ESMA has published a table showing the Memoranda of Understanding (“MoUs”) signed by EU national supervisors.  ESMA negotiated the template MoUs regarding AIFMD with non-EU regulators.

The MoUs allow for the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws.  The MoUs apply to third-country AIFMs that market alternative investment funds in the EU and EU AIFMs that manage or market alternative investment funds outside the EU.  The existence of such co-operation arrangements between the EU and non-EU authorities is a pre-condition of AIFMD for allowing managers from third countries access to EU markets or to perform fund management by delegation from EU managers. 

The MoUs will enable cross-border marketing of alternative investment funds to professional investors between jurisdictions but are subject to the relevant non-EU jurisdiction being listed as a corporative jurisdiction by the Financial Action Task Force.

As of 18 October, the Central Bank of Ireland was party to thirty eight of the forty agreed MoUs.

Contributed by Vincent Coyne