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Cooperation Agreements Aifmd

by on Sep.16, 2021, under Uncategorized

In addition to the cooperation agreements necessary to take into account the above marketing considerations, the AIFD Directive also requires that such arrangements be made to allow an AIFM to transfer its portfolio or risk management activities (as provided for in the Directive) to a delegate in a third country or to designate a depositary in a third country. There is some uncertainty as to why ESMA considers it necessary to require a new written agreement between countries in this case, when both parties are already signatories to the 2002 IOSCO Multilateral Agreement on Consultation and Cooperation and Exchange of Information (“IOSCO MMoU”), although the scope of the level 2 Agreements is field visits and assistance with measures. to carry out the cooperation provided for by IOSCO`s MMoU. The AMF recalls that, in addition to the signing of bilateral cooperation agreements to the AIFM by the AMF, all the above-mentioned activities remain subject to different requirements defined in the Directive. Before participating in such activities, managers must therefore ensure that they meet all requirements. In order to help management companies in their international activities, the AMF publishes on its website the 34 bilateral cooperation agreements with alternative fund managers signed by the FAS between July 2013 and October 2014. In the meantime, Bermuda executives who wish to manage and/or market alternative investment funds within the European Union (EU) can do so through the national private placement regimes of each EU Member State. In order to facilitate this activity, the Authority has signed cooperation agreements with the regulatory authorities of most EU Member States in relation to the AIFM. These cooperation agreements are a key element in ensuring effective supervision of non-EU fund managers and a prerequisite for EU managers` access to EU markets or the implementation of relevant fund management activities. In addition, ESMA`s first consultation was carried out following a request for clarification of the competences of EU regulatory authorities and their third-country counterparties under the cooperation agreements, in particular the precise task of each regulatory authority, taking into account the constraints arising from the need to act within the national regulatory framework. However, ESMA merely replied that the allocation of competences would be addressed during the negotiations on the cooperation agreements and that no further details were available at this time.

In addition to the requirements for a prudential cooperation agreement with third-country regulatory authorities, third-country AIFS that manage EU or third-country AIFs and that wish to use the private placement regimes of EU Member States must nevertheless comply with certain obligations of the Member States of the AIFM. The level of compliance required is much lower than that required by the passport regime for EU managers. AIFAs from non-EU countries must meet the “transparency requirements” set out in Articles 22, 23 and 24, i.e. the preparation of an annual report, the obligation to disclose certain information to investors and the reporting obligations to the competent EU regulatory authorities. Finally, in the future, many UK fund managers will want to take advantage of the benefits of national private placement schemes (NPPPs) so that their funds can be marketed in the EU without a passport. EU leaders will also want to market their EU funds in the UK and perhaps their UK-domiciled funds in the EU. In each of these scenarios, cooperation agreements are required. The AMF has published on its website the list of bilateral cooperation agreements on AIFDs in 2014. Following the publication of the most recent agreements in the Official Journal and as part of the ongoing European work on a potential “third-country passport”, the AMF is now publishing these agreements in full.

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