Fund Legal Framework

Easternmed Funds VCIC Plc, being a UCITS, falls within the provisions of the Directive 2009/65/EC as amended by Directive 2014/91/EU of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS). The European Commission has adopted Regulations No 583/10 and 584/10 implementing Directive 2009/65/EC of the European Parliament and of the Council.

Cyprus has adopted Directive 2009/65/EC of the European Parliament and of the Council by the enactment of Law 78(I)/12.

The Cyprus Securities and Exchange Commission is the Competent Authority designated to grant operation licenses, to supervise the operation of and to regulate the UCITS that have been authorized in Cyprus as well as the management companies that have their registered offices in Cyprus. The Cyprus Securities and Exchange Commission, being the Competent Authority, issues, pursuant to the provisions of Law 78(I)/12, directives that constitute subordinate legislation and as such are legally binding. This subordinate legislation, includes, inter alia, the Regulatory Administrative Directive 368/12 as regards the procedures and conditions for granting a Management Company operation license and as regards the submission of an application for granting a Management Company operation license, Regulatory Administrative Directive 374/12 as regards the procedure and conditions for granting a UCITS operation license, Regulatory Administrative Directive 376/12 regarding the presentation of the content of the prospectus, the reports, the condensed statements of the UCITS, the Key Investor Information and the reports of section 114 of the Law and Regulatory Administrative Directive 379/12 as regards avoidance of market timing and late trading practices when offering units in UCITS.

All UCITS authorized in Cyprus and their Management Companies having their registered offices in Cyprus shall at all times abide by the aforementioned legislation and any other relevant legislation as in force from time to time, as well as by any subordinate legislation issued from to time by the Cyprus Security and Exchange Commission.