CYPRUS: AIFMD is Transposed into Cyprus Legislation

Monday July 8 2013

The Cyprus Securities and Exchange Commission would like to inform all interested parties that the Alternative Investments Fund Managers Law of 2013 –L. 56(I)/2013 (the Law) has been published in the Official Gazette of the Republic on Friday, 5 July 2013. The said Law transposes into Cyprus legislation Directive 2011/61/EU of the European Parliament and Council of 8th July 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (the Directive).

Cyprus is the second member state to harmonize its legislation with the said Directive. It is noted that member states must harmonize their legislation with the provisions of the said Directive by the 22nd July 2013.

According to the Law, the Cyprus Securities and Exchange Commission is appointed as relevant competent authority.

Regarding AIFM activities, the Law allows the following activities:

• Cyprus AIFM may manage Cyprus AIFs or AIFs of another member state or third country.
• EU or third country AIFM may manager Cyprus AIFs.
• Cyprus AIFM may market units or shares of AIFs they manage in other member states or third countries.
• EU or third country AIFM may market units or shares of AIFs they manage in the Republic.

It is noted that the Law, translated into English, will be posted on CySEC’s website early next week.

Please see the below link for more details: