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Alternative Market Briefing

Appleby updates on current state of co-operation agreements between the EU and third country regulators on AIFMD

Tuesday, June 04, 2013

Beverly Chandler, Opalesque London: Offshore financial services law firm, Appleby has published a note regarding the EU’s AIFMD legislation and the co-operation agreements with the regulators of third countries, outside of the EU.

With AIFMD due to be implemented across Europe by 22 July 2013, the European Securities and Markets Authority (ESMA) has already approved co-operation agreements between EU securities regulators (and authorities from Croatia, Iceland, Liechtenstein and Norway) and 34 of their global counterparts including:

  • Bermuda, where Appleby describes the co-operation agreement with the Bermuda Monetary Authority as an extremely good development for Bermuda, 'and shows the continued pro-activity of the Bermuda regulator and its willingness to engage the private sector in meeting the demands of industry'.

  • British Virgin Islands

  • Cayman Islands: here, Appleby writes: "In order that the Cayman Islands Monetary Authority has the necessary powers to meet its obligations under the co-operation agreements, The Monetary Authority Law of the Cayman Islands was amended by The Monetary Authority (Amendment) Law 2013, permitting the Cayman Islands Monetary Authority to enter into memoranda of understanding in relation to cross-border supervision; to allow overseas regulatory authorities to carry out on-site inspections; to apply to the Grand Court of the Cayman Islands for orders to ......................

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