Published: 21st June 2013

The FCA has signed supervisory cooperation agreements in the form of memoranda of understanding with 34 non-EEA authorities, following approval of these agreements by ESMA.

Under the AIFMD, cooperation agreements between EU regulatory authorities and those third countries where an AIF, and if relevant where the AIFM, is established are required before marketing can be undertaken under national private placement regimes. It should be noted that under the UK’s interpretation of the AIFMD transitional provisions (other EEA Member States may have different interpretations), a non-EEA AIFM can market in the UK without the need for cooperation agreements. As such, for these firms wising to market in the UK the absence of a particular non-EEA authority from the initial list should not pose a problem.

The list of 34 are set out in the ESMA press release (see link or copy http://www.esma.europa.eu/system/files/2013-629_esma_promotes_global_supervisory_co-operation_on_alternative_funds_30_may_2013_0.pdf into your browser). The inclusion of the Cayman Islands Monetary Authority and the British Virgin Islands Financial Services Commission will be particularly welcome news for typical UK AIFMs.

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