Raising of capital from investors within a specified time period

In a circular dated 7th June 2019, the Cyprus Securities and Exchange Commission ( ‘ the CySEC’ ) reminded all authorized and registered Alternative Investment Fund Managers (AIFMs) of Article 14 of the AIF law which requires them to raise a minimum of EUR 500,000 capital from investors within 12 months from the date authorization was granted.

The payments made by investors should be in cash or assets that relate to the investment of the AIF, free of liens.

Non-cash payments made by investors towards the AIF must be valued at the time of the payment by an independent valuer meeting the requirements of Article 73 of Regulation ( EU ) No.231/2013.

Our experienced Financial Services team can help you navigate the applicable regulatory framework in Cyprus and for any enquiry or assistance please contact Dimitris Papoutsis or your usual contact at Elias Neocleous & Co LLC.