On the 14th October, 2014, the Irish Funds Industry Association ("IFIA") and the Asset Management Association of China ("AMAC") signed a Memorandum of Understanding ("MOU") in Beijing which will promote even closer co-operation and information exchange between the funds industry in Ireland and China.
The IFIA represents the international investment funds community in Ireland, representing administrators, custodian banks, managers, transfer agents, fund promoters and professional advisory firms involved in the international fund services industry in Ireland.
The AMAC is a self-regulatory organisation, established in June, 2012 which represents the mutual fund industry of China. Its members include fund management companies, banks, local equity associations, insurance companies, trusts, QFIIs, private equity firms, etc.
The signing of the MOU between the IFIA and AMAC will encourage and support greater international capital flows, better industry communication, information sharing and reciprocal relationships, including an agreement to promote mutual assistance and the exchange of information in all aspects of the asset management industry, covering areas such as regulatory developments and sound practices to improve investor protection.
It is expected that the MOU will attract Chinese fund promoters and asset managers to select Ireland as their domicile of choice for AIFMD compliant and UCITS funds.
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