The Bermuda Monetary Authority (BMA) has advanced preparations to sign a cooperation agreement with European Securities and Markets Authority (ESMA), under the Alternative Investment Fund Managers Directive (AIFMD).
The AIFMD is due to be implemented across Europe by 22 July 2013.
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Under the agreement, BMA is aiming to sign the co-operation agreement required for third country regulators under the Directive before the July deadline.
The three core conditions that Bermuda can satisfy to third countries under the AIFMD includes, a cooperation agreement with the third country fund domicile and home member state; third countries (manager domicile or fund domicile) are not on the Financial Action Task Force list of non-cooperative jurisdictions.
It also includes agreements for exchange of information for tax purposes are in place between European Union States and non-EU jurisdictions.
BMA CEO, Jeremy Cox, said: "Bermuda is a sophisticated funds jurisdiction with considerable expertise and the professional services infrastructure to support fund business with global scope."
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By GlobalData"It is clear that there is a collective effort to ensure Bermuda is appropriately aligned with the AIFMD, so that our funds sector can continue to operate from this jurisdiction successfully," Cox said.
