Cyprus Securities and Exchange Commission - C178

by:MICHAEL KYPRIANOU & CO. LLC

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 116(2) has not yet been made, and Circular 178 extends the time for delivery of the 2017 report to six months following the end of the period it refers to, in the same way as in 2016. Where a Company has a return date of 31 December 2016, the report must be submitted by 30 June 2017.

The Circular can be accessed here:
http://cysec.gov.cy/CMSPages/GetFile.aspx?guid=be0d9528-76f2-4d1b-8a9f-e2d63d6448e0 

This is provided as informative material only. If you seek specific advice please contact Ms. Ioanna Solomou at ioanna@kyprianou.com.cy