ESMA has published the official translations of its guidelines on the model Memorandum of Understanding (MoU) concerning the supervision of AIFMs.  The guidelines set out a model MoU that should be agreed bi-laterally between each EU and non-EU supervisory authority so as to have the appropriate supervisory co-operation arrangements in place as required by AIFMD. 

ESMA has negotiated a form of agreement on behalf of the EU national competent authorities for the supervision of securities markets.  The agreement allows for the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws.  The agreement applies 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 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.

Publication of the official translations of the guidelines triggers a transitional period of two months for national supervisors to inform ESMA whether they intend to comply with the guidelines. 

Contributed by Vincent Coyne