The European Securities and Markets Authority (ESMA) has approved co-operation arrangements between EU securities regulators (the 27 EU Member States, Croatia and the European Economic Area; Iceland, Liechtenstein and Norway), with responsibility for the supervision of alternative investment funds (AIFs) (which include hedge funds, private equity and real estate funds), and 34 of their global counterparts (these include USA, Canada, Brazil, India, Switzerland, Australia, Hong Kong and Singapore). While ESMA has negotiated the MoUs centrally, they are bilateral agreements that must be signed between each EU securities regulator and the non-EU authorities. The actual supervision of AIFMs lies with the national securities regulators, therefore each authority decides with which non-EU authorities it will sign an MoU. The MoUs will be available on the ESMA website.