Thu, Nov 23, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Swiss supervisor to cooperate with 28 European states on supervision of alternative investment fund managers

Wednesday, July 17, 2013
Opalesque Industry Update - The Swiss Financial Market Supervisory Authority FINMA has signed cooperation arrangements with 28 EU and EEA member states. Those arrangements regulate cooperation and the exchange of information for the supervision of alternative investment fund managers. The cooperation arrangements are one of the conditions whereby the management of European alternative investment funds can be delegated to Swiss asset managers, and the distribution of such funds to professional investors in EU member states is possible. The cooperation arrangements enter into force on 22 July 2013.

In December 2012, FINMA and the European Securities and Markets Authority (ESMA) had already agreed to cooperate regarding the supervision of alternative investment funds. To this end, and on behalf of all the responsible national securities regulators in the EU and the EEA, ESMA negotiated a cooperation arrangement with FINMA (press release of 3 December 2012). In concrete terms, however, the bilateral cooperation arrangements (Memoranda of Understanding) between the national EU / EEA securities regulators and FINMA were only agreed upon and signed last week (see list below). The cooperation arrangements enter into force on 22 July 2013, at the same time as the AIFM directive is to be implemented in the EU member states.

Mutual application of provisions

The cooperation arrangements include the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of the respective supervisory laws. Cooperation will apply to Swiss alternative investment fund managers (AIFMs) who manage or market alternative investment funds (AIFs) in the EU, and to EU AIFMs who manage or market AIFs in Switzerland or distribute them to qualified investors. The arrangements also cover cooperation in the cross-border supervision of depositaries and AIFMs' delegates. The distribution of foreign funds (especially UCITS) to public investors in Switzerland is, however, not covered by these cooperation arrangements.

One of the conditions required by the AIFM directive

The AIFM directive allows the EU to regulate the authorisation of fund managers from third countries in the EU market. This directive requires licensing to be subject to the condition that third countries have concluded cooperation arrangements with the relevant EU authorities. This explains why these cooperation arrangements are a necessary and important (but not sufficient) condition whereby from 22 July 2013 the management of European alternative investment funds can be delegated to Swiss Asset Managers, and the distribution of such funds to professional investors in EU member states is possible. Further conditions for managers of alternative investment funds will result from the implementation of the AIFM directive in the EU member states.

The cooperation arrangements enhance FINMA’s supervision of cross-border activities in the fund business.

FINMA has concluded cooperation arrangements with the following authorities:

• Autoriteit Financiële Markten (The Netherlands)
• Central Bank of Ireland (Ireland)
• Comissâo do Mercado de Valores Mobiliarios (Portugal)
• Federal Financial Supervisory Authority (Germany)
• Autorité des marchés financiers (France)
• Financial Services and Markets Authority (Belgium)
• Comisión Nacional del Mercado de Valores (Spain)
• Financial Supervisory Authority (Romania)
• Commission de Surveillance du Secteur Financier (Luxembourg)
• Cyprus Securities and Exchange Commission (Cyprus)
• Czech National Bank (Czech Republic)
• Finansinspektionen (Sweden)
• Finanssivalvonta (Finland)
• Finanstilsynet (Denmark)
• Financial and Capital Market Commission (Latvia)
• Financial Market Authority (Austria)
• Estonian Financial Supervision Authority (Estonia)
• Polish Financial Supervision Authority (Poland)
• Financial Conduct Authority (United Kingdom)
• Financial Supervision Commission (Bulgaria)
• Hellenic Capital Market Commission (Greece)
• Bank of Lithuania (Lithuania)
• Malta Financial Services Authority (Malta)
• Nârodnâ banka Slovenska (Slovak Republic)
• Pénziigyi Szervezetek Aliami Felügyelete (Hungary)
• Fjârmâlaeftirlitiâ (Iceland)
• Finanstilsynet (Norway)
• Financial Market Authority (Liechtenstein)

Press release

www.finma.ch

Bg

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Tourbillon Capital, a $3.4bn hedge fund that's been sounding the alarm about 'frothy speculation,' is suffering big losses[more]

    From Businessinsider.com: Tourbillon Capital, a $3.4 billion hedge fund firm led by Jason Karp, is suffering. The firm's flagship Global Master fund is down 3.5% for the first 17 days of November, bringing performance for the year to November 17 to a loss of 10.6%, according to a note to investors s

  2. Fund Profile - The Tiger of Silicon Valley: Glen Kacher's sizzling hedge fund[more]

    From Forbes.com: When you live and work in a town where the median home costs $2.7 million and hobnob with the executives of billionaire factories like Facebook and Tesla, it's easy to see why you might think technology stocks are invincible. So far in 2017, the Nasdaq Composite index has gained 25%

  3. Launches - Asset manager launches Europe's first bitcoin mutual fund, Prime Capital Aviation Debt Fund enables aviation debt investments for institutional investors[more]

    Asset manager launches Europe's first bitcoin mutual fund From Coindesk.com: A French asset manager has announced the launch of Europe's first mutual fund centered around bitcoin. Announced today, Tobam's alternative investment fund perhaps represents the latest bid to attract institutio

  4. Legal - Consumers say hedge fund financed illegal tribal lending, New York's highest court permits shareholder of a Cayman-incorporated company to bypass Cayman law and bring derivative action in New York[more]

    Consumers say hedge fund financed illegal tribal lending From Law360.com: Vermont residents on Tuesday hit a hedge fund with a proposed class action in federal court alleging it helped concoct a sham tribal payday lending scheme meant to skirt laws preventing companies from charging cons

  5. Investing - Tech still hedge funds' sweetheart sector: Goldman Sachs, Hedge funds haven't been this leveraged to buy stocks since the bull market began, Top financials hedge fund details short bet against Morningstar, Fund CRC presents an offer for Carige's consumer credit unit, Hedge funds sell shares in Altice USA after difficult quarter[more]

    Tech still hedge funds' sweetheart sector: Goldman Sachs From Reuters.com: Tech stocks remain the largest net sector exposure for equity hedge funds, which are set to deliver their strongest returns since 2013, Goldman Sachs said on Wednesday in a note on the industry's most and l