Securities regulators in Ontario, Québec, Alberta and British Columbia have entered into supervisory Memorandums of Understanding (MOUs) with financial regulators of certain European countries.

According to the regulators, the MOUs:

  • deal with supervision of alternative investment fund managers as required under the EU Alternative Investment Fund Managers Directive;
  • are a pre-condition for allowing non-EU Alternative Investment Fund Managers to:
    • manage and market alternative investment funds (including hedge funds, private equity and real estate funds) in the EU;
    • perform fund management activities on behalf of EU Managers;
  • provide a framework for mutual assistance in the supervision and oversight of certain participants in the asset management industry, including portfolio managers and investment fund managers;
  • have been entered into with regulators from the following European countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovak Republic, Spain, Sweden, and the United Kingdom.