AIFMD update — Bermuda, BVI, Cayman Islands and Mauritius: approval of third country co-operation arrangements with ESMA
After much anticipation, on 30 May 2013 the European Securities and Markets Authority (ESMA) announced that it has approved co-operation arrangements between Bermuda, the British Virgin Islands (BVI), the Cayman Islands and Mauritius and the securities regulators with responsibility for the supervision of alternative investment funds (AIFs) of all 27 EU member states, as well as Iceland, Liechtenstein, Norway and Croatia.
The co-operation arrangements are a key element of the implementation infrastructure of the EU Alternative Investment Fund Managers Directive (AIFMD), which is due to come into force on 22 July 2013. The co-operation arrangements will provide the machinery for the exchange of information, oversight and application of the provisions of the AIFMD to be put into effect between EU member states and the regulators in Bermuda, the BVI, the Cayman Islands and Mauritius. They are a pre-condition for AIFs in those jurisdictions to continue to be marketed into the EU in accordance with applicable private placement regimes.
The co-operation arrangements will be embodied in a memorandum of understanding that will need to be entered into between each EU securities regulator and the relevant regulator in each of Bermuda, the BVI, the Cayman Islands and Mauritius…
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