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The “Alternative Investment Funds Managers (Amendment) (No2) Law of 2015”
Area(s) of Practice: Banking and Secured Financing, European Union Law

An amendment of the Alternative Investment Funds Managers (AIFMs) Law, 56(I)/2013, aiming at harmonising Cyprus legislation with certain provisions of the EU Directive 2014/65 was recently approved by the Parliament. According to the amending legislation, an AIFM of the Republic of Cyprus, in addition to the management of EU AIFs established in another member state, is also allowed to provide other specified investment services in that member state. Accordingly, an EU AIFM (an AIFM of a member state other than Cyprus), in addition to the management of AIFs of the Republic, is also allowed to provide other specified investment services in the Republic of Cyprus. However, an AIFM of an EU member state other than Cyprus, which intends to provide these additional investment services in Cyprus, shall only be allowed to do so upon receipt of a transmission notification from the competent authority of its home Member State.

The additional services that may be provided by the said AIFMs are the following:
• management of portfolios of investments, including those owned by pension funds and institutions for occupational retirement provision in accordance with Article 19(1) of Directive 2003/41/EC, in accordance with mandates given by investors on a discretionary, client-by-client basis;
• non-core services comprising investment advice, safe-keeping and administration in relation to units of collective investment undertakings and reception and transmission of orders in relation to financial instruments.

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