Registered Alternative Investment Funds Update

We would like to inform you that the Cyprus Securities and Exchange Commission ("CySEC") has published an announcement reiterating the legal and regulatory framework applicable to Registered Alternative Investment Funds ("RAIFs"). This has been done in an effort on behalf of CySEC to rectify various announcements and publications made from various RAIFs which contained erroneous information as to the regulations applicable to them.

CySEC has reiterated that RAIFs are governed by the Alternative Investment Funds Law of 2018 ("AIF Law"), and specifically part VIII of the AIF Law which deals with RAIFs. It is noted that:

• the fund rules or constitutional documents must expressly provide that they are subject to the provisions of Part VIII of the AIF Law;