In preparation for the implementation of amendments to the Alternative Investment Funds Law, the Cyprus Securities and Exchange Commission has opened the consultation process on the text of directives it proposes to issue under the amended law.
Twelve draft directives have been published, dealing with:
- the conditions and procedure for the distribution of units of AIFs and AIFs with a limited number of persons in Cyprus (and abroad by Cyprus-based AIFs), the organization of distribution networks and the obligations of participants in the network;
- conversion of AIFs from a single scheme basis to an umbrella scheme basis and vice versa;
- establishment, operation and dissolution of umbrella-type AIFs or (the new type) of Registered AIFs or AIFs with a limited number of persons;
- termination and liquidation of AIFs that operate as mutual funds;
- marketing announcements by AIFs;
- procedures for registration in and deletion from the new register of Registered AIFs;
- content of AIFs' six-monthly reports;
- changing the legal form of the AIF;
- mergers of Registered AIFs;
- mergers of AIFs;
- reporting of statistical data to CySEC by the external managers of AIFs; and
- tradable AIFs or Registered AIFs.
CySEC is seeking comments on the proposed directives, which have been published only in the Greek language, by 11 July.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.