Canadian securities regulators enter into supervisory cooperation arrangements with EU and EEA financial regulators

TORONTO, July 25, 2013 /CNW/ - The Ontario Securities Commission (OSC), Autorité des marchés financiers (AMF), Alberta Securities Commission (ASC) and British Columbia Securities Commission (BCSC) today announced they have entered into supervisory Memorandums of Understanding (MOUs) with financial regulators of member states of the European Union (EU) and European Economic Area (EEA) regarding the supervision of alternative investment fund managers as required under the EU Alternative Investment Fund Managers Directive.

The MOUs are a pre-condition for allowing non-EU Alternative Investment Fund Managers to manage and market alternative investment funds (including hedge funds, private equity and real estate funds) in the EU and to perform fund management activities on behalf of EU Managers.

The EU/EEA member-state financial regulators with whom the Canadian authorities signed MOUs are those from 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.

The MOUs provide a framework for mutual assistance in the supervision and oversight of certain participants in the asset management industry, including portfolio managers and investment fund managers.

In Ontario, the MOU is subject to approval by the Ontario Minister of Finance.

SOURCE: Canadian Securities Administrators

For further information:

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361     
 
Mark Dickey 
Alberta Securities Commission
403-297-4481

Sylvain Théberge
Autorité des marchés financiers
514-940-2176       
 
Richard Gilhooley
British Columbia Securities Commission
604-899-6713 


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