A Cooperation Agreement has been approved between the European Securities and Markets Authority (“ESMA”) and the Swiss Financial Market Supervisory Authority (“FINMA”).

ESMA negotiated this on behalf of all 27 European Union (“EU”) authorities for securities markets regulation in order to fulfil the pre-condition under the Alternative Investment Fund Managers Directive (“AIFMD”) to provide for third party access to EU markets and to allow for fund management delegation.

The main aspects of the Cooperation Agreement are:

  • the supervision by the EU and Swiss authorities of fund managers operating on a cross-border basis in the EU and Switzerland; and
  • the exchange and sharing of information, cross-border on-site visits and assistance in the enforcement of legislation, for example the AIFMD.

The Cooperation Agreement will be in the form of a Memorandum of Understanding and will be applicable from 21 July 2013.