AUSTRALIA: ASIC and European Union Authorities Cooperate on Alternative Investment Funds

Friday July 19 2013

ASIC has entered into 29 supervisory cooperation arrangements with European Union (EU) securities regulators, agreeing to help each other supervise fund managers operating across borders.

The cooperation is crucial in allowing Australian fund managers to manage and market Alternative Investment Funds (AIFs) in the EU under the rules of the Alternative Investment Fund Managers Directive (AIFMD). An AIF includes hedge funds, private equity funds and real estate funds, among others.

ASIC negotiated the arrangements with the European Securities and Markets Authority (ESMA) – on behalf of EU regulators – and were approved by ESMA’s Board of Supervisors on 22 May this year. ASIC signed the bilateral memorandums of understanding (MOUs) on 12 July 2013. The MOUs are applicable from 22 July 2013.

Please see the above link for more details.