Regulatory Alerts2021-02-22
Opinion on the Application of Article 228 of the Alternative Investment Funds Act
The Croatian Financial Services Supervisory Agency (Hanfa) issued this opinion to clarify the legal status and termination obligations of fixed-term Alternative Investment Funds under Article 228 of the AIFA. It mandates that AIF Managers must liquidate or distribute unliquidated assets to investors within seven days of fund termination, failing which they face administrative penalties and potential liability for damages. The opinion establishes that unliquidated assets remain in joint ownership with investors rather than transferring to the AIF Manager, allowing enforcement through mediation or civil courts under property and obligations law.
Share