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
SOURCE: Canadian Securities Administrators
For further information:
Ontario Securities Commission
Alberta Securities Commission
Autorité des marchés financiers
British Columbia Securities Commission