ESMA: AIFM Directive – cooperation arrangements

ESMA has announced that it has approved seven co-operation arrangements between EU securities regulators and their global counterparts with responsibility for the supervision of alternative investment funds and has approved MoUs with authorities from the Bahamas, Japan, Malaysia, Mexico and the US, including CFTC. ESMA has now negotiated 38 agreements on behalf of the 31 EU/EEA national competent authorities for securities markets supervision. The co-operation agreements allow for the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws. The agreements cover third-country AIFMs that market AIFs in the EU and EU AIFMs that manage or market AIFs outside the EU. The agreements also cover co-operation in the cross-border supervision of depositaries and AIFMs’ delegates. The co-operation arrangements are applicable from 22 July 2013, and will enable cross-border marketing of AIFs to professional investors between jurisdictions. This is subject to the non-EU jurisdiction not being listed as a non-cooperative jurisdiction by FATF and, as from the entry into force of the passport for non-EU managers, having co-operation agreements in place with EU Member States regarding the exchange of information on tax matters.