The Alternative Investment Fund Managers Directive (AIFMD) is due to be implemented across Europe by 22 July 2013. As part of this process the European Securities and Markets Authority (ESMA) has on 22 May 2013 approved co-operation agreements between EU securities regulators (and authorities from Croatia, Iceland, Liechtenstein and Norway) and 34 of their global counterparts including:
This is a significant step to ensuring alternative investment funds established in each of these jurisdictions may, following implementation of the AIFMD by EU member states on 22 July 2013, continue to be marketed into EU member states on a private placement basis subject to compliance with the national private placement regimes of each applicable EU member state.
As they are bilateral agreements it is now for the regulators of each EU member state to sign the approved agreements with the third country regulators, a process we understand is well advanced.
Negotiations on the co-operation agreement between EU securities regulators and the Republic of Seychelles are well advanced and Appleby will provide updates on this agreement when it is settled.
For AIFMD information across the jurisdictions within the Appleby group, please contact Ian Gobin or Andrew Weaver. For specific jurisdictional AIFMD updates and contacts please click on the jurisdiction above.
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.
