The European Securities and Markets Authority (ESMA) has approved the cooperation arrangements between the Guernsey Financial Services Commission (GFSC) and the EU securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds.
ESMA has negotiated the agreement with the GFSC on behalf of all 27 EU Member State securities regulators as well as authorities from Croatia, Iceland, Liechtenstein and Norway.
The cooperation arrangements include the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws.
This cooperation will apply to Bailiwick of Guernsey alternative investment fund managers (AIFMs) that manage or market alternative investment funds (AIFs) in the EU and to EU AIFMs that manage or market AIFs in the Bailiwick of Guernsey.
The arrangements also cover co-operation in the cross border supervision of depositories and AIFMs’ delegates. The agreement will take the form of a Memorandum of Understanding (MoU) between the EU securities supervisors and the GFSC.
EU and Guernsey supervisors will be able to supervise fund managers that operate on a cross border basis in the Bailiwick and the EU; and cooperation between the authorities includes the exchange of information, cross border, onsite visits and assistance in the enforcement of the respect laws.
Carl Rosumek, director of investment business at the Guernsey Financial Services Commission, said: “ESMA’s approval of these arrangements is a positive endorsement of the Commission. The arrangements will further improve cross-border supervision of the funds industry and ultimately reinforce investor protection in the cross border operations of alternative funds”.
.jpg)