Alternative Investment Fund Managers Directive: Cyprus in the AIFMD Era

In This Issue:

- Highlights of AIFM Law provisions

- Licensable AIFMs pursuant to the AIFM Law

- Depositary

- Cross-border management and marketing of AIFs (Passport)

- On 5 July 2013 Cyprus transposed the AIFMD by means of legislation, the Law 56 I/2013 (“AIFM Law”). By 22 July 2013 the EU Level II Regulation (“Regulation”), which substantiates AIFMD provisions and is directly and uniformly applicable in all EU Member States (“EU MS”), became also applicable in Cyprus. This briefing will present the main provisions of the AIFM Law that apply to managers of Alternative Investment Funds (AIFs) falling within the scope of the AIFM Law (“AIFMs”). These provisions relate to the authorisation, the operating conditions and organisational requirements of a Cypriot AIFM, the depositary provisions and the cross-border management and marketing of AIFs managed by a Cypriot AIFM. In a separate briefing, the bespoke provisions relating to particular types of AIFs, such as reporting and disclosure regarding private equity and the role of a prime broker within the hedge funds’ context will be presented.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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