article 69 - Review
      • Article 70 - Entry into force
      • Article 71 - Addressees
    • ANNEX 1
    • ANNEX 2 - REMUNERATION POLICY
    • ANNEX 3 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED
    • ANNEX 4 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTEN
  • CY AIFM Law of 2013
    • THE ALTERNATIVE INVESTMENT FUND MANAGERS AND RELATED MATTERS LAW OF 2013
    • PART Ι – INTRODUCTORY PROVISIONS
      • Section 1 - Summary title
      • Section 2 - Interpretation.
      • Section 3 - General scope of application of this Law.
      • Section 4 - Specific scope of application of this Law.
      • Section 5 - Definition of AIFM.
    • PART ΙΙ – AUTHORISATION OF AIFMs
      • Section 6 - Conditions for taking up activities as AIFM in the Republic.
      • Section 7 - Application for authorisation.
      • Section 8 - Conditions for granting authorisation.
      • Section 9 - Initial capital and own funds.
      • Section 10 - Changes in the scope of the authorisation.
      • Section 11 - Suspension of the authorisation.
      • Section 12 - Withdrawal of the authorisation.
    • PART ΙΙΙ – OPERATING CONDITIONS FOR AIFMs
      • CHAPTER 1 - General Requirements
        • Section 13 - General Principles.
        • Section 14 - Remuneration.
        • Section 15 - Conflicts of interest.
        • Section 16 - Risk management.
        • Section 17 - Liquidity management.
      • CHAPTER 2 - Organisational Requirements
        • Section 18 - Procedures, arrangements and mechanisms applied by AIFMs.
        • Section 19 - Valuation.
      • CHAPTER 3 - Delegation of AIFM functions
        • Section 20 - Delegation of AIFM functions.
        • Section 21 - Sub - delegation of AIFM functions.
        • Section 22 - AIFM’s liability in case of delegation of functions or any fur
      • CHAPTER 4 - AIF Depositary
        • Section 23 - Appointment of AIF depositary.
        • Section 24 - Duties of AIF depositary.
        • Section 25 - Obligations of the AIFM and the Depositary when performing
        • Section 26 - Delegation of duties by the AIF Depositary to third party.
        • Section 27 - Depositary liability.
        • Section 28 - Information obtained by the Depositary.
    • PART IV – TRANSPARENCY REQUIREMENTS
      • Section 29 - Annual Report.
      • Section 30 - Disclosure to investors.
      • Section 31 - Reporting obligations to the Commission.
    • PART V – AIFMs MANAGING SPECIFIC TYPES OF AIF
      • CHAPTER 1 - AIFMs managing leveraged AIFs
        • Section 32 - Use of information by the Commission, supervisory cooperation
      • CHAPTER 2 - Obligations of AIFMs managing AIFs which acquire control of non
        • Section 33 - Scope of application of this Chapter.
        • Section 34 - Notification of acquisition of major holdings and control of
        • Section 35 - Disclosure in case of acquisition of control.
        • Section 36 - Specific provisions regarding the annual report of AIFs
        • Section 37 - Asset stripping
    • PART VI – RIGHTS OF AIFMs TO MANAGE AND MARKET EU AIFs IN THE UNION
      • Section 38 - Marketing of units of EU AIFs in the Republic by an AIFM of
      • Section 39 - Marketing of units of EU AIFs in a Member State other than
      • Section 40 - Marketing of units of EU AIFs in the Republic managed by an
      • Section 41 - Conditions for managing EU AIFs established in a Member State
      • Section 42 - Conditions for managing AIFs established in the Republic by an
    • PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
      • Section 43 - Conditions for AIFMs of the Republic which manage non-EU AIFs,
      • Section 44 - Conditions for the marketing in the Republic, with a passport,
      • Section 45 - Conditions for the marketing in the Republic, with a passport,
      • Section 46 - Complementary provisions to sections 44 and 45.
      • Section 47 - Conditions for the marketing in the Republic, without a pass
      • Section 48 - Conditions for the marketing in the Republic, without a pass
      • Section 49 - Authorisation and specific obligations for non-EU AIFMs intend
      • Section 50 - Determining the Republic as Member State of reference of a non
      • Section 51 - Authorisation of a non-EU AIFM from the Commission when the Re
      • Section 52 - Additional conditions for authorisation of a non-EU AIFM by th
      • Section 53 - Notification to ESMA for any exemptions granted from complianc
      • Section 54 - Notification to ESMA for the authorisations granted and for
      • Section 55 - Change in the business strategy of a non-EU AIFM which affects
      • Section 56 - Applicable Law in case of disputes arising regarding the appli
      • Section 57 - Issue of directives.
      • Section 58 - Rejection of request to exchange of information.
      • Section 59 - Conditions for the marketing in the Republic, with a passport,
      • Section 60 - Conditions for the marketing in a Member State other than the
      • Section 61 - Conditions for the marketing in the Republic, with a passport,
      • Section 62 - Conditions for the marketing in the Republic or in another Me
      • Section 63 - Conditions for the marketing in the Republic, with a passport
      • Section 64 - Conditions for managing AIFs established in a Member State
      • Section 65 - Conditions for managing AIFs established in the Republic by
      • Section 66 - Conditions for the marketing in the Republic of AIFs managed
    • PART VIII - MARKETING OF UNITS OF AIFs TO RETAIL INVESTORS IN THE REPUBLIC
      • Section 67 - Marketing of units of AIFs by AIFMs to retail investors in the
      • Section 68 - Disclosures to European Commission and ESMA regarding
    • PART ΙΧ – SUPERVISION RULES
      • CHAPTER 1 - Designation, powers and redress procedures
        • Section 69 - Designation of competent authority.
        • Section 70 - Responsibilities of the Commission and the competent authoriti
        • Section 71 - Powers of the Commission.
        • Section 72 - Obligations of the Commission to ESMA and to other authorities
        • Section 73 - Fees and annual contributions.
        • Section 74 - Administrative penalties.
        • Section 75 - False statements and withholding of information, criminal pena
        • Section 76 - Justification of the Commission’s decisions.
      • CHAPTER 2 - Cooperation of the Commission with the competent authorities of
        • Section 77 - Obligation of the Commission to cooperate with the competent
        • Section 78 - Transfer and retention of personal data.
        • Section 79 - Disclosure of information to third countries.
        • Section 80 - Exchange of information relating to the potential systemic con
        • Section 81 - Cooperation in supervisory activities.
        • Section 82 - Dispute settlement.
    • PART Χ - TRANSFER OF REGISTERED OFFFICE OF AN AIFM FROM AND TO THE REPUBLIC
      • Section 83 - Transfer of registered office of an AIFM from and to the Repub
    • PART ΧΙ – PROVISIONS REGARDING TAXES AND CONTRIBUTIONS
      • Section 84 - Taxes and contributions.
    • PART ΧΙΙ – FINAL AND TRANSITIONAL PROVISIONS
      • Section 85 - Disclosure of derogations from the provisions of the Directive
      • Section 86 - Disclosure of information to ESMA and the European Commission.
      • Section 87 - Derogations and transitional provisions.
      • Section 88 - Entry into force.
  • CY AIF Law of 2018
    • PART I: INTRODUCTORY PROVISIONS
      • [01] Short title.
      • [02] Interpretations.
      • [03] Scope of application of this Law.
    • PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS
      • Chapter 1: General characteristics and distinctions of AIFs
        • [04] AIF legal forms and use of the AIF designation.
        • [05] Conversion of AIF.
        • [06] AIF management.
        • [07] Open-ended or closed-ended AIF.
        • [08] Listing of AIF units in a secondary market.
        • [09] Umbrella AIF.
        • [10] Conversion of AIF to umbrella AIF and vice versa.
        • [11] Possibility of conversion of an AIF’s legal form.
      • Chapter 2: Authorisation of an AIF
        • [12] Submission of application for authorisation of an AIF and amendments
        • [13] Granting AIF authorisation.
      • Chapter 3: Common provisions regarding the organisation and operation of
        • [14] Retention of minimum assets.
        • [15] Investment policy.
        • [16] Risk management.
        • [17] Conflicts of interest.
        • [18] Liquidity management.
        • [19] Remuneration policies.
        • [20] Valuation.
        • [21] Management and conduct of business.
        • [22] AIF transactions.
      • Chapter 4: AIF administration
        • [23] Delegation of administration function
      • Chapter 5: AIF external manager
        • [24] Organisation and operations of the external manager.
        • [25] Resignation and replacement of the external manager.
      • Chapter 6: AIF depositary
        • [26] Appointment of AIF Depositary.
        • [27] Depositary tasks and obligations.
        • [28] Delegation of depositary tasks.
        • [29] Specific tasks of the depositary.
        • [30] Depositary liability.
        • [31] Independence between the depositary and the external manager of the AI
        • [32] Resignation of the depositary.
        • [33] Replacement of the depositary.
        • [34] Termination of the appointment of the depositary.
      • Chapter 7: Subscriptions and redemptions of AIF units
        • [35] AIF units.
        • [36] Rules for the marketing of AIF units.
        • [37] Issue of free-of-charge AIF units.
        • [38] Disclosure to investors regarding the net asset value and the subscrip
        • [39] Marketing of AIF units to professional investors in the Republic.
        • [40] Marketing of AIF units to retail and well informed investors in the Re
        • [41] Marketing of AIF units to another member state or third country.
        • [42] Redemption or repurchase of AIF units.
        • [43] Suspension of the redemption or repurchase of AIF units.
        • [44] Prohibition of issuance, redemption and repurchase of AIF units.
      • Chapter 8: Special provisions
        • Part 1 - Common fund
        • [45] General provisions regarding a common fund.
        • [46] Unitholders’ Register of the common fund.
        • [47] Joint unitholders of the common fund.
        • [48] Confirmation of participation into a common fund.
        • [49] Transfer of common fund units.
        • [50] Pledge of common fund units.
        • [51] Common fund rules.
        • [52] Dissolution and liquidation of the common fund.
        • [53] Withdrawal of common fund authorisation.
        • Part 2 - Fixed or variable capital investment companies
        • [54] General provisions regarding an investment company.
        • [55] Application of the provisions of the Company Law and special Company L
        • [56] Investment company set up as internally managed AIF.
        • [57] Operating conditions.
        • [58] Name, designation, capital and shares.
        • [59] Content of instruments of incorporation of an investment company.
        • [60] Amendments to the instruments of incorporation of an investment compan
        • [61] Changes in the persons who effectively direct the business of an inves
        • [62] Reduction of assets or initial capital of an investment company.
        • [63] Dissolution and liquidation of an investment company.
        • [64] Withdrawal of authorisation of an investment company.
        • Part 3 - Limited Partnerships
        • [65] General provisions regarding the limited partnership.
        • [66] Limited partnership set up as internally managed AIF.
        • [67] General partner of an AIF.
        • [68] Limited partners.
        • [69] Partnership agreement.
        • [70] Amendment of the partnership agreement.
        • [71] Unitholders’ register, joint unitholders, and confirmation of particip
        • [72] Transfer of limited partnership units.
        • [73] Pledge of limited partnership units.
        • [74] Dissolution and liquidation of a limited partnership.
        • [75] Withdrawal of authorisation of a limited partnership.
      • Chapter 9: Obligations regarding disclosures to investors
        • [76] Offering document, half-yearly report, annual report, annual financial
        • [77] Half-yearly report of the AIF.
        • [78] Annual report of the AIF.
        • [79] Offering document of the AIF.
        • [80] Right to receive documents.
        • [81] Audit of the annual financial statements and of the annual report of t
        • [82] AIF publication expenses.
        • [83] AIF marketing communications.
      • Chapter 10: Mergers
        • [84] Possibility of mergers between AIFs.
        • [85] Types of mergers.
        • [86] Authorisation for the merger.
        • [87] Decision regarding the merger.
        • [88] Terms of the merger.
        • [89] Verification of the merger by the depositary.
        • [90] Assignment to an independent auditor.
        • [91] Disclosures to and rights of unitholders.
        • [92] Right to redeem, repurchase or convert units.
        • [93] Expenses relating to the merger.
        • [94] Effective date of the merger.
        • [95] Effects of the merger.
        • [96] Tax provisions regarding AIF mergers.
        • [97] Enabling provisions.
    • PART IΙΙ: MARKETING OF UNITS OF AIFs FROM ANOTHER MEMBER STATE OR THIRD COU
      • [98] Marketing of units of AIFs established in another member state or thir
      • [99] Marketing of units of AIFs established in another member state or thir
      • [100] Common provisions regarding AIFs of sections 98 and 99.
    • PART IV: LISTED AIFs
      • [101] Listing of AIF units in a secondary market, for trading.
      • [102] Conditions for the listing of AIF units in a secondary market, for tr
      • [103] Marketing of listed AIF units.
      • [104] Listing of units of AIFs, which are established in another member sta
      • [105] Asset value, price of units and relevant matters.
      • [106] Special rules for AIF units’ pricing.
      • [107] Comparing performance against the benchmarks index.
      • [108] Cooperation between the Securities and Exchange Commission and other
      • [109] Enabling provision.
    • PART V: SUPERVISION AND PENALTIES
      • Chapter 1: Supervision of AIFs
        • [110] Competences of the Securities and Exchange Commission.
        • [111] Powers of the Securities and Exchange Commission.
        • [112] Supplementary provisions.
        • [113] Power to issue directives.
        • [114] Professional secrecy and cooperation with other countries’ competent
        • [115] Obligation to submit publications and information regarding the AIF.
        • [116] Submission of information regarding the AIF.
        • [117] AIFs’ register.
        • [118] Fees and annual contributions.
        • [119] Justification of the decisions.
      • Chapter 2: Criminal Provisions and Administrative Penalties
        • [120] Administrative penalties.
        • [121] Criminal offences.
    • PART VI: TRANSFER OF AN AIF FROM AND TO THE REPUBLIC
      • [122] Transfer of an AIF, established under statute, to and from the Republ
      • [123] Transfer of an AIF, established under the law of contract, to and fro
    • PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS
      • [124] AIFLNP legal forms, use of designation and characteristics.
      • [125] Externally and internally managed AIFLNP.
      • [126] Marketing of AIFLNP units.
      • [127] Marketing of AIFLNP units.
      • [128] Depositary.
      • [129] Minimum level of assets and initial capital.
      • [130] Reduction of assets or capital of an investment company.
      • [131] Management and conduct of business.
      • [132] Dissolution and liquidation of AIFLNP.
      • [133] Withdrawal of AIFLNP authorisation
    • PART VIII: REGISTERED ALTERNATIVE INVESTMENT FUNDS
      • Chapter 1: Establishment of RAIFs
        • [134] Operation of RAIFs.
        • [135] External manager and depositary of a RAIF.
        • [136] Minimum level of assets of a RAIF.
        • [137] RAIF units.
        • [138] Registration in the RAIFs’ register and deletion from it.
      • Chapter 2: RAIF Operation
        • [139] Disclosure requirements.
        • [140] Marketing of RAIF units.
        • [141] Mergers between RAIFs
        • [142] Enabling provisions.
    • PART ΙX: TAX PROVISIONS
      • [143] Tax provisions.
    • PART X: FINAL AND TRANSITIONAL PROVISIONS
      • [144] Transitional provisions.
      • [145] Continuation of operation of AIFs and AIFLNPs.
      • [146] Repeal of Laws.
  • OFFERING MEMORANDUM
    • [00] DISCLAIMER
      • DISCLAIMER
      • THE OFFERING MEMORANDUM
      • SUPPLEMENTS
      • RESTRICTIONS ON SOLICITATIONS AND RESALE
      • INVESTOR RESPONSIBILITY
      • STOCK EXCHANGE LISTING
      • RISKS
    • [01] DEFINITIONS
      • [01.01] Definitions
      • [01.02] Law Definitions
      • [01.03] Law Reference
      • [01.04] Currency Conversion
      • [01.05] Construction
    • [02] DIRECTORY
    • [03] FUND STRUCTURE
      • [03.01] Fund Structure
      • [03.02] Share Capital
      • [03.03] Management Shares
      • [03.04] Investor Units
      • [03.05] Investment Compartments
      • [03.06] Change of the Organisational Structure
      • [03.07] Subsidiaries
      • [03.08] Financial Year
      • [03.09] Fund's Life
    • [04] INVESTMENT GUIDELINES
      • [04.01] Investment Objective
      • [04.02] Target Market
      • [04.03] Investment Policy
      • [04.04] Use of Leverage
      • [04.05] Investment Process
      • [04.06] Investment Restrictions
      • [04.07] Associated Risks
      • [04.08] Change of the Investment Policy
    • [05] FEES AND EXPENSES
      • [05.01] General
      • [05.02] Set Up Fees
      • [05.03] Management Fee
      • [05.04] Performance Fee
      • [05.05] Depositary Fee
      • [05.06] Director's Remuneration
      • [05.07] External Audit Fee
      • [05.08] Administration Fee
      • [05.09] Consultancy Fee
      • [05.10] Facilitation Fee
      • [05.11] Investment Advisory Fees
      • [05.12] Regulatory Fees
      • [05.13] Advertising Costs
      • [05.14] Service Provider Fees
      • [05.15] Other Expenses
    • [06] BOARD OF DIRECTORS
      • [06.01] General
      • [06.02] Members of the Board
      • [06.03] Director's Disclosure
      • [06.04] Changes in the Board
    • [07] MANAGER
      • [07.01] Appointment of Manager
      • [07.02] Identity of the Manager
      • [07.03] Responsibilities of the Manager
      • [07.04] Portfolio Management
      • [07.05] Collective Management of Assets
      • [07.06] Investment Committee and Advisors
      • [07.07] Risk Management
      • [07.08] Liquidity Risk Management
      • [07.09] Operations Management
      • [07.10] Structure Determination
      • [07.11] Delegation of Management Functions
      • [07.12] Professional Liability
    • [08] DEPOSITARY
      • [08.01] Depositary General
      • [08.02] Identity of the Depositary
      • [08.03] Responsibilities of the Depositary
      • [08.04] Cash Flow Monitoring
      • [08.05] Safekeeping of Assets
      • [08.06] Oversight
      • [08.07] Depositary Indemnity
      • [08.08] Paying Agent
      • [08.09] Prime Broker
    • [09] EXTERNAL AUDITOR
      • [09.01] General
      • [09.02] Reporting Obligations
      • [09.03] Responsibilities
    • [10] ADMINISTRATOR
      • [10.01] Delegation to Administrator
      • [10.02] Identity of the Administrator
      • [10.03] Responsibilities of the Administration
      • [10.04] Limitation of Liability
    • [11] THE ISSUE
      • [11.01] Issue
      • [11.02] The Subscription
      • [11.03] Eligible Investors
    • [12] SUBSCRIPTION PROCEDURE
      • [12.01] Initial Offering of Investor Units
      • [12.02] Further Subscriptions of Investor Units
      • [12.03] Minimum Subscription Amount and Additional
      • [12.04] Subscription Fee
      • [12.05] Subscription Application
      • [12.06] Contribution-in-kind
      • [12.07] Application Procedure
      • [12.08] Payment Procedure
      • [12.09] Notification of Transaction
      • [12.10] Rejection of Subscriptions
      • [12.11] Subscription Through Nominees
      • [12.12] Allocation
      • [12.13] Money Laundering Prevention
    • [13] NET ASSET VALUE
      • [13.01] General Principles
      • [13.02] Valuation Specifics
      • [13.03] Adjustment Of The Net Asset Value (Single Swing Pricing)
      • [13.04] Valuation Dates
      • [13.05] Valuation Procedures
      • [13.06] Temporary suspension Of NAV calculation
    • [14] DISTRIBUTION POLICY
      • [14.01] Policy and Procedure
      • [14.02] Currency Exchange Distribution
    • [15] CONVERSION OF UNITS
      • [15.01] Conversion Procedure
      • [15.02] Application Procedure
      • [15.03] Limitation on Conversions
      • [15.04] Notification Of Transaction
    • [16] REDEMPTIONS
      • [16.01] General
      • [16.02] Redemption Request
      • [16.03] Irrevocability of Redemption
      • [16.04] Redemption Dates
      • [16.05] Redemption Price and proceeds
      • [16.06] Notification of Transaction
      • [16.07] Redemption Fee
      • [16.08] Settlement
      • [16.09] Limitation on Redemption
      • [16.10] Market Timing
      • [16.11] Compulsory Redemptions
      • [16.12] Money Laundering
    • [17] MARKETING AND ADVERTISING
      • [17.01] Introduction
      • [17.02] Marketing material and advertisements
      • [17.03] Information to Potential Investors
      • [17.04] Provision of KIID
      • [17.05] Assessment of suitability
    • [18] RISK FACTORS AND INVESTMENT CONSIDERATIONS
      • [18.01] General
      • [18.02] Risk Factors Consideration
      • [18.03] Business Risk
      • [18.04] Historical Performance
      • [18.05] Concentration of Investments Risk
      • [18.06] Declining Performance and Growing Size Risk
      • [18.07] Effect of Substantial Redemptions and Reduced Size Risk
      • [18.08] Reliance on the Manager and Dependence on Key Personnel
      • [18.09] Fee Incentive Risk
      • [18.10] Accounting Treatment Risk
      • [18.11] Model Risk
      • [18.12] No Operating History
      • [18.13] Non-Diversified Status
      • [18.14] Trading Execution Risk
      • [18.15] Factors impacting the value of the Investment Compartments' Assets
      • [18.16] Equity Securities Risk
      • [18.17] Smaller Capitalization Risk
      • [18.18] Securities of Smaller and Emerging Growth Companies
      • [18.19] Co-Investment Risk
      • [18.20] Private Company Competition Risk
      • [18.21] New Issued Risk
      • [18.22] Growth Stock Risk
      • [18.23] Value Stock Risk
      • [18.24] Risks Associated with Options on Securities Generally
      • [18.25] Risks of Writing Options
      • [18.26] Exchange-Listed Options Risks
      • [18.27] Over-the-Counter Option Risk
      • [18.28] Index Option Risk
      • [18.29] Limitation on Option Writing Risk
      • [18.30] Tax Risk
      • [18.31] Preferred Securities Risk
      • [18.32] Convertible Securities Risk
      • [18.33] Synthetic Convertible Securities Risk
      • [18.34] Warrants Risk
      • [18.35] REITs Risk
      • [18.36] Master Limited Partnerships Risk
      • [18.37] Restricted and Illiquid Securities Risk
      • [18.38] Investment Companies Risk
      • [18.39] Fixed Income Securities Risks
      • [18.40] Market Volatility
      • [18.41] Liquidity and Market Characteristics
      • [18.42] Underlying Funds
      • [18.43] Volatility Trading and Stagnant Markets
      • [18.44] Relative Value Strategies
      • [18.45] Event Driven Strategy
      • [18.46] Commodity and Energy Trading
      • [18.47] Distressed Strategies
      • [18.48] Below Investment Grade Debt Securities
      • [18.49] Conflicts Relating to Equity and Debt Ownership by the Investment C
      • [18.50] Trading in Securities of Emerging Market Issuers
      • [18.51] Regulated Markets in Emerging Market Countries
      • [18.52] Access to Non-Public Information
      • [18.53] Hedging
      • [18.54] Forward Foreign Exchange Contracts
      • [18.55] Risks of Stock Index Options
      • [18.56] Equity Funds Risk
      • [18.57] Directional Trading
      • [18.58] Prepayment Risk
      • [18.59] Reinvestment Risk
      • [18.60] Duration and Maturity Risk
      • [18.61] Corporate Bonds Risk
      • [18.62] Below Investment Grade Securities Risk
      • [18.63] Distressed and Defaulted Securities Risk
      • [18.64] Yield and Ratings Risk
      • [18.65] Unrated Securities Risk
      • [18.66] Emerging Markets Risk
      • [18.67] Foreign Currency Risk
      • [18.68] LIBOR Risk
      • [18.69] Leverage Risk
      • [18.70] Risk of Use of Leverage
      • [18.71] Risks Associated with the Use of or Trading in Derivatives
      • [18.72] Control and Monitoring of the Use of Derivative Products
      • [18.73] Debt Securities
      • [18.74] Market Liquidity and Leverage
      • [18.75] Credit Default Swaps
      • [18.76] Liquidity Risk
      • [18.77] Counterparty Risk
      • [18.78] Absence of Regulation in OTC Transactions
      • [18.79] Additional Risks Associated with an Underlying of OTC Derivatives L
      • [18.80] Futures and Options
      • [18.81] Securities of Companies principally engaged in the Real Estate Indu
      • [18.82] Commodities and Energies
      • [18.83] Indexes
      • [18.84] Derivatives
      • [18.85] Repurchase Agreements Risk
      • [18.86] Reverse Repurchase Agreements Risk
      • [18.87] Dollar Roll Transactions Risk
      • [18.88] When-Issued, Forward Commitment and Delayed Delivery Transactions
      • [18.89] Event Risk
      • [18.90] Defensive Investing Risk
      • [18.91] Structured Investments Risks
      • [18.92] Structured Notes Risk
      • [18.93] Equity-Linked Notes Risk
      • [18.94] Credit-Linked Notes Risk
      • [18.95] Event-Linked Securities Risk
      • [18.96] Strategic Transactions and Derivatives Risk
      • [18.97] Counterparty Risk
      • [18.98] Swaps Risk
      • [18.99] Securities Lending Risk
      • [18.100] Short Sales Risk
      • [18.101] Inflation Risk
      • [18.102] Deflation Risk
      • [18.103] EMU and Redenomination Risk
      • [18.104] Market Disruption and Geopolitical Risk
      • [18.105] Regulation and Government Intervention Risk
      • [18.106] Legal, Tax and Regulatory Risks
      • [18.107] Legislation Risk
      • [18.108] Decision-Making Authority Risk
      • [18.109] Management Risk
      • [18.110] Market and Selection Risk
      • [18.111] Reliance on the Manager
      • [18.112] Reliance on Service Providers
      • [18.113] Information Technology Systems
      • [18.114] Misconduct of Employees and of Service Providers
      • [18.115] Portfolio Turnover Risk
      • [18.116] Property valuation is inherently subjective and uncertain
      • [18.117] Real estate investments are relatively illiquid
      • [18.118] The value of any property portfolio may fluctuate as a result of
      • [18.119] Construction risk
      • [18.120] Natural Disasters and Accidents
      • [18.121] Decline in land prices
      • [18.122] Social environment risk
      • [18.123] Political environment risk
      • [18.124] Land Policy risk
      • [18.125] Urban Planning Risk
      • [18.126] Investment Through Nominees
      • [18.127] Maximum Redemption Amount
    • [19] CONFLICTS OF INTEREST
      • [19.01] General
      • [19.02] Disclosure of Conflicts
      • [19.03] Acknowledgment of Potential Conflicts
    • [20] TREATMENT OF INVESTORS
      • [20.01] Fair Treatment of Investors
      • [20.02] Dealings of Related Parties
      • [20.03] Preferential Treatment
      • [20.04] Information to Investors
    • [21] TAX CONSIDERATIONS
      • [21.01] General
      • [21.02] Tax Efficient Structuring
      • [21.03] Corporate Tax
      • [21.04] Definition of ''securities''
      • [21.05] Profit from the disposal of securities
      • [21.06] Dividend Income
      • [21.07] Interest income
      • [21.08] Stamp Duty
      • [21.09] Losses
      • [21.10] Deemed dividend distribution rules
      • [21.11] Withholding Taxes for payments abroad
      • [21.12] Liquidation
      • [21.13] Exit through liquidation
      • [21.14] Taxation of Investors
      • [21.15] Sale or redemption of Investor Units
    • [22] LAW AND JURISDICTION
      • [22.01] Governing Law and Jurisdiction
      • [22.02] Recognition of Judgements
      • [22.03] Contractual Relation
      • [22.04] Dispute Resolution
    • SUPPLEMENTS
      • [01] SUPPLEMENT
      • [02] SUPPLEMENT
      • [03] SUPPLEMENT
      • [04] SUPPLEMENT
      • [05] SUPPLEMENT
  • INVESTMENT COMMITTEE MEMBERS
    • Theano Kalavana
    • Michael Sarris
    • Petros Zographos
    • Chryssis Petousis
    • Marios Maratheftis
    • Stephane Fissentzides
    • Panos Marcoullis
  • INVESTMENT PROCESS
  • PRESENTATION
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CYGNATOR FUND
  • CYGNATOR
  • DIRECTIVE 2011/61/EU
    • ENACTING TERMS
      • Paragraphs 01 - 04
      • Paragraphs 05 - 11
      • Paragraphs 12 - 19
      • Paragraphs 20 - 27
      • Paragraphs 28 - 35
      • Paragraphs 36 - 45
      • Paragraphs 46 - 52
      • Paragraphs 53 - 58
      • Paragraphs 59 - 64
      • Paragraphs 65 - 71
      • Paragraphs 72 - 79
      • Paragraphs 80 - 84
      • Paragraphs 85 - 91
      • Paragraphs 92 - 95
    • CHAPTER 1 - GENERAL PROVISIONS
      • Article 1 - Subject matter
      • Article 2 - Scope
      • Article 3 - Exceptions
      • Article 4 - Definitions
      • Article 5 - Determination of the AIFM
    • CHAPTER 2 - AUTHORISATION OF AIFMs
      • Article 6 - Conditions for taking up activities as AIFM
      • Article 7 - Application for authorisation
      • Article 8 - Conditions for granting authorisation
      • Article 9 - Initial capital and own funds
      • Article 10 - Changes in the scope of the authorisation
      • Article 11 - Withdrawal of the authorisation
    • CHAPTER 3 - OPERATING CONDITIONS FOR AIFMs
      • Section 1- General requirements
        • Article 12 - General principles
        • Article 13 - Remuneration
        • Article 14 - Conflicts of interest
        • Article 15 - Risk Management
        • Article 16 - Liquidity management
        • Article 17 - Investment in securitisation positions
      • Section 2 - Organisational requirements
        • Article 18 - General principles
        • Article 19 - Valuation
      • Section 3 - Delegation of AIFM functions
        • Article 20 - Delegation
      • Section 4 - Depositary
        • Article 21 - Depositary
    • CHAPTER 4 - TRANSPARENCY REQUIREMENTS
      • Article 22 - Annual Report
      • Article 23 - Disclosure to investors
      • Article 24 - Reporting obligations to competent authorities
    • CHAPTER 5 - AIFMs MANAGING SPECIFIC TYPES OF AIF
      • SECTION 1- AIFMs managing leveraged AIFs
        • Article 25 - Use of information by competent authorities, supervisory coop.
      • SECTION 2 - Obligations for AIFMs managing AIFs which acquire control
        • Article 26 - Scope
        • Article 27 - Notification of the acquisition of major holdings and control
        • Article 28 - Disclosure in case of acquisition of control
        • Article 29 - Specific provisions regarding the annual report of AIFs exerc
        • Article 30 - Asset stripping
    • CHAPTER 6 - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
      • Article 31 - Marketing of units or shares of EU AIFs in the home Member Sta
      • Article 32 - Marketing of units or shares of EU AIFs in Member States other
      • Article 33 - Conditions for managing EU AIFs established in other Member St
    • CHAPTER 7 - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
      • Article 34 - Conditions for EU AIFMs which manage non-EU AIFs which are non
      • Article 35 - Conditions for the marketing in the Union with a passport of a
      • Article 36 - Conditions for the marketing in Member States without a passpo
      • Article 37 - Authorisation of non-EU AIFMs intending to manage EU AIFs and/
      • Article 38 - Peer review of authorisation and supervision of non-EU AIFMs
      • Article 39 - Conditions for the marketing in the Union with a passport of E
      • Article 40 - Conditions for the marketing in the Union with a passport of n
      • Article 41 - Conditions for managing AIFs established in Member S
      • Article 42 - Conditions for the marketing in Mmeber States without a passpo
    • CHAPTER 8 - MARKETING TO RETAIL INVESTORS
      • Article 43 - Marketing of AIFs by AIFMs to retail investors
    • CHAPTER 9 - COMPETENT AUTHORITIES
      • SECTION 1 - Designation, powers and redress procedures
        • Article 44 - Designation of competent authorities
        • Article 45 - Responsibility of competent authorities in Member States
        • Article 46 - Powers of competent authorities
        • Article 47 - Powers and competences of ESMA
        • Article 48 - Administrative penalties
        • Article 49 - Right of appeal
      • SECTION 2 - Cooperation between different competent authorities
        • Article 50 - Obligation to cooperate
        • Article 51 - Transfer and retention of personal data
        • Article 52 - Disclosure of information to third countries
        • Article 53 - Exchange of information relating to the potential systemic con
        • Article 54 - Cooperation in supervisory activities
        • Article 55 - Dispute settlement
    • CHAPTER 10 - TRANSITIONAL AND FINAL PROVISIONS
      • Article 56 - Exercise of the delegation
      • Article 57 - Revocation of the delegation
      • Article 58 - Objections to delegated acts
      • Article 59 - Implementing measures
      • Article 60 - Disclosure of derogations
      • Article 61 - Transitional provisions
      • Article 62 - Amendments to Directive 2003/41/EC
      • Article 63 - Amendments to Directive 2009/65/EC
      • Article 64 - Amendment to Regulation (EC) No 1060/2009
      • Article 65 - Amendment to Regulation (EU) No 1095/2010
      • Article 66 - Transposition
      • Article 67 - Delegated act on the application of Article 35 and Articles 37
      • Article 68 - Delegated act on the termination of the application of Article
      • Article 69 - Review
      • Article 70 - Entry into force
      • Article 71 - Addressees
    • ANNEX 1
    • ANNEX 2 - REMUNERATION POLICY
    • ANNEX 3 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED
    • ANNEX 4 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTEN
  • CY AIFM Law of 2013
    • THE ALTERNATIVE INVESTMENT FUND MANAGERS AND RELATED MATTERS LAW OF 2013
    • PART Ι – INTRODUCTORY PROVISIONS
      • Section 1 - Summary title
      • Section 2 - Interpretation.
      • Section 3 - General scope of application of this Law.
      • Section 4 - Specific scope of application of this Law.
      • Section 5 - Definition of AIFM.
    • PART ΙΙ – AUTHORISATION OF AIFMs
      • Section 6 - Conditions for taking up activities as AIFM in the Republic.
      • Section 7 - Application for authorisation.
      • Section 8 - Conditions for granting authorisation.
      • Section 9 - Initial capital and own funds.
      • Section 10 - Changes in the scope of the authorisation.
      • Section 11 - Suspension of the authorisation.
      • Section 12 - Withdrawal of the authorisation.
    • PART ΙΙΙ – OPERATING CONDITIONS FOR AIFMs
      • CHAPTER 1 - General Requirements
        • Section 13 - General Principles.
        • Section 14 - Remuneration.
        • Section 15 - Conflicts of interest.
        • Section 16 - Risk management.
        • Section 17 - Liquidity management.
      • CHAPTER 2 - Organisational Requirements
        • Section 18 - Procedures, arrangements and mechanisms applied by AIFMs.
        • Section 19 - Valuation.
      • CHAPTER 3 - Delegation of AIFM functions
        • Section 20 - Delegation of AIFM functions.
        • Section 21 - Sub - delegation of AIFM functions.
        • Section 22 - AIFM’s liability in case of delegation of functions or any fur
      • CHAPTER 4 - AIF Depositary
        • Section 23 - Appointment of AIF depositary.
        • Section 24 - Duties of AIF depositary.
        • Section 25 - Obligations of the AIFM and the Depositary when performing
        • Section 26 - Delegation of duties by the AIF Depositary to third party.
        • Section 27 - Depositary liability.
        • Section 28 - Information obtained by the Depositary.
    • PART IV – TRANSPARENCY REQUIREMENTS
      • Section 29 - Annual Report.
      • Section 30 - Disclosure to investors.
      • Section 31 - Reporting obligations to the Commission.
    • PART V – AIFMs MANAGING SPECIFIC TYPES OF AIF
      • CHAPTER 1 - AIFMs managing leveraged AIFs
        • Section 32 - Use of information by the Commission, supervisory cooperation
      • CHAPTER 2 - Obligations of AIFMs managing AIFs which acquire control of non
        • Section 33 - Scope of application of this Chapter.
        • Section 34 - Notification of acquisition of major holdings and control of
        • Section 35 - Disclosure in case of acquisition of control.
        • Section 36 - Specific provisions regarding the annual report of AIFs
        • Section 37 - Asset stripping
    • PART VI – RIGHTS OF AIFMs TO MANAGE AND MARKET EU AIFs IN THE UNION
      • Section 38 - Marketing of units of EU AIFs in the Republic by an AIFM of
      • Section 39 - Marketing of units of EU AIFs in a Member State other than
      • Section 40 - Marketing of units of EU AIFs in the Republic managed by an
      • Section 41 - Conditions for managing EU AIFs established in a Member State
      • Section 42 - Conditions for managing AIFs established in the Republic by an
    • PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
      • Section 43 - Conditions for AIFMs of the Republic which manage non-EU AIFs,
      • Section 44 - Conditions for the marketing in the Republic, with a passport,
      • Section 45 - Conditions for the marketing in the Republic, with a passport,
      • Section 46 - Complementary provisions to sections 44 and 45.
      • Section 47 - Conditions for the marketing in the Republic, without a pass
      • Section 48 - Conditions for the marketing in the Republic, without a pass
      • Section 49 - Authorisation and specific obligations for non-EU AIFMs intend
      • Section 50 - Determining the Republic as Member State of reference of a non
      • Section 51 - Authorisation of a non-EU AIFM from the Commission when the Re
      • Section 52 - Additional conditions for authorisation of a non-EU AIFM by th
      • Section 53 - Notification to ESMA for any exemptions granted from complianc
      • Section 54 - Notification to ESMA for the authorisations granted and for
      • Section 55 - Change in the business strategy of a non-EU AIFM which affects
      • Section 56 - Applicable Law in case of disputes arising regarding the appli
      • Section 57 - Issue of directives.
      • Section 58 - Rejection of request to exchange of information.
      • Section 59 - Conditions for the marketing in the Republic, with a passport,
      • Section 60 - Conditions for the marketing in a Member State other than the
      • Section 61 - Conditions for the marketing in the Republic, with a passport,
      • Section 62 - Conditions for the marketing in the Republic or in another Me
      • Section 63 - Conditions for the marketing in the Republic, with a passport
      • Section 64 - Conditions for managing AIFs established in a Member State
      • Section 65 - Conditions for managing AIFs established in the Republic by
      • Section 66 - Conditions for the marketing in the Republic of AIFs managed
    • PART VIII - MARKETING OF UNITS OF AIFs TO RETAIL INVESTORS IN THE REPUBLIC
      • Section 67 - Marketing of units of AIFs by AIFMs to retail investors in the
      • Section 68 - Disclosures to European Commission and ESMA regarding
    • PART ΙΧ – SUPERVISION RULES
      • CHAPTER 1 - Designation, powers and redress procedures
        • Section 69 - Designation of competent authority.
        • Section 70 - Responsibilities of the Commission and the competent authoriti
        • Section 71 - Powers of the Commission.
        • Section 72 - Obligations of the Commission to ESMA and to other authorities
        • Section 73 - Fees and annual contributions.
        • Section 74 - Administrative penalties.
        • Section 75 - False statements and withholding of information, criminal pena
        • Section 76 - Justification of the Commission’s decisions.
      • CHAPTER 2 - Cooperation of the Commission with the competent authorities of
        • Section 77 - Obligation of the Commission to cooperate with the competent
        • Section 78 - Transfer and retention of personal data.
        • Section 79 - Disclosure of information to third countries.
        • Section 80 - Exchange of information relating to the potential systemic con
        • Section 81 - Cooperation in supervisory activities.
        • Section 82 - Dispute settlement.
    • PART Χ - TRANSFER OF REGISTERED OFFFICE OF AN AIFM FROM AND TO THE REPUBLIC
      • Section 83 - Transfer of registered office of an AIFM from and to the Repub
    • PART ΧΙ – PROVISIONS REGARDING TAXES AND CONTRIBUTIONS
      • Section 84 - Taxes and contributions.
    • PART ΧΙΙ – FINAL AND TRANSITIONAL PROVISIONS
      • Section 85 - Disclosure of derogations from the provisions of the Directive
      • Section 86 - Disclosure of information to ESMA and the European Commission.
      • Section 87 - Derogations and transitional provisions.
      • Section 88 - Entry into force.
  • CY AIF Law of 2018
    • PART I: INTRODUCTORY PROVISIONS
      • [01] Short title.
      • [02] Interpretations.
      • [03] Scope of application of this Law.
    • PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS
      • Chapter 1: General characteristics and distinctions of AIFs
        • [04] AIF legal forms and use of the AIF designation.
        • [05] Conversion of AIF.
        • [06] AIF management.
        • [07] Open-ended or closed-ended AIF.
        • [08] Listing of AIF units in a secondary market.
        • [09] Umbrella AIF.
        • [10] Conversion of AIF to umbrella AIF and vice versa.
        • [11] Possibility of conversion of an AIF’s legal form.
      • Chapter 2: Authorisation of an AIF
        • [12] Submission of application for authorisation of an AIF and amendments
        • [13] Granting AIF authorisation.
      • Chapter 3: Common provisions regarding the organisation and operation of
        • [14] Retention of minimum assets.
        • [15] Investment policy.
        • [16] Risk management.
        • [17] Conflicts of interest.
        • [18] Liquidity management.
        • [19] Remuneration policies.
        • [20] Valuation.
        • [21] Management and conduct of business.
        • [22] AIF transactions.
      • Chapter 4: AIF administration
        • [23] Delegation of administration function
      • Chapter 5: AIF external manager
        • [24] Organisation and operations of the external manager.
        • [25] Resignation and replacement of the external manager.
      • Chapter 6: AIF depositary
        • [26] Appointment of AIF Depositary.
        • [27] Depositary tasks and obligations.
        • [28] Delegation of depositary tasks.
        • [29] Specific tasks of the depositary.
        • [30] Depositary liability.
        • [31] Independence between the depositary and the external manager of the AI
        • [32] Resignation of the depositary.
        • [33] Replacement of the depositary.
        • [34] Termination of the appointment of the depositary.
      • Chapter 7: Subscriptions and redemptions of AIF units
        • [35] AIF units.
        • [36] Rules for the marketing of AIF units.
        • [37] Issue of free-of-charge AIF units.
        • [38] Disclosure to investors regarding the net asset value and the subscrip
        • [39] Marketing of AIF units to professional investors in the Republic.
        • [40] Marketing of AIF units to retail and well informed investors in the Re
        • [41] Marketing of AIF units to another member state or third country.
        • [42] Redemption or repurchase of AIF units.
        • [43] Suspension of the redemption or repurchase of AIF units.
        • [44] Prohibition of issuance, redemption and repurchase of AIF units.
      • Chapter 8: Special provisions
        • Part 1 - Common fund
        • [45] General provisions regarding a common fund.
        • [46] Unitholders’ Register of the common fund.
        • [47] Joint unitholders of the common fund.
        • [48] Confirmation of participation into a common fund.
        • [49] Transfer of common fund units.
        • [50] Pledge of common fund units.
        • [51] Common fund rules.
        • [52] Dissolution and liquidation of the common fund.
        • [53] Withdrawal of common fund authorisation.
        • Part 2 - Fixed or variable capital investment companies
        • [54] General provisions regarding an investment company.
        • [55] Application of the provisions of the Company Law and special Company L
        • [56] Investment company set up as internally managed AIF.
        • [57] Operating conditions.
        • [58] Name, designation, capital and shares.
        • [59] Content of instruments of incorporation of an investment company.
        • [60] Amendments to the instruments of incorporation of an investment compan
        • [61] Changes in the persons who effectively direct the business of an inves
        • [62] Reduction of assets or initial capital of an investment company.
        • [63] Dissolution and liquidation of an investment company.
        • [64] Withdrawal of authorisation of an investment company.
        • Part 3 - Limited Partnerships
        • [65] General provisions regarding the limited partnership.
        • [66] Limited partnership set up as internally managed AIF.
        • [67] General partner of an AIF.
        • [68] Limited partners.
        • [69] Partnership agreement.
        • [70] Amendment of the partnership agreement.
        • [71] Unitholders’ register, joint unitholders, and confirmation of particip
        • [72] Transfer of limited partnership units.
        • [73] Pledge of limited partnership units.
        • [74] Dissolution and liquidation of a limited partnership.
        • [75] Withdrawal of authorisation of a limited partnership.
      • Chapter 9: Obligations regarding disclosures to investors
        • [76] Offering document, half-yearly report, annual report, annual financial
        • [77] Half-yearly report of the AIF.
        • [78] Annual report of the AIF.
        • [79] Offering document of the AIF.
        • [80] Right to receive documents.
        • [81] Audit of the annual financial statements and of the annual report of t
        • [82] AIF publication expenses.
        • [83] AIF marketing communications.
      • Chapter 10: Mergers
        • [84] Possibility of mergers between AIFs.
        • [85] Types of mergers.
        • [86] Authorisation for the merger.
        • [87] Decision regarding the merger.
        • [88] Terms of the merger.
        • [89] Verification of the merger by the depositary.
        • [90] Assignment to an independent auditor.
        • [91] Disclosures to and rights of unitholders.
        • [92] Right to redeem, repurchase or convert units.
        • [93] Expenses relating to the merger.
        • [94] Effective date of the merger.
        • [95] Effects of the merger.
        • [96] Tax provisions regarding AIF mergers.
        • [97] Enabling provisions.
    • PART IΙΙ: MARKETING OF UNITS OF AIFs FROM ANOTHER MEMBER STATE OR THIRD COU
      • [98] Marketing of units of AIFs established in another member state or thir
      • [99] Marketing of units of AIFs established in another member state or thir
      • [100] Common provisions regarding AIFs of sections 98 and 99.
    • PART IV: LISTED AIFs
      • [101] Listing of AIF units in a secondary market, for trading.
      • [102] Conditions for the listing of AIF units in a secondary market, for tr
      • [103] Marketing of listed AIF units.
      • [104] Listing of units of AIFs, which are established in another member sta
      • [105] Asset value, price of units and relevant matters.
      • [106] Special rules for AIF units’ pricing.
      • [107] Comparing performance against the benchmarks index.
      • [108] Cooperation between the Securities and Exchange Commission and other
      • [109] Enabling provision.
    • PART V: SUPERVISION AND PENALTIES
      • Chapter 1: Supervision of AIFs
        • [110] Competences of the Securities and Exchange Commission.
        • [111] Powers of the Securities and Exchange Commission.
        • [112] Supplementary provisions.
        • [113] Power to issue directives.
        • [114] Professional secrecy and cooperation with other countries’ competent
        • [115] Obligation to submit publications and information regarding the AIF.
        • [116] Submission of information regarding the AIF.
        • [117] AIFs’ register.
        • [118] Fees and annual contributions.
        • [119] Justification of the decisions.
      • Chapter 2: Criminal Provisions and Administrative Penalties
        • [120] Administrative penalties.
        • [121] Criminal offences.
    • PART VI: TRANSFER OF AN AIF FROM AND TO THE REPUBLIC
      • [122] Transfer of an AIF, established under statute, to and from the Republ
      • [123] Transfer of an AIF, established under the law of contract, to and fro
    • PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS
      • [124] AIFLNP legal forms, use of designation and characteristics.
      • [125] Externally and internally managed AIFLNP.
      • [126] Marketing of AIFLNP units.
      • [127] Marketing of AIFLNP units.
      • [128] Depositary.
      • [129] Minimum level of assets and initial capital.
      • [130] Reduction of assets or capital of an investment company.
      • [131] Management and conduct of business.
      • [132] Dissolution and liquidation of AIFLNP.
      • [133] Withdrawal of AIFLNP authorisation
    • PART VIII: REGISTERED ALTERNATIVE INVESTMENT FUNDS
      • Chapter 1: Establishment of RAIFs
        • [134] Operation of RAIFs.
        • [135] External manager and depositary of a RAIF.
        • [136] Minimum level of assets of a RAIF.
        • [137] RAIF units.
        • [138] Registration in the RAIFs’ register and deletion from it.
      • Chapter 2: RAIF Operation
        • [139] Disclosure requirements.
        • [140] Marketing of RAIF units.
        • [141] Mergers between RAIFs
        • [142] Enabling provisions.
    • PART ΙX: TAX PROVISIONS
      • [143] Tax provisions.
    • PART X: FINAL AND TRANSITIONAL PROVISIONS
      • [144] Transitional provisions.
      • [145] Continuation of operation of AIFs and AIFLNPs.
      • [146] Repeal of Laws.
  • OFFERING MEMORANDUM
    • [00] DISCLAIMER
      • DISCLAIMER
      • THE OFFERING MEMORANDUM
      • SUPPLEMENTS
      • RESTRICTIONS ON SOLICITATIONS AND RESALE
      • INVESTOR RESPONSIBILITY
      • STOCK EXCHANGE LISTING
      • RISKS
    • [01] DEFINITIONS
      • [01.01] Definitions
      • [01.02] Law Definitions
      • [01.03] Law Reference
      • [01.04] Currency Conversion
      • [01.05] Construction
    • [02] DIRECTORY
    • [03] FUND STRUCTURE
      • [03.01] Fund Structure
      • [03.02] Share Capital
      • [03.03] Management Shares
      • [03.04] Investor Units
      • [03.05] Investment Compartments
      • [03.06] Change of the Organisational Structure
      • [03.07] Subsidiaries
      • [03.08] Financial Year
      • [03.09] Fund's Life
    • [04] INVESTMENT GUIDELINES
      • [04.01] Investment Objective
      • [04.02] Target Market
      • [04.03] Investment Policy
      • [04.04] Use of Leverage
      • [04.05] Investment Process
      • [04.06] Investment Restrictions
      • [04.07] Associated Risks
      • [04.08] Change of the Investment Policy
    • [05] FEES AND EXPENSES
      • [05.01] General
      • [05.02] Set Up Fees
      • [05.03] Management Fee
      • [05.04] Performance Fee
      • [05.05] Depositary Fee
      • [05.06] Director's Remuneration
      • [05.07] External Audit Fee
      • [05.08] Administration Fee
      • [05.09] Consultancy Fee
      • [05.10] Facilitation Fee
      • [05.11] Investment Advisory Fees
      • [05.12] Regulatory Fees
      • [05.13] Advertising Costs
      • [05.14] Service Provider Fees
      • [05.15] Other Expenses
    • [06] BOARD OF DIRECTORS
      • [06.01] General
      • [06.02] Members of the Board
      • [06.03] Director's Disclosure
      • [06.04] Changes in the Board
    • [07] MANAGER
      • [07.01] Appointment of Manager
      • [07.02] Identity of the Manager
      • [07.03] Responsibilities of the Manager
      • [07.04] Portfolio Management
      • [07.05] Collective Management of Assets
      • [07.06] Investment Committee and Advisors
      • [07.07] Risk Management
      • [07.08] Liquidity Risk Management
      • [07.09] Operations Management
      • [07.10] Structure Determination
      • [07.11] Delegation of Management Functions
      • [07.12] Professional Liability
    • [08] DEPOSITARY
      • [08.01] Depositary General
      • [08.02] Identity of the Depositary
      • [08.03] Responsibilities of the Depositary
      • [08.04] Cash Flow Monitoring
      • [08.05] Safekeeping of Assets
      • [08.06] Oversight
      • [08.07] Depositary Indemnity
      • [08.08] Paying Agent
      • [08.09] Prime Broker
    • [09] EXTERNAL AUDITOR
      • [09.01] General
      • [09.02] Reporting Obligations
      • [09.03] Responsibilities
    • [10] ADMINISTRATOR
      • [10.01] Delegation to Administrator
      • [10.02] Identity of the Administrator
      • [10.03] Responsibilities of the Administration
      • [10.04] Limitation of Liability
    • [11] THE ISSUE
      • [11.01] Issue
      • [11.02] The Subscription
      • [11.03] Eligible Investors
    • [12] SUBSCRIPTION PROCEDURE
      • [12.01] Initial Offering of Investor Units
      • [12.02] Further Subscriptions of Investor Units
      • [12.03] Minimum Subscription Amount and Additional
      • [12.04] Subscription Fee
      • [12.05] Subscription Application
      • [12.06] Contribution-in-kind
      • [12.07] Application Procedure
      • [12.08] Payment Procedure
      • [12.09] Notification of Transaction
      • [12.10] Rejection of Subscriptions
      • [12.11] Subscription Through Nominees
      • [12.12] Allocation
      • [12.13] Money Laundering Prevention
    • [13] NET ASSET VALUE
      • [13.01] General Principles
      • [13.02] Valuation Specifics
      • [13.03] Adjustment Of The Net Asset Value (Single Swing Pricing)
      • [13.04] Valuation Dates
      • [13.05] Valuation Procedures
      • [13.06] Temporary suspension Of NAV calculation
    • [14] DISTRIBUTION POLICY
      • [14.01] Policy and Procedure
      • [14.02] Currency Exchange Distribution
    • [15] CONVERSION OF UNITS
      • [15.01] Conversion Procedure
      • [15.02] Application Procedure
      • [15.03] Limitation on Conversions
      • [15.04] Notification Of Transaction
    • [16] REDEMPTIONS
      • [16.01] General
      • [16.02] Redemption Request
      • [16.03] Irrevocability of Redemption
      • [16.04] Redemption Dates
      • [16.05] Redemption Price and proceeds
      • [16.06] Notification of Transaction
      • [16.07] Redemption Fee
      • [16.08] Settlement
      • [16.09] Limitation on Redemption
      • [16.10] Market Timing
      • [16.11] Compulsory Redemptions
      • [16.12] Money Laundering
    • [17] MARKETING AND ADVERTISING
      • [17.01] Introduction
      • [17.02] Marketing material and advertisements
      • [17.03] Information to Potential Investors
      • [17.04] Provision of KIID
      • [17.05] Assessment of suitability
    • [18] RISK FACTORS AND INVESTMENT CONSIDERATIONS
      • [18.01] General
      • [18.02] Risk Factors Consideration
      • [18.03] Business Risk
      • [18.04] Historical Performance
      • [18.05] Concentration of Investments Risk
      • [18.06] Declining Performance and Growing Size Risk
      • [18.07] Effect of Substantial Redemptions and Reduced Size Risk
      • [18.08] Reliance on the Manager and Dependence on Key Personnel
      • [18.09] Fee Incentive Risk
      • [18.10] Accounting Treatment Risk
      • [18.11] Model Risk
      • [18.12] No Operating History
      • [18.13] Non-Diversified Status
      • [18.14] Trading Execution Risk
      • [18.15] Factors impacting the value of the Investment Compartments' Assets
      • [18.16] Equity Securities Risk
      • [18.17] Smaller Capitalization Risk
      • [18.18] Securities of Smaller and Emerging Growth Companies
      • [18.19] Co-Investment Risk
      • [18.20] Private Company Competition Risk
      • [18.21] New Issued Risk
      • [18.22] Growth Stock Risk
      • [18.23] Value Stock Risk
      • [18.24] Risks Associated with Options on Securities Generally
      • [18.25] Risks of Writing Options
      • [18.26] Exchange-Listed Options Risks
      • [18.27] Over-the-Counter Option Risk
      • [18.28] Index Option Risk
      • [18.29] Limitation on Option Writing Risk
      • [18.30] Tax Risk
      • [18.31] Preferred Securities Risk
      • [18.32] Convertible Securities Risk
      • [18.33] Synthetic Convertible Securities Risk
      • [18.34] Warrants Risk
      • [18.35] REITs Risk
      • [18.36] Master Limited Partnerships Risk
      • [18.37] Restricted and Illiquid Securities Risk
      • [18.38] Investment Companies Risk
      • [18.39] Fixed Income Securities Risks
      • [18.40] Market Volatility
      • [18.41] Liquidity and Market Characteristics
      • [18.42] Underlying Funds
      • [18.43] Volatility Trading and Stagnant Markets
      • [18.44] Relative Value Strategies
      • [18.45] Event Driven Strategy
      • [18.46] Commodity and Energy Trading
      • [18.47] Distressed Strategies
      • [18.48] Below Investment Grade Debt Securities
      • [18.49] Conflicts Relating to Equity and Debt Ownership by the Investment C
      • [18.50] Trading in Securities of Emerging Market Issuers
      • [18.51] Regulated Markets in Emerging Market Countries
      • [18.52] Access to Non-Public Information
      • [18.53] Hedging
      • [18.54] Forward Foreign Exchange Contracts
      • [18.55] Risks of Stock Index Options
      • [18.56] Equity Funds Risk
      • [18.57] Directional Trading
      • [18.58] Prepayment Risk
      • [18.59] Reinvestment Risk
      • [18.60] Duration and Maturity Risk
      • [18.61] Corporate Bonds Risk
      • [18.62] Below Investment Grade Securities Risk
      • [18.63] Distressed and Defaulted Securities Risk
      • [18.64] Yield and Ratings Risk
      • [18.65] Unrated Securities Risk
      • [18.66] Emerging Markets Risk
      • [18.67] Foreign Currency Risk
      • [18.68] LIBOR Risk
      • [18.69] Leverage Risk
      • [18.70] Risk of Use of Leverage
      • [18.71] Risks Associated with the Use of or Trading in Derivatives
      • [18.72] Control and Monitoring of the Use of Derivative Products
      • [18.73] Debt Securities
      • [18.74] Market Liquidity and Leverage
      • [18.75] Credit Default Swaps
      • [18.76] Liquidity Risk
      • [18.77] Counterparty Risk
      • [18.78] Absence of Regulation in OTC Transactions
      • [18.79] Additional Risks Associated with an Underlying of OTC Derivatives L
      • [18.80] Futures and Options
      • [18.81] Securities of Companies principally engaged in the Real Estate Indu
      • [18.82] Commodities and Energies
      • [18.83] Indexes
      • [18.84] Derivatives
      • [18.85] Repurchase Agreements Risk
      • [18.86] Reverse Repurchase Agreements Risk
      • [18.87] Dollar Roll Transactions Risk
      • [18.88] When-Issued, Forward Commitment and Delayed Delivery Transactions
      • [18.89] Event Risk
      • [18.90] Defensive Investing Risk
      • [18.91] Structured Investments Risks
      • [18.92] Structured Notes Risk
      • [18.93] Equity-Linked Notes Risk
      • [18.94] Credit-Linked Notes Risk
      • [18.95] Event-Linked Securities Risk
      • [18.96] Strategic Transactions and Derivatives Risk
      • [18.97] Counterparty Risk
      • [18.98] Swaps Risk
      • [18.99] Securities Lending Risk
      • [18.100] Short Sales Risk
      • [18.101] Inflation Risk
      • [18.102] Deflation Risk
      • [18.103] EMU and Redenomination Risk
      • [18.104] Market Disruption and Geopolitical Risk
      • [18.105] Regulation and Government Intervention Risk
      • [18.106] Legal, Tax and Regulatory Risks
      • [18.107] Legislation Risk
      • [18.108] Decision-Making Authority Risk
      • [18.109] Management Risk
      • [18.110] Market and Selection Risk
      • [18.111] Reliance on the Manager
      • [18.112] Reliance on Service Providers
      • [18.113] Information Technology Systems
      • [18.114] Misconduct of Employees and of Service Providers
      • [18.115] Portfolio Turnover Risk
      • [18.116] Property valuation is inherently subjective and uncertain
      • [18.117] Real estate investments are relatively illiquid
      • [18.118] The value of any property portfolio may fluctuate as a result of
      • [18.119] Construction risk
      • [18.120] Natural Disasters and Accidents
      • [18.121] Decline in land prices
      • [18.122] Social environment risk
      • [18.123] Political environment risk
      • [18.124] Land Policy risk
      • [18.125] Urban Planning Risk
      • [18.126] Investment Through Nominees
      • [18.127] Maximum Redemption Amount
    • [19] CONFLICTS OF INTEREST
      • [19.01] General
      • [19.02] Disclosure of Conflicts
      • [19.03] Acknowledgment of Potential Conflicts
    • [20] TREATMENT OF INVESTORS
      • [20.01] Fair Treatment of Investors
      • [20.02] Dealings of Related Parties
      • [20.03] Preferential Treatment
      • [20.04] Information to Investors
    • [21] TAX CONSIDERATIONS
      • [21.01] General
      • [21.02] Tax Efficient Structuring
      • [21.03] Corporate Tax
      • [21.04] Definition of ''securities''
      • [21.05] Profit from the disposal of securities
      • [21.06] Dividend Income
      • [21.07] Interest income
      • [21.08] Stamp Duty
      • [21.09] Losses
      • [21.10] Deemed dividend distribution rules
      • [21.11] Withholding Taxes for payments abroad
      • [21.12] Liquidation
      • [21.13] Exit through liquidation
      • [21.14] Taxation of Investors
      • [21.15] Sale or redemption of Investor Units
    • [22] LAW AND JURISDICTION
      • [22.01] Governing Law and Jurisdiction
      • [22.02] Recognition of Judgements
      • [22.03] Contractual Relation
      • [22.04] Dispute Resolution
    • SUPPLEMENTS
      • [01] SUPPLEMENT
      • [02] SUPPLEMENT
      • [03] SUPPLEMENT
      • [04] SUPPLEMENT
      • [05] SUPPLEMENT
  • INVESTMENT COMMITTEE MEMBERS
    • Theano Kalavana
    • Michael Sarris
    • Petros Zographos
    • Chryssis Petousis
    • Marios Maratheftis
    • Stephane Fissentzides
    • Panos Marcoullis
  • INVESTMENT PROCESS
  • PRESENTATION
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    • CYGNATOR
    • DIRECTIVE 2011/61/EU
      • ENACTING TERMS
        • Paragraphs 01 - 04
        • Paragraphs 05 - 11
        • Paragraphs 12 - 19
        • Paragraphs 20 - 27
        • Paragraphs 28 - 35
        • Paragraphs 36 - 45
        • Paragraphs 46 - 52
        • Paragraphs 53 - 58
        • Paragraphs 59 - 64
        • Paragraphs 65 - 71
        • Paragraphs 72 - 79
        • Paragraphs 80 - 84
        • Paragraphs 85 - 91
        • Paragraphs 92 - 95
      • CHAPTER 1 - GENERAL PROVISIONS
        • Article 1 - Subject matter
        • Article 2 - Scope
        • Article 3 - Exceptions
        • Article 4 - Definitions
        • Article 5 - Determination of the AIFM
      • CHAPTER 2 - AUTHORISATION OF AIFMs
        • Article 6 - Conditions for taking up activities as AIFM
        • Article 7 - Application for authorisation
        • Article 8 - Conditions for granting authorisation
        • Article 9 - Initial capital and own funds
        • Article 10 - Changes in the scope of the authorisation
        • Article 11 - Withdrawal of the authorisation
      • CHAPTER 3 - OPERATING CONDITIONS FOR AIFMs
        • Section 1- General requirements
          • Article 12 - General principles
          • Article 13 - Remuneration
          • Article 14 - Conflicts of interest
          • Article 15 - Risk Management
          • Article 16 - Liquidity management
          • Article 17 - Investment in securitisation positions
        • Section 2 - Organisational requirements
          • Article 18 - General principles
          • Article 19 - Valuation
        • Section 3 - Delegation of AIFM functions
          • Article 20 - Delegation
        • Section 4 - Depositary
          • Article 21 - Depositary
      • CHAPTER 4 - TRANSPARENCY REQUIREMENTS
        • Article 22 - Annual Report
        • Article 23 - Disclosure to investors
        • Article 24 - Reporting obligations to competent authorities
      • CHAPTER 5 - AIFMs MANAGING SPECIFIC TYPES OF AIF
        • SECTION 1- AIFMs managing leveraged AIFs
          • Article 25 - Use of information by competent authorities, supervisory coop.
        • SECTION 2 - Obligations for AIFMs managing AIFs which acquire control
          • Article 26 - Scope
          • Article 27 - Notification of the acquisition of major holdings and control
          • Article 28 - Disclosure in case of acquisition of control
          • Article 29 - Specific provisions regarding the annual report of AIFs exerc
          • Article 30 - Asset stripping
      • CHAPTER 6 - RIGHTS OF EU AIFMs TO MARKET AND MANAGE EU AIFs IN THE UNION
        • Article 31 - Marketing of units or shares of EU AIFs in the home Member Sta
        • Article 32 - Marketing of units or shares of EU AIFs in Member States other
        • Article 33 - Conditions for managing EU AIFs established in other Member St
      • CHAPTER 7 - SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
        • Article 34 - Conditions for EU AIFMs which manage non-EU AIFs which are non
        • Article 35 - Conditions for the marketing in the Union with a passport of a
        • Article 36 - Conditions for the marketing in Member States without a passpo
        • Article 37 - Authorisation of non-EU AIFMs intending to manage EU AIFs and/
        • Article 38 - Peer review of authorisation and supervision of non-EU AIFMs
        • Article 39 - Conditions for the marketing in the Union with a passport of E
        • Article 40 - Conditions for the marketing in the Union with a passport of n
        • Article 41 - Conditions for managing AIFs established in Member S
        • Article 42 - Conditions for the marketing in Mmeber States without a passpo
      • CHAPTER 8 - MARKETING TO RETAIL INVESTORS
        • Article 43 - Marketing of AIFs by AIFMs to retail investors
      • CHAPTER 9 - COMPETENT AUTHORITIES
        • SECTION 1 - Designation, powers and redress procedures
          • Article 44 - Designation of competent authorities
          • Article 45 - Responsibility of competent authorities in Member States
          • Article 46 - Powers of competent authorities
          • Article 47 - Powers and competences of ESMA
          • Article 48 - Administrative penalties
          • Article 49 - Right of appeal
        • SECTION 2 - Cooperation between different competent authorities
          • Article 50 - Obligation to cooperate
          • Article 51 - Transfer and retention of personal data
          • Article 52 - Disclosure of information to third countries
          • Article 53 - Exchange of information relating to the potential systemic con
          • Article 54 - Cooperation in supervisory activities
          • Article 55 - Dispute settlement
      • CHAPTER 10 - TRANSITIONAL AND FINAL PROVISIONS
        • Article 56 - Exercise of the delegation
        • Article 57 - Revocation of the delegation
        • Article 58 - Objections to delegated acts
        • Article 59 - Implementing measures
        • Article 60 - Disclosure of derogations
        • Article 61 - Transitional provisions
        • Article 62 - Amendments to Directive 2003/41/EC
        • Article 63 - Amendments to Directive 2009/65/EC
        • Article 64 - Amendment to Regulation (EC) No 1060/2009
        • Article 65 - Amendment to Regulation (EU) No 1095/2010
        • Article 66 - Transposition
        • Article 67 - Delegated act on the application of Article 35 and Articles 37
        • Article 68 - Delegated act on the termination of the application of Article
        • Article 69 - Review
        • Article 70 - Entry into force
        • Article 71 - Addressees
      • ANNEX 1
      • ANNEX 2 - REMUNERATION POLICY
      • ANNEX 3 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN CASE OF INTENDED
      • ANNEX 4 - DOCUMENTATION AND INFORMATION TO BE PROVIDED IN THE CASE OF INTEN
    • CY AIFM Law of 2013
      • THE ALTERNATIVE INVESTMENT FUND MANAGERS AND RELATED MATTERS LAW OF 2013
      • PART Ι – INTRODUCTORY PROVISIONS
        • Section 1 - Summary title
        • Section 2 - Interpretation.
        • Section 3 - General scope of application of this Law.
        • Section 4 - Specific scope of application of this Law.
        • Section 5 - Definition of AIFM.
      • PART ΙΙ – AUTHORISATION OF AIFMs
        • Section 6 - Conditions for taking up activities as AIFM in the Republic.
        • Section 7 - Application for authorisation.
        • Section 8 - Conditions for granting authorisation.
        • Section 9 - Initial capital and own funds.
        • Section 10 - Changes in the scope of the authorisation.
        • Section 11 - Suspension of the authorisation.
        • Section 12 - Withdrawal of the authorisation.
      • PART ΙΙΙ – OPERATING CONDITIONS FOR AIFMs
        • CHAPTER 1 - General Requirements
          • Section 13 - General Principles.
          • Section 14 - Remuneration.
          • Section 15 - Conflicts of interest.
          • Section 16 - Risk management.
          • Section 17 - Liquidity management.
        • CHAPTER 2 - Organisational Requirements
          • Section 18 - Procedures, arrangements and mechanisms applied by AIFMs.
          • Section 19 - Valuation.
        • CHAPTER 3 - Delegation of AIFM functions
          • Section 20 - Delegation of AIFM functions.
          • Section 21 - Sub - delegation of AIFM functions.
          • Section 22 - AIFM’s liability in case of delegation of functions or any fur
        • CHAPTER 4 - AIF Depositary
          • Section 23 - Appointment of AIF depositary.
          • Section 24 - Duties of AIF depositary.
          • Section 25 - Obligations of the AIFM and the Depositary when performing
          • Section 26 - Delegation of duties by the AIF Depositary to third party.
          • Section 27 - Depositary liability.
          • Section 28 - Information obtained by the Depositary.
      • PART IV – TRANSPARENCY REQUIREMENTS
        • Section 29 - Annual Report.
        • Section 30 - Disclosure to investors.
        • Section 31 - Reporting obligations to the Commission.
      • PART V – AIFMs MANAGING SPECIFIC TYPES OF AIF
        • CHAPTER 1 - AIFMs managing leveraged AIFs
          • Section 32 - Use of information by the Commission, supervisory cooperation
        • CHAPTER 2 - Obligations of AIFMs managing AIFs which acquire control of non
          • Section 33 - Scope of application of this Chapter.
          • Section 34 - Notification of acquisition of major holdings and control of
          • Section 35 - Disclosure in case of acquisition of control.
          • Section 36 - Specific provisions regarding the annual report of AIFs
          • Section 37 - Asset stripping
      • PART VI – RIGHTS OF AIFMs TO MANAGE AND MARKET EU AIFs IN THE UNION
        • Section 38 - Marketing of units of EU AIFs in the Republic by an AIFM of
        • Section 39 - Marketing of units of EU AIFs in a Member State other than
        • Section 40 - Marketing of units of EU AIFs in the Republic managed by an
        • Section 41 - Conditions for managing EU AIFs established in a Member State
        • Section 42 - Conditions for managing AIFs established in the Republic by an
      • PART VII – SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
        • Section 43 - Conditions for AIFMs of the Republic which manage non-EU AIFs,
        • Section 44 - Conditions for the marketing in the Republic, with a passport,
        • Section 45 - Conditions for the marketing in the Republic, with a passport,
        • Section 46 - Complementary provisions to sections 44 and 45.
        • Section 47 - Conditions for the marketing in the Republic, without a pass
        • Section 48 - Conditions for the marketing in the Republic, without a pass
        • Section 49 - Authorisation and specific obligations for non-EU AIFMs intend
        • Section 50 - Determining the Republic as Member State of reference of a non
        • Section 51 - Authorisation of a non-EU AIFM from the Commission when the Re
        • Section 52 - Additional conditions for authorisation of a non-EU AIFM by th
        • Section 53 - Notification to ESMA for any exemptions granted from complianc
        • Section 54 - Notification to ESMA for the authorisations granted and for
        • Section 55 - Change in the business strategy of a non-EU AIFM which affects
        • Section 56 - Applicable Law in case of disputes arising regarding the appli
        • Section 57 - Issue of directives.
        • Section 58 - Rejection of request to exchange of information.
        • Section 59 - Conditions for the marketing in the Republic, with a passport,
        • Section 60 - Conditions for the marketing in a Member State other than the
        • Section 61 - Conditions for the marketing in the Republic, with a passport,
        • Section 62 - Conditions for the marketing in the Republic or in another Me
        • Section 63 - Conditions for the marketing in the Republic, with a passport
        • Section 64 - Conditions for managing AIFs established in a Member State
        • Section 65 - Conditions for managing AIFs established in the Republic by
        • Section 66 - Conditions for the marketing in the Republic of AIFs managed
      • PART VIII - MARKETING OF UNITS OF AIFs TO RETAIL INVESTORS IN THE REPUBLIC
        • Section 67 - Marketing of units of AIFs by AIFMs to retail investors in the
        • Section 68 - Disclosures to European Commission and ESMA regarding
      • PART ΙΧ – SUPERVISION RULES
        • CHAPTER 1 - Designation, powers and redress procedures
          • Section 69 - Designation of competent authority.
          • Section 70 - Responsibilities of the Commission and the competent authoriti
          • Section 71 - Powers of the Commission.
          • Section 72 - Obligations of the Commission to ESMA and to other authorities
          • Section 73 - Fees and annual contributions.
          • Section 74 - Administrative penalties.
          • Section 75 - False statements and withholding of information, criminal pena
          • Section 76 - Justification of the Commission’s decisions.
        • CHAPTER 2 - Cooperation of the Commission with the competent authorities of
          • Section 77 - Obligation of the Commission to cooperate with the competent
          • Section 78 - Transfer and retention of personal data.
          • Section 79 - Disclosure of information to third countries.
          • Section 80 - Exchange of information relating to the potential systemic con
          • Section 81 - Cooperation in supervisory activities.
          • Section 82 - Dispute settlement.
      • PART Χ - TRANSFER OF REGISTERED OFFFICE OF AN AIFM FROM AND TO THE REPUBLIC
        • Section 83 - Transfer of registered office of an AIFM from and to the Repub
      • PART ΧΙ – PROVISIONS REGARDING TAXES AND CONTRIBUTIONS
        • Section 84 - Taxes and contributions.
      • PART ΧΙΙ – FINAL AND TRANSITIONAL PROVISIONS
        • Section 85 - Disclosure of derogations from the provisions of the Directive
        • Section 86 - Disclosure of information to ESMA and the European Commission.
        • Section 87 - Derogations and transitional provisions.
        • Section 88 - Entry into force.
    • CY AIF Law of 2018
      • PART I: INTRODUCTORY PROVISIONS
        • [01] Short title.
        • [02] Interpretations.
        • [03] Scope of application of this Law.
      • PART ΙΙ: PROVISIONS REGARDING THE ALTERNATIVE INVESTMENT FUNDS
        • Chapter 1: General characteristics and distinctions of AIFs
          • [04] AIF legal forms and use of the AIF designation.
          • [05] Conversion of AIF.
          • [06] AIF management.
          • [07] Open-ended or closed-ended AIF.
          • [08] Listing of AIF units in a secondary market.
          • [09] Umbrella AIF.
          • [10] Conversion of AIF to umbrella AIF and vice versa.
          • [11] Possibility of conversion of an AIF’s legal form.
        • Chapter 2: Authorisation of an AIF
          • [12] Submission of application for authorisation of an AIF and amendments
          • [13] Granting AIF authorisation.
        • Chapter 3: Common provisions regarding the organisation and operation of
          • [14] Retention of minimum assets.
          • [15] Investment policy.
          • [16] Risk management.
          • [17] Conflicts of interest.
          • [18] Liquidity management.
          • [19] Remuneration policies.
          • [20] Valuation.
          • [21] Management and conduct of business.
          • [22] AIF transactions.
        • Chapter 4: AIF administration
          • [23] Delegation of administration function
        • Chapter 5: AIF external manager
          • [24] Organisation and operations of the external manager.
          • [25] Resignation and replacement of the external manager.
        • Chapter 6: AIF depositary
          • [26] Appointment of AIF Depositary.
          • [27] Depositary tasks and obligations.
          • [28] Delegation of depositary tasks.
          • [29] Specific tasks of the depositary.
          • [30] Depositary liability.
          • [31] Independence between the depositary and the external manager of the AI
          • [32] Resignation of the depositary.
          • [33] Replacement of the depositary.
          • [34] Termination of the appointment of the depositary.
        • Chapter 7: Subscriptions and redemptions of AIF units
          • [35] AIF units.
          • [36] Rules for the marketing of AIF units.
          • [37] Issue of free-of-charge AIF units.
          • [38] Disclosure to investors regarding the net asset value and the subscrip
          • [39] Marketing of AIF units to professional investors in the Republic.
          • [40] Marketing of AIF units to retail and well informed investors in the Re
          • [41] Marketing of AIF units to another member state or third country.
          • [42] Redemption or repurchase of AIF units.
          • [43] Suspension of the redemption or repurchase of AIF units.
          • [44] Prohibition of issuance, redemption and repurchase of AIF units.
        • Chapter 8: Special provisions
          • Part 1 - Common fund
          • [45] General provisions regarding a common fund.
          • [46] Unitholders’ Register of the common fund.
          • [47] Joint unitholders of the common fund.
          • [48] Confirmation of participation into a common fund.
          • [49] Transfer of common fund units.
          • [50] Pledge of common fund units.
          • [51] Common fund rules.
          • [52] Dissolution and liquidation of the common fund.
          • [53] Withdrawal of common fund authorisation.
          • Part 2 - Fixed or variable capital investment companies
          • [54] General provisions regarding an investment company.
          • [55] Application of the provisions of the Company Law and special Company L
          • [56] Investment company set up as internally managed AIF.
          • [57] Operating conditions.
          • [58] Name, designation, capital and shares.
          • [59] Content of instruments of incorporation of an investment company.
          • [60] Amendments to the instruments of incorporation of an investment compan
          • [61] Changes in the persons who effectively direct the business of an inves
          • [62] Reduction of assets or initial capital of an investment company.
          • [63] Dissolution and liquidation of an investment company.
          • [64] Withdrawal of authorisation of an investment company.
          • Part 3 - Limited Partnerships
          • [65] General provisions regarding the limited partnership.
          • [66] Limited partnership set up as internally managed AIF.
          • [67] General partner of an AIF.
          • [68] Limited partners.
          • [69] Partnership agreement.
          • [70] Amendment of the partnership agreement.
          • [71] Unitholders’ register, joint unitholders, and confirmation of particip
          • [72] Transfer of limited partnership units.
          • [73] Pledge of limited partnership units.
          • [74] Dissolution and liquidation of a limited partnership.
          • [75] Withdrawal of authorisation of a limited partnership.
        • Chapter 9: Obligations regarding disclosures to investors
          • [76] Offering document, half-yearly report, annual report, annual financial
          • [77] Half-yearly report of the AIF.
          • [78] Annual report of the AIF.
          • [79] Offering document of the AIF.
          • [80] Right to receive documents.
          • [81] Audit of the annual financial statements and of the annual report of t
          • [82] AIF publication expenses.
          • [83] AIF marketing communications.
        • Chapter 10: Mergers
          • [84] Possibility of mergers between AIFs.
          • [85] Types of mergers.
          • [86] Authorisation for the merger.
          • [87] Decision regarding the merger.
          • [88] Terms of the merger.
          • [89] Verification of the merger by the depositary.
          • [90] Assignment to an independent auditor.
          • [91] Disclosures to and rights of unitholders.
          • [92] Right to redeem, repurchase or convert units.
          • [93] Expenses relating to the merger.
          • [94] Effective date of the merger.
          • [95] Effects of the merger.
          • [96] Tax provisions regarding AIF mergers.
          • [97] Enabling provisions.
      • PART IΙΙ: MARKETING OF UNITS OF AIFs FROM ANOTHER MEMBER STATE OR THIRD COU
        • [98] Marketing of units of AIFs established in another member state or thir
        • [99] Marketing of units of AIFs established in another member state or thir
        • [100] Common provisions regarding AIFs of sections 98 and 99.
      • PART IV: LISTED AIFs
        • [101] Listing of AIF units in a secondary market, for trading.
        • [102] Conditions for the listing of AIF units in a secondary market, for tr
        • [103] Marketing of listed AIF units.
        • [104] Listing of units of AIFs, which are established in another member sta
        • [105] Asset value, price of units and relevant matters.
        • [106] Special rules for AIF units’ pricing.
        • [107] Comparing performance against the benchmarks index.
        • [108] Cooperation between the Securities and Exchange Commission and other
        • [109] Enabling provision.
      • PART V: SUPERVISION AND PENALTIES
        • Chapter 1: Supervision of AIFs
          • [110] Competences of the Securities and Exchange Commission.
          • [111] Powers of the Securities and Exchange Commission.
          • [112] Supplementary provisions.
          • [113] Power to issue directives.
          • [114] Professional secrecy and cooperation with other countries’ competent
          • [115] Obligation to submit publications and information regarding the AIF.
          • [116] Submission of information regarding the AIF.
          • [117] AIFs’ register.
          • [118] Fees and annual contributions.
          • [119] Justification of the decisions.
        • Chapter 2: Criminal Provisions and Administrative Penalties
          • [120] Administrative penalties.
          • [121] Criminal offences.
      • PART VI: TRANSFER OF AN AIF FROM AND TO THE REPUBLIC
        • [122] Transfer of an AIF, established under statute, to and from the Republ
        • [123] Transfer of an AIF, established under the law of contract, to and fro
      • PART VΙI: ALTERNATIVE INVESTMENT FUNDS WITH LIMITED NUMBER OF PERSONS
        • [124] AIFLNP legal forms, use of designation and characteristics.
        • [125] Externally and internally managed AIFLNP.
        • [126] Marketing of AIFLNP units.
        • [127] Marketing of AIFLNP units.
        • [128] Depositary.
        • [129] Minimum level of assets and initial capital.
        • [130] Reduction of assets or capital of an investment company.
        • [131] Management and conduct of business.
        • [132] Dissolution and liquidation of AIFLNP.
        • [133] Withdrawal of AIFLNP authorisation
      • PART VIII: REGISTERED ALTERNATIVE INVESTMENT FUNDS
        • Chapter 1: Establishment of RAIFs
          • [134] Operation of RAIFs.
          • [135] External manager and depositary of a RAIF.
          • [136] Minimum level of assets of a RAIF.
          • [137] RAIF units.
          • [138] Registration in the RAIFs’ register and deletion from it.
        • Chapter 2: RAIF Operation
          • [139] Disclosure requirements.
          • [140] Marketing of RAIF units.
          • [141] Mergers between RAIFs
          • [142] Enabling provisions.
      • PART ΙX: TAX PROVISIONS
        • [143] Tax provisions.
      • PART X: FINAL AND TRANSITIONAL PROVISIONS
        • [144] Transitional provisions.
        • [145] Continuation of operation of AIFs and AIFLNPs.
        • [146] Repeal of Laws.
    • OFFERING MEMORANDUM
      • [00] DISCLAIMER
        • DISCLAIMER
        • THE OFFERING MEMORANDUM
        • SUPPLEMENTS
        • RESTRICTIONS ON SOLICITATIONS AND RESALE
        • INVESTOR RESPONSIBILITY
        • STOCK EXCHANGE LISTING
        • RISKS
      • [01] DEFINITIONS
        • [01.01] Definitions
        • [01.02] Law Definitions
        • [01.03] Law Reference
        • [01.04] Currency Conversion
        • [01.05] Construction
      • [02] DIRECTORY
      • [03] FUND STRUCTURE
        • [03.01] Fund Structure
        • [03.02] Share Capital
        • [03.03] Management Shares
        • [03.04] Investor Units
        • [03.05] Investment Compartments
        • [03.06] Change of the Organisational Structure
        • [03.07] Subsidiaries
        • [03.08] Financial Year
        • [03.09] Fund's Life
      • [04] INVESTMENT GUIDELINES
        • [04.01] Investment Objective
        • [04.02] Target Market
        • [04.03] Investment Policy
        • [04.04] Use of Leverage
        • [04.05] Investment Process
        • [04.06] Investment Restrictions
        • [04.07] Associated Risks
        • [04.08] Change of the Investment Policy
      • [05] FEES AND EXPENSES
        • [05.01] General
        • [05.02] Set Up Fees
        • [05.03] Management Fee
        • [05.04] Performance Fee
        • [05.05] Depositary Fee
        • [05.06] Director's Remuneration
        • [05.07] External Audit Fee
        • [05.08] Administration Fee
        • [05.09] Consultancy Fee
        • [05.10] Facilitation Fee
        • [05.11] Investment Advisory Fees
        • [05.12] Regulatory Fees
        • [05.13] Advertising Costs
        • [05.14] Service Provider Fees
        • [05.15] Other Expenses
      • [06] BOARD OF DIRECTORS
        • [06.01] General
        • [06.02] Members of the Board
        • [06.03] Director's Disclosure
        • [06.04] Changes in the Board
      • [07] MANAGER
        • [07.01] Appointment of Manager
        • [07.02] Identity of the Manager
        • [07.03] Responsibilities of the Manager
        • [07.04] Portfolio Management
        • [07.05] Collective Management of Assets
        • [07.06] Investment Committee and Advisors
        • [07.07] Risk Management
        • [07.08] Liquidity Risk Management
        • [07.09] Operations Management
        • [07.10] Structure Determination
        • [07.11] Delegation of Management Functions
        • [07.12] Professional Liability
      • [08] DEPOSITARY
        • [08.01] Depositary General
        • [08.02] Identity of the Depositary
        • [08.03] Responsibilities of the Depositary
        • [08.04] Cash Flow Monitoring
        • [08.05] Safekeeping of Assets
        • [08.06] Oversight
        • [08.07] Depositary Indemnity
        • [08.08] Paying Agent
        • [08.09] Prime Broker
      • [09] EXTERNAL AUDITOR
        • [09.01] General
        • [09.02] Reporting Obligations
        • [09.03] Responsibilities
      • [10] ADMINISTRATOR
        • [10.01] Delegation to Administrator
        • [10.02] Identity of the Administrator
        • [10.03] Responsibilities of the Administration
        • [10.04] Limitation of Liability
      • [11] THE ISSUE
        • [11.01] Issue
        • [11.02] The Subscription
        • [11.03] Eligible Investors
      • [12] SUBSCRIPTION PROCEDURE
        • [12.01] Initial Offering of Investor Units
        • [12.02] Further Subscriptions of Investor Units
        • [12.03] Minimum Subscription Amount and Additional
        • [12.04] Subscription Fee
        • [12.05] Subscription Application
        • [12.06] Contribution-in-kind
        • [12.07] Application Procedure
        • [12.08] Payment Procedure
        • [12.09] Notification of Transaction
        • [12.10] Rejection of Subscriptions
        • [12.11] Subscription Through Nominees
        • [12.12] Allocation
        • [12.13] Money Laundering Prevention
      • [13] NET ASSET VALUE
        • [13.01] General Principles
        • [13.02] Valuation Specifics
        • [13.03] Adjustment Of The Net Asset Value (Single Swing Pricing)
        • [13.04] Valuation Dates
        • [13.05] Valuation Procedures
        • [13.06] Temporary suspension Of NAV calculation
      • [14] DISTRIBUTION POLICY
        • [14.01] Policy and Procedure
        • [14.02] Currency Exchange Distribution
      • [15] CONVERSION OF UNITS
        • [15.01] Conversion Procedure
        • [15.02] Application Procedure
        • [15.03] Limitation on Conversions
        • [15.04] Notification Of Transaction
      • [16] REDEMPTIONS
        • [16.01] General
        • [16.02] Redemption Request
        • [16.03] Irrevocability of Redemption
        • [16.04] Redemption Dates
        • [16.05] Redemption Price and proceeds
        • [16.06] Notification of Transaction
        • [16.07] Redemption Fee
        • [16.08] Settlement
        • [16.09] Limitation on Redemption
        • [16.10] Market Timing
        • [16.11] Compulsory Redemptions
        • [16.12] Money Laundering
      • [17] MARKETING AND ADVERTISING
        • [17.01] Introduction
        • [17.02] Marketing material and advertisements
        • [17.03] Information to Potential Investors
        • [17.04] Provision of KIID
        • [17.05] Assessment of suitability
      • [18] RISK FACTORS AND INVESTMENT CONSIDERATIONS
        • [18.01] General
        • [18.02] Risk Factors Consideration
        • [18.03] Business Risk
        • [18.04] Historical Performance
        • [18.05] Concentration of Investments Risk
        • [18.06] Declining Performance and Growing Size Risk
        • [18.07] Effect of Substantial Redemptions and Reduced Size Risk
        • [18.08] Reliance on the Manager and Dependence on Key Personnel
        • [18.09] Fee Incentive Risk
        • [18.10] Accounting Treatment Risk
        • [18.11] Model Risk
        • [18.12] No Operating History
        • [18.13] Non-Diversified Status
        • [18.14] Trading Execution Risk
        • [18.15] Factors impacting the value of the Investment Compartments' Assets
        • [18.16] Equity Securities Risk
        • [18.17] Smaller Capitalization Risk
        • [18.18] Securities of Smaller and Emerging Growth Companies
        • [18.19] Co-Investment Risk
        • [18.20] Private Company Competition Risk
        • [18.21] New Issued Risk
        • [18.22] Growth Stock Risk
        • [18.23] Value Stock Risk
        • [18.24] Risks Associated with Options on Securities Generally
        • [18.25] Risks of Writing Options
        • [18.26] Exchange-Listed Options Risks
        • [18.27] Over-the-Counter Option Risk
        • [18.28] Index Option Risk
        • [18.29] Limitation on Option Writing Risk
        • [18.30] Tax Risk
        • [18.31] Preferred Securities Risk
        • [18.32] Convertible Securities Risk
        • [18.33] Synthetic Convertible Securities Risk
        • [18.34] Warrants Risk
        • [18.35] REITs Risk
        • [18.36] Master Limited Partnerships Risk
        • [18.37] Restricted and Illiquid Securities Risk
        • [18.38] Investment Companies Risk
        • [18.39] Fixed Income Securities Risks
        • [18.40] Market Volatility
        • [18.41] Liquidity and Market Characteristics
        • [18.42] Underlying Funds
        • [18.43] Volatility Trading and Stagnant Markets
        • [18.44] Relative Value Strategies
        • [18.45] Event Driven Strategy
        • [18.46] Commodity and Energy Trading
        • [18.47] Distressed Strategies
        • [18.48] Below Investment Grade Debt Securities
        • [18.49] Conflicts Relating to Equity and Debt Ownership by the Investment C
        • [18.50] Trading in Securities of Emerging Market Issuers
        • [18.51] Regulated Markets in Emerging Market Countries
        • [18.52] Access to Non-Public Information
        • [18.53] Hedging
        • [18.54] Forward Foreign Exchange Contracts
        • [18.55] Risks of Stock Index Options
        • [18.56] Equity Funds Risk
        • [18.57] Directional Trading
        • [18.58] Prepayment Risk
        • [18.59] Reinvestment Risk
        • [18.60] Duration and Maturity Risk
        • [18.61] Corporate Bonds Risk
        • [18.62] Below Investment Grade Securities Risk
        • [18.63] Distressed and Defaulted Securities Risk
        • [18.64] Yield and Ratings Risk
        • [18.65] Unrated Securities Risk
        • [18.66] Emerging Markets Risk
        • [18.67] Foreign Currency Risk
        • [18.68] LIBOR Risk
        • [18.69] Leverage Risk
        • [18.70] Risk of Use of Leverage
        • [18.71] Risks Associated with the Use of or Trading in Derivatives
        • [18.72] Control and Monitoring of the Use of Derivative Products
        • [18.73] Debt Securities
        • [18.74] Market Liquidity and Leverage
        • [18.75] Credit Default Swaps
        • [18.76] Liquidity Risk
        • [18.77] Counterparty Risk
        • [18.78] Absence of Regulation in OTC Transactions
        • [18.79] Additional Risks Associated with an Underlying of OTC Derivatives L
        • [18.80] Futures and Options
        • [18.81] Securities of Companies principally engaged in the Real Estate Indu
        • [18.82] Commodities and Energies
        • [18.83] Indexes
        • [18.84] Derivatives
        • [18.85] Repurchase Agreements Risk
        • [18.86] Reverse Repurchase Agreements Risk
        • [18.87] Dollar Roll Transactions Risk
        • [18.88] When-Issued, Forward Commitment and Delayed Delivery Transactions
        • [18.89] Event Risk
        • [18.90] Defensive Investing Risk
        • [18.91] Structured Investments Risks
        • [18.92] Structured Notes Risk
        • [18.93] Equity-Linked Notes Risk
        • [18.94] Credit-Linked Notes Risk
        • [18.95] Event-Linked Securities Risk
        • [18.96] Strategic Transactions and Derivatives Risk
        • [18.97] Counterparty Risk
        • [18.98] Swaps Risk
        • [18.99] Securities Lending Risk
        • [18.100] Short Sales Risk
        • [18.101] Inflation Risk
        • [18.102] Deflation Risk
        • [18.103] EMU and Redenomination Risk
        • [18.104] Market Disruption and Geopolitical Risk
        • [18.105] Regulation and Government Intervention Risk
        • [18.106] Legal, Tax and Regulatory Risks
        • [18.107] Legislation Risk
        • [18.108] Decision-Making Authority Risk
        • [18.109] Management Risk
        • [18.110] Market and Selection Risk
        • [18.111] Reliance on the Manager
        • [18.112] Reliance on Service Providers
        • [18.113] Information Technology Systems
        • [18.114] Misconduct of Employees and of Service Providers
        • [18.115] Portfolio Turnover Risk
        • [18.116] Property valuation is inherently subjective and uncertain
        • [18.117] Real estate investments are relatively illiquid
        • [18.118] The value of any property portfolio may fluctuate as a result of
        • [18.119] Construction risk
        • [18.120] Natural Disasters and Accidents
        • [18.121] Decline in land prices
        • [18.122] Social environment risk
        • [18.123] Political environment risk
        • [18.124] Land Policy risk
        • [18.125] Urban Planning Risk
        • [18.126] Investment Through Nominees
        • [18.127] Maximum Redemption Amount
      • [19] CONFLICTS OF INTEREST
        • [19.01] General
        • [19.02] Disclosure of Conflicts
        • [19.03] Acknowledgment of Potential Conflicts
      • [20] TREATMENT OF INVESTORS
        • [20.01] Fair Treatment of Investors
        • [20.02] Dealings of Related Parties
        • [20.03] Preferential Treatment
        • [20.04] Information to Investors
      • [21] TAX CONSIDERATIONS
        • [21.01] General
        • [21.02] Tax Efficient Structuring
        • [21.03] Corporate Tax
        • [21.04] Definition of ''securities''
        • [21.05] Profit from the disposal of securities
        • [21.06] Dividend Income
        • [21.07] Interest income
        • [21.08] Stamp Duty
        • [21.09] Losses
        • [21.10] Deemed dividend distribution rules
        • [21.11] Withholding Taxes for payments abroad
        • [21.12] Liquidation
        • [21.13] Exit through liquidation
        • [21.14] Taxation of Investors
        • [21.15] Sale or redemption of Investor Units
      • [22] LAW AND JURISDICTION
        • [22.01] Governing Law and Jurisdiction
        • [22.02] Recognition of Judgements
        • [22.03] Contractual Relation
        • [22.04] Dispute Resolution
      • SUPPLEMENTS
        • [01] SUPPLEMENT
        • [02] SUPPLEMENT
        • [03] SUPPLEMENT
        • [04] SUPPLEMENT
        • [05] SUPPLEMENT
    • INVESTMENT COMMITTEE MEMBERS
      • Theano Kalavana
      • Michael Sarris
      • Petros Zographos
      • Chryssis Petousis
      • Marios Maratheftis
      • Stephane Fissentzides
      • Panos Marcoullis
    • INVESTMENT PROCESS
    • PRESENTATION
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Home / Offering Memorandum / TAX CONSIDERATIONS / Losses

21.9. Losses

Any trading tax losses that may arise in a Cyprus Company can be set off against taxable profits and any excess can be carried forward, for the following 5 years.


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