On 30 May 2013, The European Securities and Markets Authority (“ESMA”) announced it has approved co-operation agreements (the “Co-Op Agreements”) between 27 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.

ESMA also negotiated Co-Op Agreements on behalf of authorities from Croatia, the European Economic Area (Iceland, Liechtenstein and Norway) and numerous third country regulators.

The list of third country regulators are as follows:

Alberta Securities Commission (Canada), Australian Securities and Investments Commission, Autorité des Marchés Financiers du Quebec (Canada), Bermuda Monetary Authority, British Columbia Securities Commission (Canada), British Virgin Islands Financial Services Commission, Capital Markets and Securities Authority of Tanzania, Capital Markets Authority of Kenya, Cayman Islands Monetary Authority, Comissão de Valores Mobiliários do Brasil, Conseil Déontologique des Valeurs Mobilières of Morocco, Dubai International Financial Centre Authority, Emirates Securities and Commodities Authority, Federal Reserve Board (US), Financial Services Commission of Mauritius, Financial Supervision Commission of the Isle of Man, Financial Supervisory Authority of Albania, Guernsey Financial Services Commission, Hong Kong Monetary Authority, Hong Kong Securities and Futures Commission, Israel Securities Authority, Jersey Financial Services Commission, Labuan Financial Services Authority, Monetary Authority of Singapore, Office of the Comptroller of the Currency (US), Office of the Superintendent of Financial Institutions (Canada), Ontario Securities Commission (Canada), Republic of Srpska Securities Commission, Securities and Exchange Board of India, Securities and Exchange Commission (US), Securities and Exchange Commission of Montenegro, Securities and Exchange Commission of Pakistan, Securities and Exchange Commission Thailand, and the Swiss Financial Market Supervisory Authority (FINMA).

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 (“AIFMD”).

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 will 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. The text will be made public “in due course.”