{"id":2487,"date":"2026-07-10T09:18:50","date_gmt":"2026-07-10T09:18:50","guid":{"rendered":"https:\/\/smlf.gr\/?p=2487"},"modified":"2026-07-10T09:27:33","modified_gmt":"2026-07-10T09:27:33","slug":"law-5313-2026-the-new-framework-for-foreign-investment-funds-management-companies-and-carried-interest","status":"publish","type":"post","link":"https:\/\/smlf.gr\/el\/law-5313-2026-the-new-framework-for-foreign-investment-funds-management-companies-and-carried-interest\/","title":{"rendered":"Law 5313\/2026: The New Framework for Foreign Investment Funds, Management Companies and Carried Interest\u00a0"},"content":{"rendered":"\t\t
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Law 5313\/2026: The New Framework for Foreign Investment Funds, Management Companies and Carried Interest <\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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Law 5313\/2026 (Government Gazette Series I No. 102\/25.06.2026), enacted on 24 June 2026,\u00a0establishes\u00a0a clear framework for the activity of foreign investment funds and the relocation of management companies to Greece. The core of the reform sits in\u00a0<\/span>Articles 95-97<\/span><\/b>, complemented by two further provisions that complete the picture:\u00a0<\/span>Article 8(11)<\/span><\/b>\u00a0(deductibility of carried interest as a business expense) and\u00a0<\/span>Article 94<\/span><\/b>\u00a0(simplification of the HNWI and foreign-pensioner regimes). Article 98, although numerically adjacent, concerns a matter entirely unrelated to investment funds.<\/span>\u00a0<\/span><\/p>

Article 95: A New General Exclusion from Permanent Establishment<\/span><\/b>\u00a0<\/span><\/p>

Article 95 amends subparagraph (a) of paragraph 4 of Article 6 of the Greek Income Tax Code (“GITC”) \u2014 the provision listing activities that\u00a0do not constitute\u00a0a permanent establishment (“PE”). Alongside the existing exclusion for the storage, display and delivery of goods, the law now\u00a0adds\u00a0the use of a facility\u00a0<\/span>“solely for the purpose of regulatory compliance and supervision by competent authorities.”<\/span><\/b>\u00a0<\/span><\/p>

This is a general provision \u2014 it applies to any business, not only investment structures \u2014 but its practical weight is clearly greatest for managers and funds that maintain an office in Greece purely for regulatory-compliance purposes, without carrying on their core business there. It applies as from the 2026 tax year onwards (Article 137(9)).<\/span>\u00a0<\/span><\/p>

Article 96 and Article 8(11): The New Carried Interest Regime<\/span><\/b>\u00a0<\/span><\/p>

Article 96 inserts a second sentence into paragraph 9 of Article 42 GITC: carried interest paid under a contractual entitlement to employees of Greek legal entities \u2014 which provide services to\u00a0<\/span>affiliated<\/span><\/b>\u00a0(within the meaning of Article 2(g) GITC) managers of Alternative Investment Funds (“AIFs”), whether established in the EU and subject to the AIFMD (Directive 2011\/61\/EU) or equivalent managers established in third countries, subject to the conditions discussed below in relation to Article 97 \u2014 is now taxed as capital gain rather than as employment income.<\/span>\u00a0<\/span><\/p>

The amended Article 43 GITC sets the general capital-gains rate at 15%, while introducing a special\u00a0<\/span>5%<\/span><\/b>\u00a0rate for carried interest, provided that, cumulatively:<\/span>\u00a0<\/span><\/p>

  • the individual\u00a0enters into\u00a0an employment relationship with the Greek legal entity and, on that basis, transfers their tax residence to Greece under the Article 5C GITC regime; and<\/span>\u00a0<\/span><\/li><\/ul>
    • the Greek legal entity incurs expenses in Greece of at least \u20ac3,000,000 per tax year (pro-rated if the relevant period within the year is shorter than 12 months).<\/span>\u00a0<\/span><\/li><\/ul>

      The\u00a0favourable\u00a0rate applies for a total of 7 tax years from the year in which the Article 5C application is submitted, and any portion of the remuneration attributable to a period before the transfer of tax residence and the commencement of the employment relationship is not taxed in Greece at all. These provisions apply for tax years from 1 January 2026.<\/span>\u00a0<\/span><\/p>

      The deductibility of carried interest as a business expense is not established by Article 96 itself, but by a\u00a0<\/span>separate provision \u2014 Article 8(11)<\/span><\/b>, which adds paragraph 11 to Article 47 GITC: legal entities and other entities within the meaning of Article 45 GITC may deduct the carried interest they pay to their employees,\u00a0<\/span>provided<\/span><\/b>\u00a0that an equal amount has been\u00a0recognised\u00a0as income from business activity. Article 96 merely sets the effective date of that deduction (expenses from 1 January 2026 onwards). Note that paragraph 10 of the same Article 8 addresses an entirely different matter \u2014 tax incentives for the “Build to Rent”\u00a0programme\u00a0\u2014 and has no connection to carried interest.<\/span>\u00a0<\/span><\/p>

      Article 97: Tax Treatment of AIFs and a “Safe Harbour” \u2014 With a Distinction Between Funds and Managers<\/span><\/b>\u00a0<\/span><\/p>

      Article 97 fully replaces Article 56 of Law 4706\/2020 and is the densest provision in the package.<\/span>\u00a0<\/span><\/p>

      Who falls outside Greek income tax.<\/span><\/b>\u00a0The law confirms that EU AIFs (AIFMD) remain subject to the provisions of Article 7 of Law 2992\/2002 that keep them outside the scope of income tax. The same treatment is now expressly extended to equivalent third-country investment vehicles, subject to two conditions: their registered seat must not be located in a\u00a0<\/span>“non-cooperative jurisdiction within the meaning of Article 65 of the Greek Income Tax Code”<\/span><\/b>\u00a0\u2014 not merely outside an EU list, but by express reference to Article 65 GITC \u2014 and they must be supervised, directly or through their manager, by an authority accredited with IOSCO.<\/span>\u00a0<\/span><\/p>

      The “safe\u00a0harbour” for funds,\u00a0entities\u00a0and investors.<\/span><\/b>\u00a0Paragraph 2 defines, in narrow and explicit terms, which activities are protected:\u00a0<\/span>“management, the delegation of management or part thereof, and portfolio management, and only these”<\/span><\/b>\u00a0\u2014 not “investment activities” in general \u2014 do not constitute the exercise of\u00a0<\/span>place of effective management<\/span><\/b>\u00a0in Greece within the meaning of Article 4(4) GITC, and therefore do not, by themselves, trigger Greek tax residence. This protection covers the AIFs themselves (EU and\u00a0third-country, under the same non-cooperative-jurisdiction\/IOSCO conditions), the foreign legal persons and entities in which those funds hold, directly or indirectly, a participation of at least 95% (holding\/investment vehicles), and their unitholders. Paragraph 3 further excludes the application of the tax-residence presumptions of Article 4(3)-(4) GITC specifically in respect of their activities as AIFs. Paragraph 4 adds that the provision of these services by Greek legal entities does not, by itself, constitute a permanent establishment (Article 6 GITC) for the AIFs, their entities, or their unitholders.<\/span>\u00a0<\/span><\/p>

      Separate protection for managers.<\/span><\/b>\u00a0Paragraph 5 is a distinct provision with a different set of beneficiaries: it provides that portfolio-management and advisory services rendered by Greek legal entities, in the ordinary course of their business,\u00a0<\/span>to the AIF managers themselves<\/span><\/b>\u00a0(EU managers or equivalent third-country managers, under the same conditions) do not constitute a permanent establishment\u00a0<\/span>for those managers<\/span><\/b>. In other words, the article contains two independent layers of protection: one shields the fund, its entities and its investors from the risk of tax residence\/PE; the other, separately, shields the managers themselves from PE risk when they receive services from a Greek provider.<\/span>\u00a0<\/span><\/p>

      Two-speed entry into force.<\/span><\/b>\u00a0The second sentence of paragraph 1 (the extension of the income-tax exclusion to third countries) applies for tax years from 1 January 2025. The third sentence of paragraph 1 and paragraphs 2 to 5 (place of effective management, PE protection for funds\/entities\/investors, PE protection for managers)\u00a0apply\u00a0for tax years from 1 January 2026.<\/span>\u00a0<\/span><\/p>

      Article 98: Unrelated to the Fund Package<\/span><\/b>\u00a0<\/span><\/p>

      Despite its numerical proximity, Article 98 has no connection to investment funds. It amends the annual turnover threshold (\u20ac2,000,000) for the optional VAT cash-accounting regime, by reference to the turnover definition in Article 44(2) of the VAT Code. This is a purely technical adjustment for small businesses, unrelated to the rest of the package.<\/span>\u00a0<\/span><\/p>

      Article 94: Simplification for HNWIs and Foreign Pensioners<\/span><\/b>\u00a0<\/span><\/p>

      Article 94 amends Articles 5A (high-net-worth individuals) and 5B (foreign pensioners) GITC, introducing three procedural changes common to both regimes:<\/span>\u00a0<\/span><\/p>

      • The single application deadline of 31 March is removed from the statute; the deadline will instead be set by decision of the Governor of the Independent Authority for Public Revenue (“AADE”).<\/span>\u00a0<\/span><\/li><\/ul>
        • Payment of the flat-rate tax (\u20ac100,000 for HNWIs; 7% on foreign-source income for pensioners) is moved from the last business day of July to the last business day of December.<\/span>\u00a0<\/span><\/li><\/ul>
          • The deadline by which the Tax Administration was required to approve or reject the application (by the end of June) is likewise removed from the statute and delegated to an AADE regulatory decision \u2014 this is not an abolition of the taxpayer’s payment deadline, but a delegation of the administrative timeline out of the primary legislation.<\/span>\u00a0<\/span><\/li><\/ul>

            Article 94 is not among the exceptions listed in Article\u00a0137, and\u00a0therefore takes effect under the general rule of paragraph 1 \u2014 from the publication of the law,\u00a0i.e.\u00a0from 25 June 2026.<\/span>\u00a0<\/span><\/p>

            Why It Matters<\/span><\/b>\u00a0<\/span><\/p>

            Taken together, Articles 95-97 remove the principal institutional obstacle that kept international investment funds and managers away from Greece: the risk of being inadvertently drawn into Greek tax\u00a0jurisdiction\u00a0through the presence of management or compliance personnel. Combined with the more\u00a0favourable\u00a0carried interest regime (Articles 96 and 8(11)) and the simplification of the HNWI\/pensioner regimes (Article 94), the reform targets both the capital itself and the professionals who manage it.<\/span>\u00a0<\/span><\/p>

            ______________________________________________________________________________________________________________________________________________________________<\/p>

            \u039d. 5313\/2026: \u03a4\u03bf \u03c0\u03bb\u03b1\u03af\u03c3\u03b9\u03bf \u03b3\u03b9\u03b1 \u03b1\u03bb\u03bb\u03bf\u03b4\u03b1\u03c0\u03ac \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ac \u03ba\u03b5\u03c6\u03ac\u03bb\u03b1\u03b9\u03b1, \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03af\u03b5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7\u03c2 \u03ba\u03b1\u03b9\u00a0<\/span><\/span>carried<\/span><\/span>\u00a0<\/span><\/span>interest<\/span><\/span>\u00a0<\/span><\/b><\/h5>

            \u039c\u03b5 \u03c4\u03bf\u03bd \u03bd. 5313\/2026 (\u03a6\u0395\u039a \u0391’ 102\/25.06.2026), \u03c0\u03bf\u03c5 \u03c8\u03b7\u03c6\u03af\u03c3\u03c4\u03b7\u03ba\u03b5 \u03c3\u03c4\u03b9\u03c2 24 \u0399\u03bf\u03c5\u03bd\u03af\u03bf\u03c5 2026, \u03bf \u0388\u03bb\u03bb\u03b7\u03bd\u03b1\u03c2 \u03bd\u03bf\u03bc\u03bf\u03b8\u03ad\u03c4\u03b7\u03c2 \u03c3\u03c5\u03b3\u03ba\u03c1\u03bf\u03c4\u03b5\u03af \u03ad\u03bd\u03b1 \u03c3\u03b1\u03c6\u03ad\u03c2 \u03c0\u03bb\u03b1\u03af\u03c3\u03b9\u03bf \u03b3\u03b9\u03b1 \u03c4\u03b7 \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03bf\u03c0\u03bf\u03af\u03b7\u03c3\u03b7 \u03b1\u03bb\u03bb\u03bf\u03b4\u03b1\u03c0\u03ce\u03bd \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ce\u03bd \u03ba\u03b5\u03c6\u03b1\u03bb\u03b1\u03af\u03c9\u03bd \u03ba\u03b1\u03b9 \u03c4\u03b7 \u03bc\u03b5\u03c4\u03b5\u03b3\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c3\u03b7 \u03b5\u03c4\u03b1\u03b9\u03c1\u03b5\u03b9\u03ce\u03bd \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7\u03c2 \u03c3\u03c4\u03b7\u03bd \u0395\u03bb\u03bb\u03ac\u03b4\u03b1. \u039f \u03c0\u03c5\u03c1\u03ae\u03bd\u03b1\u03c2 \u03c4\u03b7\u03c2 \u03bc\u03b5\u03c4\u03b1\u03c1\u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7\u03c2 \u03b2\u03c1\u03af\u03c3\u03ba\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03b1\u00a0<\/span>\u03ac\u03c1\u03b8\u03c1\u03b1 95-97<\/span><\/b>, \u03bc\u03b5 \u03b4\u03cd\u03bf \u03b1\u03ba\u03cc\u03bc\u03b7 \u03c3\u03c5\u03bd\u03bf\u03b4\u03b5\u03c5\u03c4\u03b9\u03ba\u03ad\u03c2 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2 \u03bd\u03b1 \u03bf\u03bb\u03bf\u03ba\u03bb\u03b7\u03c1\u03ce\u03bd\u03bf\u03c5\u03bd \u03c4\u03b7\u03bd \u03b5\u03b9\u03ba\u03cc\u03bd\u03b1: \u03c4\u03bf\u00a0<\/span>\u03ac\u03c1\u03b8\u03c1\u03bf 8 \u03c0\u03b1\u03c1. 11<\/span><\/b>\u00a0(\u03ad\u03ba\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c4\u03bf\u03c5\u00a0<\/span>carried<\/span>\u00a0<\/span>interest<\/span>\u00a0\u03c9\u03c2 \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03b7\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b4\u03b1\u03c0\u03ac\u03bd\u03b7\u03c2) \u03ba\u03b1\u03b9 \u03c4\u03bf\u00a0<\/span>\u03ac\u03c1\u03b8\u03c1\u03bf 94<\/span><\/b>\u00a0(\u03b1\u03c0\u03bb\u03bf\u03cd\u03c3\u03c4\u03b5\u03c5\u03c3\u03b7 \u03c4\u03c9\u03bd \u03ba\u03b1\u03b8\u03b5\u03c3\u03c4\u03ce\u03c4\u03c9\u03bd\u00a0<\/span>HNWI<\/span>\u00a0\u03ba\u03b1\u03b9 \u03b1\u03bb\u03bb\u03bf\u03b4\u03b1\u03c0\u03ce\u03bd \u03c3\u03c5\u03bd\u03c4\u03b1\u03be\u03b9\u03bf\u03cd\u03c7\u03c9\u03bd). \u03a4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 98, \u03b1\u03bd \u03ba\u03b1\u03b9 \u03b3\u03b5\u03b9\u03c4\u03bf\u03bd\u03b5\u03cd\u03b5\u03b9 \u03b1\u03c1\u03b9\u03b8\u03bc\u03b7\u03c4\u03b9\u03ba\u03ac, \u03b1\u03c6\u03bf\u03c1\u03ac \u03b6\u03ae\u03c4\u03b7\u03bc\u03b1 \u03b5\u03bd\u03c4\u03b5\u03bb\u03ce\u03c2 \u03ac\u03c3\u03c7\u03b5\u03c4\u03bf \u03bc\u03b5 \u03c4\u03b1 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ac \u03ba\u03b5\u03c6\u03ac\u03bb\u03b1\u03b9\u03b1.<\/span>\u00a0<\/span><\/p>

            \u0386\u03c1\u03b8\u03c1\u03bf 95: \u039c\u03b9\u03b1 \u03bd\u03ad\u03b1 \u03b3\u03b5\u03bd\u03b9\u03ba\u03ae \u03b5\u03be\u03b1\u03af\u03c1\u03b5\u03c3\u03b7 \u03b1\u03c0\u03cc \u03c4\u03b7 \u03bc\u03cc\u03bd\u03b9\u03bc\u03b7 \u03b5\u03b3\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c3\u03b7<\/span><\/b>\u00a0<\/span><\/p>

            \u03a4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 95 \u03c4\u03c1\u03bf\u03c0\u03bf\u03c0\u03bf\u03b9\u03b5\u03af \u03c4\u03b7\u03bd \u03c0\u03b5\u03c1. \u03b1) \u03c4\u03b7\u03c2 \u03c0\u03b1\u03c1. 4 \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 6 \u039a\u03a6\u0395 \u2014 \u03c4\u03b7 \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u03c0\u03bf\u03c5 \u03b1\u03c0\u03b1\u03c1\u03b9\u03b8\u03bc\u03b5\u03af \u03c4\u03b9 \u03b4\u03b5\u03bd \u03c3\u03c5\u03bd\u03b9\u03c3\u03c4\u03ac \u03bc\u03cc\u03bd\u03b9\u03bc\u03b7 \u03b5\u03b3\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c3\u03b7. \u03a3\u03c4\u03b7\u03bd \u03ae\u03b4\u03b7 \u03c5\u03c0\u03ac\u03c1\u03c7\u03bf\u03c5\u03c3\u03b1 \u03b5\u03be\u03b1\u03af\u03c1\u03b5\u03c3\u03b7 \u03b3\u03b9\u03b1 \u03b1\u03c0\u03bf\u03b8\u03ae\u03ba\u03b5\u03c5\u03c3\u03b7, \u03ad\u03ba\u03b8\u03b5\u03c3\u03b7 \u03ba\u03b1\u03b9 \u03c0\u03b1\u03c1\u03ac\u03b4\u03bf\u03c3\u03b7 \u03b1\u03b3\u03b1\u03b8\u03ce\u03bd, \u03c0\u03c1\u03bf\u03c3\u03c4\u03af\u03b8\u03b5\u03c4\u03b1\u03b9 \u03c4\u03ce\u03c1\u03b1 \u03ba\u03b1\u03b9 \u03b7 \u03c7\u03c1\u03ae\u03c3\u03b7 \u03b5\u03b3\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c3\u03b7\u03c2\u00a0<\/span>\u00ab\u03b1\u03c0\u03bf\u03ba\u03bb\u03b5\u03b9\u03c3\u03c4\u03b9\u03ba\u03ac \u03b3\u03b9\u03b1 \u03c4\u03bf\u03bd \u03c3\u03ba\u03bf\u03c0\u03cc \u03c1\u03c5\u03b8\u03bc\u03b9\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03c3\u03c5\u03bc\u03bc\u03cc\u03c1\u03c6\u03c9\u03c3\u03b7\u03c2 \u03ba\u03b1\u03b9 \u03b5\u03c0\u03bf\u03c0\u03c4\u03b5\u03af\u03b1\u03c2 \u03b1\u03c0\u03cc \u03b1\u03c1\u03bc\u03cc\u03b4\u03b9\u03b5\u03c2 \u03b1\u03c1\u03c7\u03ad\u03c2\u00bb<\/span><\/b>.<\/span>\u00a0<\/span><\/p>

            \u03a0\u03c1\u03cc\u03ba\u03b5\u03b9\u03c4\u03b1\u03b9 \u03b3\u03b9\u03b1 \u03b3\u03b5\u03bd\u03b9\u03ba\u03ae \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u2014 \u03b5\u03c6\u03b1\u03c1\u03bc\u03cc\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03b5 \u03ba\u03ac\u03b8\u03b5 \u03b5\u03c0\u03b9\u03c7\u03b5\u03af\u03c1\u03b7\u03c3\u03b7, \u03cc\u03c7\u03b9 \u03bc\u03cc\u03bd\u03bf \u03c3\u03b5 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ac \u03c3\u03c7\u03ae\u03bc\u03b1\u03c4\u03b1 \u2014 \u03b1\u03bb\u03bb\u03ac \u03b7 \u03c0\u03c1\u03b1\u03ba\u03c4\u03b9\u03ba\u03ae \u03c4\u03b7\u03c2 \u03b2\u03b1\u03c1\u03cd\u03c4\u03b7\u03c4\u03b1 \u03b5\u03af\u03bd\u03b1\u03b9 \u03c3\u03b1\u03c6\u03ce\u03c2 \u03bc\u03b5\u03b3\u03b1\u03bb\u03cd\u03c4\u03b5\u03c1\u03b7 \u03b3\u03b9\u03b1 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2 \u03ba\u03b1\u03b9\u00a0<\/span>funds<\/span>\u00a0\u03c0\u03bf\u03c5 \u03b4\u03b9\u03b1\u03c4\u03b7\u03c1\u03bf\u03cd\u03bd \u03c3\u03c4\u03b7\u03bd \u0395\u03bb\u03bb\u03ac\u03b4\u03b1 \u03b3\u03c1\u03b1\u03c6\u03b5\u03af\u03bf \u03b1\u03c0\u03bf\u03ba\u03bb\u03b5\u03b9\u03c3\u03c4\u03b9\u03ba\u03ac \u03b3\u03b9\u03b1 \u03ba\u03b1\u03bd\u03bf\u03bd\u03b9\u03c3\u03c4\u03b9\u03ba\u03ae \u03c3\u03c5\u03bc\u03bc\u03cc\u03c1\u03c6\u03c9\u03c3\u03b7, \u03c7\u03c9\u03c1\u03af\u03c2 \u03bd\u03b1 \u03b1\u03c3\u03ba\u03bf\u03cd\u03bd \u03b5\u03ba\u03b5\u03af \u03c4\u03bf\u03bd \u03c0\u03c5\u03c1\u03ae\u03bd\u03b1 \u03c4\u03b7\u03c2 \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03b7\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03cc\u03c4\u03b7\u03c4\u03b1\u03c2. \u0399\u03c3\u03c7\u03cd\u03b5\u03b9 \u03b1\u03c0\u03cc \u03c4\u03bf \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03cc \u03ad\u03c4\u03bf\u03c2 2026 \u03ba\u03b1\u03b9 \u03b5\u03c6\u03b5\u03be\u03ae\u03c2 (\u03ac\u03c1\u03b8\u03c1\u03bf 137 \u03c0\u03b1\u03c1. 9).<\/span>\u00a0<\/span><\/p>

            \u0386\u03c1\u03b8\u03c1\u03bf 96 \u03ba\u03b1\u03b9 \u03ac\u03c1\u03b8\u03c1\u03bf 8 \u03c0\u03b1\u03c1. 11: \u03a4\u03bf \u03bd\u03ad\u03bf \u03ba\u03b1\u03b8\u03b5\u03c3\u03c4\u03ce\u03c2\u00a0<\/span><\/b>carried<\/span><\/b>\u00a0<\/span><\/b>interest<\/span><\/b>\u00a0<\/span><\/p>

            \u03a4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 96 \u03c0\u03c1\u03bf\u03c3\u03b8\u03ad\u03c4\u03b5\u03b9 \u03b4\u03b5\u03cd\u03c4\u03b5\u03c1\u03bf \u03b5\u03b4\u03ac\u03c6\u03b9\u03bf \u03c3\u03c4\u03b7\u03bd \u03c0\u03b1\u03c1. 9 \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 42 \u039a\u03a6\u0395: \u03b7 \u03b1\u03bc\u03bf\u03b9\u03b2\u03ae \u03c0\u03c1\u03cc\u03c3\u03b8\u03b5\u03c4\u03b7\u03c2 \u03b1\u03c0\u03cc\u03b4\u03bf\u03c3\u03b7\u03c2 (<\/span>carried<\/span>\u00a0<\/span>interest<\/span>) \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03b1\u03b2\u03ac\u03bb\u03bb\u03b5\u03c4\u03b1\u03b9 \u03b2\u03ac\u03c3\u03b5\u03b9 \u03c3\u03c5\u03bc\u03b2\u03b1\u03c4\u03b9\u03ba\u03bf\u03cd \u03b4\u03b9\u03ba\u03b1\u03b9\u03ce\u03bc\u03b1\u03c4\u03bf\u03c2 \u03c3\u03b5 \u03b5\u03c1\u03b3\u03b1\u03b6\u03bf\u03bc\u03ad\u03bd\u03bf\u03c5\u03c2 \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03ce\u03bd \u03bd\u03bf\u03bc\u03b9\u03ba\u03ce\u03bd \u03c0\u03c1\u03bf\u03c3\u03ce\u03c0\u03c9\u03bd \u2014\u03c4\u03b1 \u03bf\u03c0\u03bf\u03af\u03b1 \u03c0\u03b1\u03c1\u03ad\u03c7\u03bf\u03c5\u03bd \u03c5\u03c0\u03b7\u03c1\u03b5\u03c3\u03af\u03b5\u03c2 \u03c3\u03b5\u00a0<\/span>\u03c3\u03c5\u03bd\u03b4\u03b5\u03b4\u03b5\u03bc\u03ad\u03bd\u03bf\u03c5\u03c2<\/span><\/b>\u00a0(\u03ba\u03b1\u03c4\u03ac \u03c4\u03b7\u03bd \u03c0\u03b5\u03c1. \u03b6’ \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 2 \u039a\u03a6\u0395) \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2 \u039f\u0395\u0395, \u03b5\u03af\u03c4\u03b5 \u03b5\u03b3\u03ba\u03b1\u03c4\u03b5\u03c3\u03c4\u03b7\u03bc\u03ad\u03bd\u03bf\u03c5\u03c2 \u03c3\u03c4\u03b7\u03bd \u0395\u0395 \u03ba\u03b1\u03b9 \u03c5\u03c0\u03b1\u03b3\u03cc\u03bc\u03b5\u03bd\u03bf\u03c5\u03c2 \u03c3\u03c4\u03b7\u03bd \u039f\u03b4\u03b7\u03b3\u03af\u03b1\u00a0<\/span>AIFMD<\/span>\u00a0(2011\/61\/\u0395\u0395) \u03b5\u03af\u03c4\u03b5 \u03b1\u03bd\u03c4\u03af\u03c3\u03c4\u03bf\u03b9\u03c7\u03bf\u03c5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2 \u03c4\u03c1\u03af\u03c4\u03c9\u03bd \u03c7\u03c9\u03c1\u03ce\u03bd, \u03c5\u03c0\u03cc \u03c4\u03b9\u03c2 \u03c0\u03c1\u03bf\u03cb\u03c0\u03bf\u03b8\u03ad\u03c3\u03b5\u03b9\u03c2 \u03c0\u03bf\u03c5 \u03b5\u03be\u03b5\u03c4\u03ac\u03b6\u03bf\u03c5\u03bc\u03b5 \u03c0\u03b1\u03c1\u03b1\u03ba\u03ac\u03c4\u03c9 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 97\u2014 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b5\u03af\u03c4\u03b1\u03b9 \u03c0\u03bb\u03ad\u03bf\u03bd \u03c9\u03c2 \u03c5\u03c0\u03b5\u03c1\u03b1\u03be\u03af\u03b1 \u03bc\u03b5\u03c4\u03b1\u03b2\u03af\u03b2\u03b1\u03c3\u03b7\u03c2 \u03ba\u03b5\u03c6\u03b1\u03bb\u03b1\u03af\u03bf\u03c5 \u03ba\u03b1\u03b9 \u03cc\u03c7\u03b9 \u03c9\u03c2 \u03b5\u03b9\u03c3\u03cc\u03b4\u03b7\u03bc\u03b1 \u03b1\u03c0\u03cc \u03bc\u03b9\u03c3\u03b8\u03c9\u03c4\u03ae \u03b5\u03c1\u03b3\u03b1\u03c3\u03af\u03b1.<\/span>\u00a0<\/span><\/p>

            \u03a4\u03bf \u03c4\u03c1\u03bf\u03c0\u03bf\u03c0\u03bf\u03b9\u03b7\u03bc\u03ad\u03bd\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 43 \u039a\u03a6\u0395 \u03bf\u03c1\u03af\u03b6\u03b5\u03b9 \u03c4\u03bf\u03bd \u03b3\u03b5\u03bd\u03b9\u03ba\u03cc \u03c3\u03c5\u03bd\u03c4\u03b5\u03bb\u03b5\u03c3\u03c4\u03ae \u03c5\u03c0\u03b5\u03c1\u03b1\u03be\u03af\u03b1\u03c2 \u03c3\u03c4\u03bf 15%, \u03b5\u03bd\u03ce \u03c0\u03c1\u03bf\u03c3\u03b8\u03ad\u03c4\u03b5\u03b9 \u03b5\u03b9\u03b4\u03b9\u03ba\u03cc \u03ba\u03b1\u03b8\u03b5\u03c3\u03c4\u03ce\u03c2\u00a0<\/span>5%<\/span><\/b>\u00a0\u03b3\u03b9\u03b1 \u03c4\u03bf\u00a0<\/span>carried<\/span>\u00a0<\/span>interest<\/span>, \u03b5\u03c6\u03cc\u03c3\u03bf\u03bd \u03c3\u03c9\u03c1\u03b5\u03c5\u03c4\u03b9\u03ba\u03ac:<\/span>\u00a0<\/span><\/p>

            • \u03c4\u03bf \u03c6\u03c5\u03c3\u03b9\u03ba\u03cc \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03bf \u03c3\u03c5\u03bd\u03ac\u03c0\u03c4\u03b5\u03b9 \u03b5\u03c1\u03b3\u03b1\u03c3\u03b9\u03b1\u03ba\u03ae \u03c3\u03c7\u03ad\u03c3\u03b7 \u03bc\u03b5 \u03c4\u03bf \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03cc \u03bd\u03bf\u03bc\u03b9\u03ba\u03cc \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03bf \u03ba\u03b1\u03b9 \u03bc\u03b5\u03c4\u03b1\u03c6\u03ad\u03c1\u03b5\u03b9, \u03b2\u03ac\u03c3\u03b5\u03b9 \u03b1\u03c5\u03c4\u03ae\u03c2, \u03c4\u03b7 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae \u03c4\u03bf\u03c5 \u03ba\u03b1\u03c4\u03bf\u03b9\u03ba\u03af\u03b1 \u03c3\u03c4\u03b7\u03bd \u0395\u03bb\u03bb\u03ac\u03b4\u03b1 \u03c5\u03c0\u03b1\u03b3\u03cc\u03bc\u03b5\u03bd\u03bf \u03c3\u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 5\u0393 \u039a\u03a6\u0395, \u03ba\u03b1\u03b9<\/span>\u00a0<\/span><\/li><\/ul>
              • \u03c4\u03bf \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03cc \u03bd\u03bf\u03bc\u03b9\u03ba\u03cc \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03bf \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03bf\u03c0\u03bf\u03b9\u03b5\u03af \u03b4\u03b1\u03c0\u03ac\u03bd\u03b5\u03c2 \u03c3\u03c4\u03b7\u03bd \u0395\u03bb\u03bb\u03ac\u03b4\u03b1 \u03c4\u03bf\u03c5\u03bb\u03ac\u03c7\u03b9\u03c3\u03c4\u03bf\u03bd 3.000.000 \u03b5\u03c5\u03c1\u03ce \u03b1\u03bd\u03ac \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03cc \u03ad\u03c4\u03bf\u03c2 (\u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03b9\u03ba\u03ac \u03b1\u03bd \u03b7 \u03c0\u03b5\u03c1\u03af\u03bf\u03b4\u03bf\u03c2 \u03b5\u03bd\u03c4\u03cc\u03c2 \u03c4\u03bf\u03c5 \u03ad\u03c4\u03bf\u03c5\u03c2 \u03b5\u03af\u03bd\u03b1\u03b9 \u03bc\u03b9\u03ba\u03c1\u03cc\u03c4\u03b5\u03c1\u03b7 \u03c4\u03c9\u03bd 12 \u03bc\u03b7\u03bd\u03ce\u03bd).<\/span>\u00a0<\/span><\/li><\/ul>

                \u03a4\u03bf \u03c0\u03c1\u03bf\u03bd\u03cc\u03bc\u03b9\u03bf \u03b9\u03c3\u03c7\u03cd\u03b5\u03b9 \u03b3\u03b9\u03b1 7 \u03c3\u03c5\u03bd\u03bf\u03bb\u03b9\u03ba\u03ac \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ac \u03ad\u03c4\u03b7 \u03b1\u03c0\u03cc \u03c4\u03bf \u03ad\u03c4\u03bf\u03c2 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03bf\u03c0\u03bf\u03af\u03bf \u03c5\u03c0\u03bf\u03b2\u03ac\u03bb\u03bb\u03b5\u03c4\u03b1\u03b9 \u03b7 \u03b1\u03af\u03c4\u03b7\u03c3\u03b7 5\u0393, \u03b5\u03bd\u03ce \u03c4\u03c5\u03c7\u03cc\u03bd \u03b1\u03bc\u03bf\u03b9\u03b2\u03ae \u03c0\u03bf\u03c5 \u03b1\u03bd\u03b1\u03bb\u03bf\u03b3\u03b5\u03af \u03c3\u03b5 \u03c0\u03b5\u03c1\u03af\u03bf\u03b4\u03bf \u03c0\u03c1\u03b9\u03bd \u03b1\u03c0\u03cc \u03c4\u03b7 \u03bc\u03b5\u03c4\u03b1\u03c6\u03bf\u03c1\u03ac \u03ba\u03b1\u03c4\u03bf\u03b9\u03ba\u03af\u03b1\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03b7\u03bd \u03ad\u03bd\u03b1\u03c1\u03be\u03b7 \u03c4\u03b7\u03c2 \u03b5\u03c1\u03b3\u03b1\u03c3\u03b9\u03b1\u03ba\u03ae\u03c2\u00a0\u03c3\u03c7\u03ad\u03c3\u03b7\u03c2 \u03b4\u03b5\u03bd \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b5\u03af\u03c4\u03b1\u03b9 \u03ba\u03b1\u03b8\u03cc\u03bb\u03bf\u03c5 \u03c3\u03c4\u03b7\u03bd \u0395\u03bb\u03bb\u03ac\u03b4\u03b1. \u039f\u03b9 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2 \u03b1\u03c5\u03c4\u03ad\u03c2 \u03b9\u03c3\u03c7\u03cd\u03bf\u03c5\u03bd \u03b3\u03b9\u03b1 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ac \u03ad\u03c4\u03b7 \u03b1\u03c0\u03cc 1.1.2026.<\/span>\u00a0<\/span><\/p>

                \u0397 \u03af\u03b4\u03b9\u03b1 \u03b7 \u03ad\u03ba\u03c0\u03c4\u03c9\u03c3\u03b7 \u03c4\u03bf\u03c5\u00a0<\/span>carried<\/span>\u00a0<\/span>interest<\/span>\u00a0\u03c9\u03c2 \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03b7\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b4\u03b1\u03c0\u03ac\u03bd\u03b7\u03c2 \u03b4\u03b5\u03bd \u03b8\u03b5\u03c3\u03c0\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03c3\u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 96, \u03b1\u03bb\u03bb\u03ac \u03c3\u03b5\u00a0<\/span>\u03be\u03b5\u03c7\u03c9\u03c1\u03b9\u03c3\u03c4\u03ae \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u2014 \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 8 \u03c0\u03b1\u03c1. 11<\/span><\/b>, \u03c0\u03bf\u03c5 \u03c0\u03c1\u03bf\u03c3\u03b8\u03ad\u03c4\u03b5\u03b9 \u03c0\u03b1\u03c1. 11 \u03c3\u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 47 \u039a\u03a6\u0395: \u03c4\u03b1 \u03bd\u03bf\u03bc\u03b9\u03ba\u03ac \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03b1 \u03ba\u03b1\u03b9 \u03bf\u03bd\u03c4\u03cc\u03c4\u03b7\u03c4\u03b5\u03c2 \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 45 \u039a\u03a6\u0395 \u03b5\u03ba\u03c0\u03af\u03c0\u03c4\u03bf\u03c5\u03bd \u03c4\u03b7\u03bd \u03c0\u03c1\u03cc\u03c3\u03b8\u03b5\u03c4\u03b7 \u03b1\u03c0\u03cc\u03b4\u03bf\u03c3\u03b7 \u03c0\u03bf\u03c5 \u03ba\u03b1\u03c4\u03b1\u03b2\u03ac\u03bb\u03bb\u03bf\u03c5\u03bd \u03c3\u03c4\u03bf\u03c5\u03c2 \u03b5\u03c1\u03b3\u03b1\u03b6\u03bf\u03bc\u03ad\u03bd\u03bf\u03c5\u03c2 \u03c4\u03bf\u03c5\u03c2, \u03c5\u03c0\u03cc \u03c4\u03bf\u03bd \u03cc\u03c1\u03bf \u03cc\u03c4\u03b9 \u03b9\u03c3\u03cc\u03c0\u03bf\u03c3\u03bf \u03c0\u03bf\u03c3\u03cc \u03ad\u03c7\u03b5\u03b9 \u03b1\u03bd\u03b1\u03b3\u03bd\u03c9\u03c1\u03b9\u03c3\u03c4\u03b5\u03af \u03c3\u03c4\u03b1 \u03ad\u03c3\u03bf\u03b4\u03ac \u03c4\u03bf\u03c5\u03c2 \u03b1\u03c0\u03cc \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03b7\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03cc\u03c4\u03b7\u03c4\u03b1. \u03a4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 96 \u03b1\u03c0\u03bb\u03ce\u03c2 \u03bf\u03c1\u03af\u03b6\u03b5\u03b9 \u03c4\u03b7\u03bd \u03b7\u03bc\u03b5\u03c1\u03bf\u03bc\u03b7\u03bd\u03af\u03b1 \u03ad\u03bd\u03b1\u03c1\u03be\u03b7\u03c2 \u03b5\u03c6\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae\u03c2 \u03c4\u03b7\u03c2 (\u03b4\u03b1\u03c0\u03ac\u03bd\u03b5\u03c2 \u03b1\u03c0\u03cc 1.1.2026 \u03ba\u03b1\u03b9 \u03b5\u03c6\u03b5\u03be\u03ae\u03c2).\u00a0\u03a3\u03b7\u03bc\u03b5\u03b9\u03c9\u03c4\u03ad\u03bf\u03bd\u00a0\u03cc\u03c4\u03b9 \u03b7 \u03c0\u03b1\u03c1. 10 \u03c4\u03bf\u03c5 \u03af\u03b4\u03b9\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 8 \u03b1\u03c6\u03bf\u03c1\u03ac \u03b5\u03bd\u03c4\u03b5\u03bb\u03ce\u03c2 \u03b4\u03b9\u03b1\u03c6\u03bf\u03c1\u03b5\u03c4\u03b9\u03ba\u03cc \u03b8\u03ad\u03bc\u03b1 \u2014 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ac \u03ba\u03af\u03bd\u03b7\u03c4\u03c1\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03bf \u03c0\u03c1\u03cc\u03b3\u03c1\u03b1\u03bc\u03bc\u03b1 \u00ab\u039a\u03b1\u03c4\u03b1\u03c3\u03ba\u03b5\u03c5\u03ac\u03b6\u03c9-\u039d\u03bf\u03b9\u03ba\u03b9\u03ac\u03b6\u03c9\u00bb (<\/span>Build<\/span>\u00a0<\/span>to<\/span>\u00a0<\/span>Rent<\/span>) \u2014 \u03ba\u03b1\u03b9 \u03b4\u03b5\u03bd \u03c3\u03c7\u03b5\u03c4\u03af\u03b6\u03b5\u03c4\u03b1\u03b9 \u03bc\u03b5 \u03c4\u03bf\u00a0<\/span>carried<\/span>\u00a0<\/span>interest<\/span>.<\/span>\u00a0<\/span><\/p>

                \u0386\u03c1\u03b8\u03c1\u03bf 97: \u03a6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae \u03bc\u03b5\u03c4\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7 \u039f\u0395\u0395 \u03ba\u03b1\u03b9 \u00ab\u03b1\u03c3\u03c6\u03b1\u03bb\u03ae\u03c2 \u03bb\u03b9\u03bc\u03ad\u03bd\u03b1\u03c2\u00bb \u2014 \u03bc\u03b5 \u03b4\u03b9\u03ac\u03ba\u03c1\u03b9\u03c3\u03b7 \u03b1\u03bd\u03ac\u03bc\u03b5\u03c3\u03b1 \u03c3\u03b5\u00a0<\/span><\/b>funds<\/span><\/b>\u00a0\u03ba\u03b1\u03b9 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2<\/span><\/b>\u00a0<\/span><\/p>

                \u03a4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 97 \u03b1\u03bd\u03c4\u03b9\u03ba\u03b1\u03b8\u03b9\u03c3\u03c4\u03ac \u03c0\u03bb\u03ae\u03c1\u03c9\u03c2 \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 56 \u03bd. 4706\/2020 \u03ba\u03b1\u03b9 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b7 \u03c0\u03b9\u03bf \u03c0\u03c5\u03ba\u03bd\u03ae \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u03c4\u03bf\u03c5 \u03c0\u03b1\u03ba\u03ad\u03c4\u03bf\u03c5.<\/span>\u00a0<\/span><\/p>

                \u03a0\u03bf\u03b9\u03bf\u03c2 \u03bc\u03ad\u03bd\u03b5\u03b9 \u03b5\u03ba\u03c4\u03cc\u03c2 \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03ae\u03c2 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03af\u03b1\u03c2 \u03b5\u03b9\u03c3\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2.<\/span><\/b>\u00a0\u0395\u03c0\u03b9\u03b2\u03b5\u03b2\u03b1\u03b9\u03ce\u03bd\u03b5\u03c4\u03b1\u03b9 \u03cc\u03c4\u03b9 \u03c3\u03c4\u03bf\u03c5\u03c2\u00a0\u03b5\u03bd\u03c9\u03c3\u03b9\u03b1\u03ba\u03bf\u03cd\u03c2\u00a0\u039f\u0395\u0395 (<\/span>AIFMD<\/span>) \u03b5\u03c6\u03b1\u03c1\u03bc\u03cc\u03b6\u03bf\u03bd\u03c4\u03b1\u03b9 \u03bf\u03b9 \u03b4\u03b9\u03b1\u03c4\u03ac\u03be\u03b5\u03b9\u03c2 \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 7 \u03bd. 2992\/2002 \u03c0\u03bf\u03c5 \u03c4\u03bf\u03c5\u03c2 \u03ba\u03c1\u03b1\u03c4\u03bf\u03cd\u03bd \u03b5\u03ba\u03c4\u03cc\u03c2 \u03c0\u03b5\u03b4\u03af\u03bf\u03c5 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03af\u03b1\u03c2 \u03b5\u03b9\u03c3\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2. \u0397 \u03af\u03b4\u03b9\u03b1 \u03bc\u03b5\u03c4\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7 \u03b5\u03c0\u03b5\u03ba\u03c4\u03b5\u03af\u03bd\u03b5\u03c4\u03b1\u03b9 \u03c0\u03bb\u03ad\u03bf\u03bd \u03c1\u03b7\u03c4\u03ac \u03ba\u03b1\u03b9 \u03c3\u03b5 \u03b1\u03bd\u03c4\u03af\u03c3\u03c4\u03bf\u03b9\u03c7\u03bf\u03c5\u03c2 \u03bf\u03c1\u03b3\u03b1\u03bd\u03b9\u03c3\u03bc\u03bf\u03cd\u03c2 \u03b5\u03c0\u03b5\u03bd\u03b4\u03cd\u03c3\u03b5\u03c9\u03bd \u03c4\u03c1\u03af\u03c4\u03c9\u03bd \u03c7\u03c9\u03c1\u03ce\u03bd, \u03c5\u03c0\u03cc \u03b4\u03cd\u03bf \u03c0\u03c1\u03bf\u03cb\u03c0\u03bf\u03b8\u03ad\u03c3\u03b5\u03b9\u03c2: \u03b7 \u03ba\u03b1\u03c4\u03b1\u03c3\u03c4\u03b1\u03c4\u03b9\u03ba\u03ae \u03c4\u03bf\u03c5\u03c2 \u03ad\u03b4\u03c1\u03b1 \u03bd\u03b1 \u03bc\u03b7 \u03b2\u03c1\u03af\u03c3\u03ba\u03b5\u03c4\u03b1\u03b9 \u03c3\u03b5\u00a0<\/span>\u00ab\u03bc\u03b7 \u03c3\u03c5\u03bd\u03b5\u03c1\u03b3\u03ac\u03c3\u03b9\u03bc\u03bf \u03ba\u03c1\u03ac\u03c4\u03bf\u03c2 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7\u03bd \u03ad\u03bd\u03bd\u03bf\u03b9\u03b1 \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 65 \u03c4\u03bf\u03c5 \u039a.\u03a6.\u0395.\u00bb<\/span><\/b>\u00a0\u2014 \u03cc\u03c7\u03b9 \u03b1\u03c0\u03bb\u03ce\u03c2 \u03b5\u03ba\u03c4\u03cc\u03c2\u00a0\u03b5\u03bd\u03c9\u03c3\u03b9\u03b1\u03ba\u03bf\u03cd\u00a0\u03ba\u03b1\u03c4\u03b1\u03bb\u03cc\u03b3\u03bf\u03c5, \u03b1\u03bb\u03bb\u03ac \u03bc\u03b5 \u03c1\u03b7\u03c4\u03ae \u03c0\u03b1\u03c1\u03b1\u03c0\u03bf\u03bc\u03c0\u03ae \u03c3\u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 65 \u039a\u03a6\u0395 \u2014 \u03ba\u03b1\u03b9 \u03bd\u03b1 \u03b5\u03c0\u03bf\u03c0\u03c4\u03b5\u03cd\u03bf\u03bd\u03c4\u03b1\u03b9, \u03ac\u03bc\u03b5\u03c3\u03b1 \u03ae \u03bc\u03ad\u03c3\u03c9 \u03c4\u03bf\u03c5 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ae \u03c4\u03bf\u03c5\u03c2, \u03b1\u03c0\u03cc \u03b1\u03c1\u03c7\u03ae \u03b4\u03b9\u03b1\u03c0\u03b9\u03c3\u03c4\u03b5\u03c5\u03bc\u03ad\u03bd\u03b7 \u03c3\u03c4\u03bf\u00a0<\/span>IOSCO<\/span>.<\/span>\u00a0<\/span><\/p>

                \u03a4\u03bf \u00ab\u03b1\u03c3\u03c6\u03b1\u03bb\u03ad\u03c2\u00bb \u03c0\u03bb\u03b1\u03af\u03c3\u03b9\u03bf \u03b3\u03b9\u03b1\u00a0<\/span><\/b>funds<\/span><\/b>,\u00a0<\/span><\/b>entities<\/span><\/b>\u00a0\u03ba\u03b1\u03b9 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ad\u03c2.<\/span><\/b>\u00a0\u0397 \u03c0\u03b1\u03c1. 2 \u03bf\u03c1\u03af\u03b6\u03b5\u03b9 \u03bc\u03b5 \u03c3\u03c4\u03b5\u03bd\u03ae, \u03c1\u03b7\u03c4\u03ae \u03b4\u03b9\u03b1\u03c4\u03cd\u03c0\u03c9\u03c3\u03b7 \u03c0\u03bf\u03b9\u03b5\u03c2 \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03cc\u03c4\u03b7\u03c4\u03b5\u03c2 \u03c0\u03c1\u03bf\u03c3\u03c4\u03b1\u03c4\u03b5\u03cd\u03bf\u03bd\u03c4\u03b1\u03b9:\u00a0<\/span>\u00ab\u0397 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7, \u03b7 \u03b1\u03bd\u03ac\u03b8\u03b5\u03c3\u03b7 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7\u03c2 \u03ae \u03bc\u03ad\u03c1\u03bf\u03c5\u03c2 \u03b1\u03c5\u03c4\u03ae\u03c2 \u03ba\u03b1\u03b9 \u03b7 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7 \u03c7\u03b1\u03c1\u03c4\u03bf\u03c6\u03c5\u03bb\u03b1\u03ba\u03af\u03bf\u03c5, \u03ba\u03b1\u03b9 \u03bc\u03cc\u03bd\u03bf\u00bb<\/span><\/b>\u00a0\u2014 \u03cc\u03c7\u03b9 \u00ab\u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ad\u03c2 \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03cc\u03c4\u03b7\u03c4\u03b5\u03c2\u00bb \u03b5\u03bd \u03b3\u03ad\u03bd\u03b5\u03b9 \u2014 \u03b4\u03b5\u03bd \u03c3\u03c5\u03bd\u03b9\u03c3\u03c4\u03bf\u03cd\u03bd \u03ac\u03c3\u03ba\u03b7\u03c3\u03b7 \u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae\u03c2 \u03b4\u03b9\u03bf\u03af\u03ba\u03b7\u03c3\u03b7\u03c2 \u03c3\u03c4\u03b7\u03bd \u0395\u03bb\u03bb\u03ac\u03b4\u03b1 \u03ba\u03b1\u03c4\u03ac \u03c4\u03b7\u03bd \u03c0\u03b1\u03c1. 4 \u03c4\u03bf\u03c5 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 4 \u039a\u03a6\u0395. \u0397 \u03c0\u03c1\u03bf\u03c3\u03c4\u03b1\u03c3\u03af\u03b1 \u03b1\u03c5\u03c4\u03ae \u03ba\u03b1\u03bb\u03cd\u03c0\u03c4\u03b5\u03b9 \u03c4\u03bf\u03c5\u03c2 \u03af\u03b4\u03b9\u03bf\u03c5\u03c2 \u03c4\u03bf\u03c5\u03c2 \u039f\u0395\u0395 (\u0395\u0395 \u03ba\u03b1\u03b9 \u03c4\u03c1\u03af\u03c4\u03c9\u03bd \u03c7\u03c9\u03c1\u03ce\u03bd, \u03c5\u03c0\u03cc \u03c4\u03b9\u03c2 \u03af\u03b4\u03b9\u03b5\u03c2 \u03c0\u03c1\u03bf\u03cb\u03c0\u03bf\u03b8\u03ad\u03c3\u03b5\u03b9\u03c2 \u03bc\u03b7-\u03c3\u03c5\u03bd\u03b5\u03c1\u03b3\u03b1\u03c3\u03b9\u03bc\u03cc\u03c4\u03b7\u03c4\u03b1\u03c2\/<\/span>IOSCO<\/span>), \u03c4\u03b1 \u03b1\u03bb\u03bb\u03bf\u03b4\u03b1\u03c0\u03ac \u03bd\u03bf\u03bc\u03b9\u03ba\u03ac \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03b1 \u03ba\u03b1\u03b9 \u03bf\u03bd\u03c4\u03cc\u03c4\u03b7\u03c4\u03b5\u03c2 \u03c3\u03c4\u03b1 \u03bf\u03c0\u03bf\u03af\u03b1 \u03bf\u03b9 \u03bf\u03c1\u03b3\u03b1\u03bd\u03b9\u03c3\u03bc\u03bf\u03af \u03b1\u03c5\u03c4\u03bf\u03af \u03c3\u03c5\u03bc\u03bc\u03b5\u03c4\u03ad\u03c7\u03bf\u03c5\u03bd \u03ac\u03bc\u03b5\u03c3\u03b1 \u03ae \u03ad\u03bc\u03bc\u03b5\u03c3\u03b1 \u03bc\u03b5 \u03c0\u03bf\u03c3\u03bf\u03c3\u03c4\u03cc \u03c4\u03bf\u03c5\u03bb\u03ac\u03c7\u03b9\u03c3\u03c4\u03bf\u03bd 95% (<\/span>holding<\/span>\/\u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ac \u03bf\u03c7\u03ae\u03bc\u03b1\u03c4\u03b1), \u03ba\u03b1\u03b9 \u03c4\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c1\u03b9\u03b4\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2 \u03c4\u03bf\u03c5\u03c2. \u0397 \u03c0\u03b1\u03c1. 3 \u03b1\u03c0\u03bf\u03ba\u03bb\u03b5\u03af\u03b5\u03b9 \u03b5\u03c0\u03b9\u03c0\u03bb\u03ad\u03bf\u03bd \u03c4\u03b7\u03bd \u03b5\u03c6\u03b1\u03c1\u03bc\u03bf\u03b3\u03ae \u03c4\u03c9\u03bd \u03c4\u03b5\u03ba\u03bc\u03b7\u03c1\u03af\u03c9\u03bd \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae\u03c2 \u03ba\u03b1\u03c4\u03bf\u03b9\u03ba\u03af\u03b1\u03c2 \u03c4\u03c9\u03bd \u03c0\u03b1\u03c1. 3-4 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 4 \u039a\u03a6\u0395 \u03b5\u03b9\u03b4\u03b9\u03ba\u03ac \u03b3\u03b9\u03b1 \u03c4\u03b9\u03c2 \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03cc\u03c4\u03b7\u03c4\u03ad\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03c9\u03c2 \u039f\u0395\u0395. \u0397 \u03c0\u03b1\u03c1. 4 \u03c0\u03c1\u03bf\u03c3\u03b8\u03ad\u03c4\u03b5\u03b9 \u03cc\u03c4\u03b9 \u03b7 \u03c0\u03b1\u03c1\u03bf\u03c7\u03ae \u03b1\u03c5\u03c4\u03ce\u03bd \u03c4\u03c9\u03bd \u03c5\u03c0\u03b7\u03c1\u03b5\u03c3\u03b9\u03ce\u03bd \u03b1\u03c0\u03cc \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03ac \u03bd\u03bf\u03bc\u03b9\u03ba\u03ac \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03b1 \u03b4\u03b5\u03bd \u03c3\u03c5\u03bd\u03b9\u03c3\u03c4\u03ac, \u03b1\u03c6’\u00a0\u03b5\u03b1\u03c5\u03c4\u03ae\u03c2, \u03bc\u03cc\u03bd\u03b9\u03bc\u03b7 \u03b5\u03b3\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c3\u03b7 (\u03ac\u03c1\u03b8\u03c1\u03bf 6 \u039a\u03a6\u0395) \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u039f\u0395\u0395, \u03c4\u03b9\u03c2 \u03bf\u03bd\u03c4\u03cc\u03c4\u03b7\u03c4\u03ad\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03ba\u03b1\u03b9 \u03c4\u03bf\u03c5\u03c2 \u03bc\u03b5\u03c1\u03b9\u03b4\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2.<\/span>\u00a0<\/span><\/p>

                \u039e\u03b5\u03c7\u03c9\u03c1\u03b9\u03c3\u03c4\u03ae \u03c0\u03c1\u03bf\u03c3\u03c4\u03b1\u03c3\u03af\u03b1 \u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2.<\/span><\/b>\u00a0\u0397 \u03c0\u03b1\u03c1. 5 \u03b5\u03af\u03bd\u03b1\u03b9 \u03b4\u03b9\u03b1\u03ba\u03c1\u03b9\u03c4\u03ae \u03b4\u03b9\u03ac\u03c4\u03b1\u03be\u03b7 \u03bc\u03b5 \u03b4\u03b9\u03b1\u03c6\u03bf\u03c1\u03b5\u03c4\u03b9\u03ba\u03bf\u03cd\u03c2 \u03b4\u03b9\u03ba\u03b1\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2: \u03bf\u03c1\u03af\u03b6\u03b5\u03b9 \u03cc\u03c4\u03b9 \u03bf\u03b9 \u03c5\u03c0\u03b7\u03c1\u03b5\u03c3\u03af\u03b5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03af\u03c1\u03b9\u03c3\u03b7\u03c2 \u03c7\u03b1\u03c1\u03c4\u03bf\u03c6\u03c5\u03bb\u03b1\u03ba\u03af\u03bf\u03c5 \u03ba\u03b1\u03b9 \u03bf\u03b9 \u03c3\u03c5\u03bc\u03b2\u03bf\u03c5\u03bb\u03b5\u03c5\u03c4\u03b9\u03ba\u03ad\u03c2 \u03c5\u03c0\u03b7\u03c1\u03b5\u03c3\u03af\u03b5\u03c2 \u03c0\u03bf\u03c5 \u03c0\u03b1\u03c1\u03ad\u03c7\u03bf\u03c5\u03bd \u03b5\u03bb\u03bb\u03b7\u03bd\u03b9\u03ba\u03ac \u03bd\u03bf\u03bc\u03b9\u03ba\u03ac \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03b1, \u03c3\u03c4\u03bf \u03c0\u03bb\u03b1\u03af\u03c3\u03b9\u03bf \u03c4\u03b7\u03c2 \u03c3\u03c5\u03bd\u03ae\u03b8\u03bf\u03c5\u03c2 \u03b4\u03c1\u03b1\u03c3\u03c4\u03b7\u03c1\u03b9\u03cc\u03c4\u03b7\u03c4\u03ac\u03c2 \u03c4\u03bf\u03c5\u03c2,\u00a0<\/span>\u03c0\u03c1\u03bf\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03af\u03b4\u03b9\u03bf\u03c5\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2<\/span><\/b>\u00a0\u039f\u0395\u0395 (\u03b5\u03bd\u03c9\u03c3\u03b9\u03b1\u03ba\u03bf\u03cd\u03c2\u00a0\u03ae \u03b1\u03bd\u03c4\u03af\u03c3\u03c4\u03bf\u03b9\u03c7\u03bf\u03c5\u03c2 \u03c4\u03c1\u03af\u03c4\u03c9\u03bd \u03c7\u03c9\u03c1\u03ce\u03bd, \u03c5\u03c0\u03cc \u03c4\u03b9\u03c2 \u03af\u03b4\u03b9\u03b5\u03c2 \u03c0\u03c1\u03bf\u03cb\u03c0\u03bf\u03b8\u03ad\u03c3\u03b5\u03b9\u03c2) \u03b4\u03b5\u03bd \u03c3\u03c5\u03bd\u03b9\u03c3\u03c4\u03bf\u03cd\u03bd \u03bc\u03cc\u03bd\u03b9\u03bc\u03b7 \u03b5\u03b3\u03ba\u03b1\u03c4\u03ac\u03c3\u03c4\u03b1\u03c3\u03b7\u00a0<\/span>\u03b3\u03b9\u03b1 \u03c4\u03bf\u03c5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2 \u03b1\u03c5\u03c4\u03bf\u03cd\u03c2<\/span><\/b>. \u03a0\u03c1\u03cc\u03ba\u03b5\u03b9\u03c4\u03b1\u03b9 \u03b4\u03b7\u03bb\u03b1\u03b4\u03ae \u03b3\u03b9\u03b1 \u03b4\u03cd\u03bf \u03b1\u03bd\u03b5\u03be\u03ac\u03c1\u03c4\u03b7\u03c4\u03b5\u03c2 \u03b4\u03ad\u03c3\u03bc\u03b5\u03c2 \u03c0\u03c1\u03bf\u03c3\u03c4\u03b1\u03c3\u03af\u03b1\u03c2 \u03bc\u03ad\u03c3\u03b1 \u03c3\u03c4\u03bf \u03af\u03b4\u03b9\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf: \u03b7 \u03bc\u03af\u03b1 \u03b8\u03c9\u03c1\u03b1\u03ba\u03af\u03b6\u03b5\u03b9 \u03c4\u03bf\u00a0<\/span>fund<\/span>, \u03c4\u03b9\u03c2 \u03bf\u03bd\u03c4\u03cc\u03c4\u03b7\u03c4\u03ad\u03c2 \u03c4\u03bf\u03c5 \u03ba\u03b1\u03b9 \u03c4\u03bf\u03c5\u03c2 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03ad\u03c2 \u03b1\u03c0\u03cc \u03c4\u03bf\u03bd \u03ba\u03af\u03bd\u03b4\u03c5\u03bd\u03bf \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae\u03c2 \u03ba\u03b1\u03c4\u03bf\u03b9\u03ba\u03af\u03b1\u03c2\/\u039c\u0395\u00b7 \u03b7 \u03ac\u03bb\u03bb\u03b7 \u03b8\u03c9\u03c1\u03b1\u03ba\u03af\u03b6\u03b5\u03b9, \u03c7\u03c9\u03c1\u03b9\u03c3\u03c4\u03ac, \u03c4\u03bf\u03c5\u03c2 \u03af\u03b4\u03b9\u03bf\u03c5\u03c2 \u03c4\u03bf\u03c5\u03c2 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2 \u03b1\u03c0\u03cc \u03c4\u03bf\u03bd \u03ba\u03af\u03bd\u03b4\u03c5\u03bd\u03bf \u039c\u0395 \u03cc\u03c4\u03b1\u03bd \u03bb\u03b1\u03bc\u03b2\u03ac\u03bd\u03bf\u03c5\u03bd \u03c5\u03c0\u03b7\u03c1\u03b5\u03c3\u03af\u03b5\u03c2 \u03b1\u03c0\u03cc \u0388\u03bb\u03bb\u03b7\u03bd\u03b1\u00a0\u03c0\u03ac\u03c1\u03bf\u03c7\u03bf.<\/span>\u00a0<\/span><\/p>

                \u0399\u03c3\u03c7\u03cd\u03c2 \u03c3\u03b5 \u03b4\u03cd\u03bf \u03c4\u03b1\u03c7\u03cd\u03c4\u03b7\u03c4\u03b5\u03c2.<\/span><\/b>\u00a0\u03a4\u03bf \u03b4\u03b5\u03cd\u03c4\u03b5\u03c1\u03bf \u03b5\u03b4\u03ac\u03c6\u03b9\u03bf \u03c4\u03b7\u03c2 \u03c0\u03b1\u03c1. 1 (\u03b7 \u03b5\u03c0\u03ad\u03ba\u03c4\u03b1\u03c3\u03b7 \u03c4\u03b7\u03c2 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ae\u03c2 \u03b5\u03be\u03b1\u03af\u03c1\u03b5\u03c3\u03b7\u03c2 \u03b5\u03b9\u03c3\u03bf\u03b4\u03ae\u03bc\u03b1\u03c4\u03bf\u03c2 \u03c3\u03b5 \u03c4\u03c1\u03af\u03c4\u03b5\u03c2 \u03c7\u03ce\u03c1\u03b5\u03c2) \u03b9\u03c3\u03c7\u03cd\u03b5\u03b9 \u03b3\u03b9\u03b1 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ac \u03ad\u03c4\u03b7 \u03b1\u03c0\u03cc 1.1.2025. \u03a4\u03bf \u03c4\u03c1\u03af\u03c4\u03bf \u03b5\u03b4\u03ac\u03c6\u03b9\u03bf \u03c4\u03b7\u03c2 \u03c0\u03b1\u03c1. 1 \u03ba\u03b1\u03b9 \u03bf\u03b9 \u03c0\u03b1\u03c1. 2 \u03ad\u03c9\u03c2 5 (\u03c0\u03c1\u03b1\u03b3\u03bc\u03b1\u03c4\u03b9\u03ba\u03ae \u03b4\u03b9\u03bf\u03af\u03ba\u03b7\u03c3\u03b7, \u039c\u0395 \u03b3\u03b9\u03b1\u00a0<\/span>funds<\/span>\/<\/span>entities<\/span>\/<\/span>investors<\/span>, \u039c\u0395 \u03b3\u03b9\u03b1 \u03b4\u03b9\u03b1\u03c7\u03b5\u03b9\u03c1\u03b9\u03c3\u03c4\u03ad\u03c2) \u03b9\u03c3\u03c7\u03cd\u03bf\u03c5\u03bd \u03b3\u03b9\u03b1 \u03c6\u03bf\u03c1\u03bf\u03bb\u03bf\u03b3\u03b9\u03ba\u03ac \u03ad\u03c4\u03b7 \u03b1\u03c0\u03cc 1.1.2026.<\/span>\u00a0<\/span><\/p>

                \u0386\u03c1\u03b8\u03c1\u03bf 98: \u0386\u03c3\u03c7\u03b5\u03c4\u03bf \u03bc\u03b5 \u03c4\u03bf \u03c0\u03b1\u03ba\u03ad\u03c4\u03bf\u00a0<\/span><\/b>funds<\/span><\/b>\u00a0<\/span><\/p>

                \u03a0\u03b1\u03c1\u03ac \u03c4\u03b7\u03bd \u03b1\u03c1\u03b9\u03b8\u03bc\u03b7\u03c4\u03b9\u03ba\u03ae \u03b3\u03b5\u03b9\u03c4\u03bd\u03af\u03b1\u03c3\u03b7, \u03c4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 98 \u03b4\u03b5\u03bd \u03ad\u03c7\u03b5\u03b9 \u03ba\u03b1\u03bc\u03af\u03b1 \u03c3\u03c7\u03ad\u03c3\u03b7 \u03bc\u03b5 \u03b5\u03c0\u03b5\u03bd\u03b4\u03c5\u03c4\u03b9\u03ba\u03ac \u03ba\u03b5\u03c6\u03ac\u03bb\u03b1\u03b9\u03b1. \u03a4\u03c1\u03bf\u03c0\u03bf\u03c0\u03bf\u03b9\u03b5\u03af \u03c4\u03bf \u03cc\u03c1\u03b9\u03bf \u03b5\u03c4\u03ae\u03c3\u03b9\u03bf\u03c5 \u03ba\u03cd\u03ba\u03bb\u03bf\u03c5 \u03b5\u03c1\u03b3\u03b1\u03c3\u03b9\u03ce\u03bd (2.000.000 \u03b5\u03c5\u03c1\u03ce) \u03b3\u03b9\u03b1 \u03c4\u03bf \u03c0\u03c1\u03bf\u03b1\u03b9\u03c1\u03b5\u03c4\u03b9\u03ba\u03cc \u03ba\u03b1\u03b8\u03b5\u03c3\u03c4\u03ce\u03c2 \u03a6\u03a0\u0391 \u03ba\u03b1\u03c4\u03b1\u03b2\u03bf\u03bb\u03ae\u03c2 \u03c6\u03cc\u03c1\u03bf\u03c5 \u03ba\u03b1\u03c4\u03ac \u03c4\u03bf\u03bd \u03c7\u03c1\u03cc\u03bd\u03bf \u03b5\u03af\u03c3\u03c0\u03c1\u03b1\u03be\u03b7\u03c2 \u03c4\u03b7\u03c2 \u03b1\u03bd\u03c4\u03b9\u03c0\u03b1\u03c1\u03bf\u03c7\u03ae\u03c2 (<\/span>cash<\/span>\u00a0<\/span>accounting<\/span>), \u03bc\u03b5 \u03c0\u03b1\u03c1\u03b1\u03c0\u03bf\u03bc\u03c0\u03ae \u03c3\u03c4\u03bf\u03bd \u03bf\u03c1\u03b9\u03c3\u03bc\u03cc \u03ba\u03cd\u03ba\u03bb\u03bf\u03c5 \u03b5\u03c1\u03b3\u03b1\u03c3\u03b9\u03ce\u03bd \u03c4\u03b7\u03c2 \u03c0\u03b1\u03c1. 2 \u03ac\u03c1\u03b8\u03c1\u03bf\u03c5 44 \u039a\u03ce\u03b4\u03b9\u03ba\u03b1 \u03a6\u03a0\u0391. \u03a0\u03c1\u03cc\u03ba\u03b5\u03b9\u03c4\u03b1\u03b9 \u03b3\u03b9\u03b1 \u03ba\u03b1\u03b8\u03b1\u03c1\u03ac \u03c4\u03b5\u03c7\u03bd\u03b9\u03ba\u03ae \u03c1\u03cd\u03b8\u03bc\u03b9\u03c3\u03b7 \u03bc\u03b9\u03ba\u03c1\u03ce\u03bd \u03b5\u03c0\u03b9\u03c7\u03b5\u03b9\u03c1\u03ae\u03c3\u03b5\u03c9\u03bd, \u03ac\u03c3\u03c7\u03b5\u03c4\u03b7 \u03bc\u03b5 \u03c4\u03bf \u03c5\u03c0\u03cc\u03bb\u03bf\u03b9\u03c0\u03bf \u03c0\u03b1\u03ba\u03ad\u03c4\u03bf.<\/span>\u00a0<\/span><\/p>

                \u0386\u03c1\u03b8\u03c1\u03bf 94: \u0391\u03c0\u03bb\u03bf\u03cd\u03c3\u03c4\u03b5\u03c5\u03c3\u03b7 \u03b3\u03b9\u03b1\u00a0<\/span><\/b>HNWI<\/span><\/b>\u00a0\u03ba\u03b1\u03b9 \u03b1\u03bb\u03bb\u03bf\u03b4\u03b1\u03c0\u03bf\u03cd\u03c2 \u03c3\u03c5\u03bd\u03c4\u03b1\u03be\u03b9\u03bf\u03cd\u03c7\u03bf\u03c5\u03c2<\/span><\/b>\u00a0<\/span><\/p>

                \u03a4\u03bf \u03ac\u03c1\u03b8\u03c1\u03bf 94 \u03c4\u03c1\u03bf\u03c0\u03bf\u03c0\u03bf\u03b9\u03b5\u03af \u03c4\u03b1 \u03ac\u03c1\u03b8\u03c1\u03b1 5\u0391 (\u03c5\u03c8\u03b7\u03bb\u03bf\u03cd\u00a0\u03c0\u03b1\u03c4\u03c1\u03b9\u03bc\u03bf\u03bd\u03af\u03bf\u03c5\u00a0\u03c6\u03c5\u03c3\u03b9\u03ba\u03ac \u03c0\u03c1\u03cc\u03c3\u03c9\u03c0\u03b1) \u03ba\u03b1\u03b9 5\u0392 (\u03b1\u03bb\u03bb\u03bf\u03b4\u03b1\u03c0\u03bf\u03af \u03c3\u03c5\u03bd\u03c4\u03b1\u03be\u03b9\u03bf\u03cd\u03c7\u03bf\u03b9) \u039a\u03a6\u0395, \u03bc\u03b5 \u03c4\u03c1\u03b5\u03b9\u03c2 \u03b1\u03bb\u03bb\u03b1\u03b3\u03ad\u03c2 \u03b4\u03b9\u03b1\u03b4\u03b9\u03ba\u03b1\u03c3\u03c4\u03b9\u03ba\u03ae\u03c2 \u03c6\u03cd\u03c3\u03b7\u03c2 \u03ba\u03b1\u03b9 \u03b3\u03b9\u03b1 \u03c4\u03b1 \u03b4\u03cd\u03bf \u03ba\u03b1\u03b8\u03b5\u03c3\u03c4\u03ce\u03c4\u03b1:<\/span>\u00a0<\/span><\/p>