Canada’s big four securities regulators have agreed to a deal with European regulators that facilitates the cross-border oversight required to allow alternative fund managers, such as hedge funds, to operate in Europe.
The Ontario Securities Commission (OSC), Autorité des marchés financiers (AMF), Alberta Securities Commission (ASC) and B.C. Securities Commission (BCSC) said Thursday that they have entered into supervisory memorandums of understanding (MOUs) with European regulators regarding the supervision of alternative investment fund managers.
The MOUs provide a framework for mutual assistance in the oversight of certain participants in the asset management industry, including portfolio managers and investment fund managers. The agreements are a pre-condition for allowing foreign alternative investment fund managers to manage and market alternative funds (including hedge funds, private equity and real estate funds) in the European Union (EU), and to perform fund management activities on behalf of EU managers.
The Europeans that are part of the deal with the Canadian regulators include authorities in the UK, 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, and Sweden.