The AIFMD will directly impact both Canadian managers which
manage funds in the EU and Canadian funds marketed in the EU by
Canadian or EU-based fund managers. Significantly, the AIFM
Directive effectively regulates a much broader array of fund
structures than conventional alternative investment funds and
covers hedge funds, private equity funds, venture capital funds,
real estate funds, commodity funds, investment trusts and other
collective investment vehicles. As a result, managers
of funds that are not regulated as "investment funds"
under Canadian securities laws may be subject to the application of
AIFMD in connection with their European activities.
Under the AIFMD, an MOU with the home country regulator must be
in place before a non-EU alternative investment fund manager may
manage and market alternative investment funds in an EU
jurisdiction and perform fund management activities on behalf of EU
managers. The MOUs provide a framework for mutual assistance
in the supervision and oversight participants in the asset
management industry, including portfolio managers and investment
The four Canadian regulators have entered into MOUs with the
EU/EEA member-state financial regulators of 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.
In Ontario, the MOU is subject to approval by the Ontario
Minister of Finance.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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