Bermuda has been approved as a signatory for the cooperation agreement with EU member states in relation to the Alternative Investment Fund Managers Directive (AIFMD).
ESMA has approved co-operation agreements between securities regulators from the 27 EU member states and the European Economic Area, and 34 of their global regulatory counterparts including the Bermuda Monetary Authority.
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Jeremy Cox, chief executive of the Authority, said: "This re-affirms Bermuda’s position in terms of satisfying the core conditions under the AIFMD as a third country. Bermuda remains a solid opportunity for Bermuda-based funds and fund managers looking to conduct business in Europe after the AIFMD is implemented as of 22 July 2013."
In April 2013, the BMA advanced preparations to sign a cooperation agreement with ESMA, under the AIFMD.
In May, the Central Bank of Ireland started accepting applications under the AIFMD, wih the Irish Funds Industry Association (IFIA) accepting CBI’s publication of AIFMD-related application forms and detailed rules.
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