Bermuda signs AIFMD cooperation agreement with European member states

By added on 22/07/2013

The Bermuda Monetary Authority confirmed today that it has signed the co-operation agreement with European Union (EU) Member States in relation to the Alternative Investment Funds Managers Directive (AIFMD). This means that new and existing Bermuda-based funds and fund managers can continue to seamlessly conduct business with the European market, reports the Bermuda Monetary Authority.

"We are pleased to finalise our agreements with the EU Member States under the AIFMD," said Jeremy Cox, CEO of the Authority. "This is the result of a concerted effort by the Bermuda team, led by Shauna MacKenzie, our Director of Policy, Legal and Enforcement at the Authority. The ongoing work on this initiative also involves a legislative review of our regime and appropriate adaptations in relation to the oversight of Bermuda-based investment managers. This work will ensure that investment managers may fully participate in European markets from Bermuda and reinforces our position as a competitive jurisdiction for the global funds sector."

ESMA (European Securities and Markets Authority) approved co-operation agreements between securities regulators from the 27 EU Member States, Croatia and the European Economic Area and 34 of their global counterparts including the Bermuda Monetary Authority in May 2013.

These co-operation agreements are a key element the effective supervision of non-EU alternative investment funds managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD), and are a pre-condition in allowing non-EU AIFMs access to EU markets or to perform fund management activities on behalf of EU managers.