On 18 July 2013, the European Securities and Markets Authority (“ESMA”) announced it has approved a further 7 co-operation agreements (the “Co-Op Agreements”) between European Union (“EU”) Member State securities regulators who have supervisory responsibility for alternative investment funds (“AIFs”). The types of AIFs encompass hedge funds, private equity funds and real estate funds.
This brings the number of Co-Op Agreements negotiated by ESMA to 38. The additional Coop Agreements are with authorities from the Bahamas, Japan, Malaysia, Mexico and the United States including the Commodity Futures Trading Commission.
The Co-Op Agreements enable EU securities regulators to ensure that non-EU alternative investment fund managers (“AIFMs”) act in accordance with the Alternative Investment Fund Managers Directive.
The Co-Op Agreements are applicable to non-EU fund managers that manage or market AIFs in an EU Member State and to EU fund managers that manage or market AIFs in third countries.
The Co-Op Agreements apply from 22 July 2013 and include the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of the respective supervisory laws.