European Securities and Markets Association

ESMA Publishes Opinion on Late Transposition of AIFMD

On August 1, the European Securities and Markets Association (ESMA), published an Opinion (ESMA/2013/1072) containing practical arrangements to address the issue of late transposition of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD).  AIFMD was supposed to be transposed into member states’ national law by July 22, but with some states failing to meet the deadline, ESMA’s Opinion aims to minimise the impact on industry and investors.  Opinion.

ESMA Finalises Cooperation Agreements for Alternative Investment Funds

On July 18, the European Securities and Markets Association (ESMA) published a press release stating that it has approved seven Memoranda of Understanding (MoUs) between EU securities regulators and non-EU authorities granting responsibility for the supervision of alternative investment funds (AIFs).  The MoUs are applicable from July 22 and will enable cross-border marketing of AIFs to professional investors between jurisdictions.

ESMA’s Board of Supervisors approved MoUs with authorities from the Bahamas, Japan, Malaysia, Mexico and the United States, including the Commodity Futures Trading Commission.  ESMA has now negotiated 38 MoUs on behalf of the 31 EU/EEA authorities.

The Alternative Investment Fund Managers Directive (AIFMD) requires that MoUs are entered into between the EU and non-EU authorities. MoUs allow alternative investment fund managers (AIFMs) from non-EU countries access to EU markets or to perform fund management by delegation from EU AIFMs.  The MoUs cover non-EU AIFMs that market AIFs in the EU and EU AIFMs that manage or market AIFs outside the EU.  The MoUs also cover cooperation in the cross-border supervision of depositaries and AIFMs’ delegates.  Press ReleaseMemoranda of Understanding.