ESMA is to open discussions with non-EU supervisors of firms subject to the Alternative Investment Fund Managers Directive (AIFMD). Its aim is to agree Memoranda of Understanding (MoUs), based on the International Organisation of Securities Commissions (IOSCO) Principles Regarding Cross-Border Supervisory Co-Operation, with third country supervisors. ESMA plans to co-ordinate the negotiation process to ensure consistency, but the MoUs will be signed by the national Member State supervisory authorities. (Source: ESMA Begins AIFMD Co-operation Discussions with Non-EU Supervisors)