Wednesday August 20 2014

News Source: Fund Regulation

Focus: AIFMD

Type: General

Country: Cyprus




The Cyprus Securities and Exchange Commission (‘Commission’) wishes to inform all interested parties that the Alternative Investment Funds Law (L.131(I)/2014) came into force on July 27 2014.

The law regulates the establishment and operation of the Alternative Investment Funds (AIFs) in the Republic and replaces the International Collective Investment Schemes Laws of 1999 and 2000 (the ‘International Collective Investment Schemes Laws’)

The Law designates the Cyprus Securities and Exchange Commission as the competent supervisory authority of the AIFs.

In relation to:

  1. The existing International Collective Investment Schemes that have been authorised by the Central Bank of Cyprus;
  2. The Register of the International Collective Investment Schemes which has been established and maintained by the Central Bank of Cyprus in accordance with the International Collective Schemes laws; and
  3. The applications that are pending at the Central Bank of Cyprus.

The Commission would like to draw attention to the following:

  • Section 120(1) which outlines the International Collective Investment Schemes that have been authorised in accordance with the International Collective Investment Schemes Laws and may continue to operate.
  • The Central Bank of Cyprus has already transferred the Register of the International Collective Investment Schemes which has been established and maintained by it in accordance with the International Collective Investment Schemes Laws in electronic and printed form, in accordance with section 120(6).
  • Section 120(7) which states that International Collective Investment Schemes that have submitted an application for authorisation in accordance with the International Collective Investment Schemes Laws, but have not yet received the relevant authorisation until the date of application of the law as long as they satisfy the characteristics provided for in section 114(1)of the law, shall not reapply.

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