Alternative Investment Funds (AIFs), established according to the regulatory framework of the Cyprus Republic, means any collective investment undertaking, including investment compartments, which, collectively:

(a) raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and

(b) has not received authorization pursuant to section 9 of the Open-ended Undertakings for Collective Investments Law or pursuant to the legislation of another Member State which harmonizes the article 5 of the Directive 2009/65/EC