The Cypriot Securities and Exchange Commission is telling supervised entities that fall into the ambit of the Alternative Investment Fund Managers Law 2013 that the transitional provision of s87(5) will end on 22nd July 2017.

The section transposes Article 61(5) of the European Union's Alternative Investment Fund Managers' Directive. The purpose of the transitional period in that directive was to allow the sector to adjust to Article 21(5)(a) or (b) of the AIFMD (s23(7) AIFM Law). After the deadline, article 21(5) (with its options in indents (a) and (b)) applies in full.

Depositaries not established in the home member-state of the AIF that were appointed before 22 July 2017 will have to be replaced after that date.