Opalesque Industry Update – The European Securities and Markets Authority (ESMA) has approved the cooperation arrangements with the Swiss Financial Market Supervisory Authority FINMA for the supervision of AIFs. The Swiss Funds Association SFA is pleased that this important agreement could be reached before the end of the year.|
Under the regulations on third countries in the Alternative Investment Fund Managers Directive (AIFMD), the conclusion of cooperation agreements on supervision is one of the prerequisites for Swiss asset managers of AIFs to gain EU market access.
ESMA negotiated the corresponding agreements with FINMA on behalf of all 27 EU national competent authorities for securities markets regulation.
“This agreement with ESMA marks an initial milestone en route to ensuring market access for Swiss asset managers. We are pleased that the agreement between the supervisory authorities could be reached so quickly, and that FINMA has been able to implement this before the end of the year,” said SFA CEO Dr. Matthäus Den Otter.