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ARTICLE · 14 FEBRUARY 2017

Cyprus Securities And Exchange Commission - C178

Michael Kyprianou & Co. LLC
Michael Kyprianou & Co. LLC
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On 20 January 2017, the Cyprus Securities and Exchange Commission ('CySEC') issued Circular 178 referring to Alternative Investment Funds with a Limited Number of Persons ("AIFLNPs") and their managers...

CyprusCorporate/Commercial Law
Michael Kyprianou & Co LLC
Michael Kyprianou & Co LLC
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On 20 January 2017, the Cyprus Securities and Exchange Commission ('CySEC') issued Circular 178 referring to Alternative Investment Funds with a Limited Number of Persons ("AIFLNPs") and their managers, informing them of their obligations to submit their annual reports for 2017.

Subject to the provisions of the AIF Law, AIFLNPs must prepare an annual report, audited by an independent auditor, and confirming their compliance with the provisions of the AIF Law, which prescribes the requirements that they must meet. According to the article, the report is to be submitted to CySEC within one month after the end of the period it refers to.

CySEC has identified that there are inconsistencies between the AIF Law and the Companies Law Cap. 113 as to the timing for the submission of their annual returns. It has therefore granted a once-off extension of time to AIFLNPs established and operating as companies to submit their annual report for 2016. The amendment to article

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