The Ontario Securities Commission (OSC), Autorité des marchés financiers (AMF), Alberta Securities Commission (ASC) and British Columbia Securities Commission (BCSC) have entered into supervisory Memorandums of Understanding (MoUs) with financial regulators of member states of the European Union (EU) and European Economic Area (EEA).

This agreement is regarding the supervision of alternative investment fund managers as required under the EU Alternative Investment Fund Managers Directive.

The MoUs are a pre-condition for allowing non-EU Alternative Investment Fund Managers to manage and market alternative investment funds (including hedge funds, private equity and real estate funds) in the EU and to perform fund management activities on behalf of EU Managers.

The EU/EEA member-state financial regulators with whom the Canadian authorities signed MOUs are those from 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, Sweden, and the UK.

The MoUs will provide a framework for mutual assistance in the supervision and oversight of certain participants in the asset management industry, including portfolio managers and investment fund managers.

In Ontario, the MoU is subject to approval by the Ontario Minister of Finance.