Canadian Securities Regulators Enter Into Supervisory Cooperation Arrangements With European Financial Regulators

Securities regulators in Ontario, Québec, Alberta and British Columbia have entered into supervisory Memorandums of Understanding (MOUs) with financial regulators of certain European countries.

According to the regulators, the MOUs:

  • deal with supervision of alternative investment fund managers as required under the EU Alternative Investment Fund Managers Directive;
  • 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;
    • perform fund management activities on behalf of EU Managers;
  • 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;
  • have been entered into with regulators from the following European countries: 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.

Alberta asset management British Columbia EU EU Alternative Investment Fund Managers Directive European Union hedge fund Memorandums of Understanding Ontario private equity Quebec real estate fund

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