Managers of alternative investment funds involved in cross border operations and activities in the European Union and Canada should take note that a supervisory Memorandum of Understanding (MOU) has been entered into between the Gibraltar Financial Services Commission and the securities regulators in Ontario, Quebec, Alberta, and British Columbia.

The intent of the MOU is to enable the parties to consult, cooperate and exchange information in connection with the supervision and oversight of entities that operate on a cross border basis through on-going informal and oral consultations supplemented by more in-depth cooperation.

Similar MOUs were entered into with other European Union and European Economic Area member state financial securities regulators in 2013.