The Capital Markets Board of Turkey (CMB) has signed Memoranda of Understanding (MoUs) with securities regulators of 13 EU member states and three European Economic Area (EEA) countries concerning cooperation for the supervision of alternative investment fund managers.
The 13 EU member states are Czech Republic, Denmark, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Romania, Sweden, The Netherlands and The United Kingdom. The three EEA countries are Iceland, Liechtenstein, Norway.
The Directive 2011/61/EU on Alternative Investment Fund Managers dated 8 June 2011 requires that MoUs are entered into between the EU and non-EU authorities in order to allow alternative investment fund managers (AIFMs) from non-EU countries to perform management and marketing to the professional investors of alternative investment funds including real estate funds, hedge funds and venture capital investment funds.
The Capital Markets Board of Turkey (CMB) has carried out negotiations with the European Securities and Markets Authority (ESMA) which conducted the negotiations on behalf of the other EU countries and activities for signing the MoUs had been going on since 2012. In the current situation, MoUs had been signed with the competent authorities of the 16 jurisdictions mentioned above.
International cooperation and supervision of cross border transactions are among the indispensible elements of today’s financial markets. To this end, the CMB has been signing MoUs both at the level of international organizations and for the purpose of developing bilateral cooperation opportunities and carrying out cross border supervision and enforcement activities effectively. The CMB is one of the first countries to sign the IOSCO Multilateral MoU which has currently 95 signatories today. Additionally, starting from the 1990s, the CMB has signed 32 bilateral MoUs with the regulatory and supervisory authorities of 32 jurisdictions.
The MoUs on cooperation and exchange of information on the supervision of alternative investment funds signed with the authorities of the 16 countries mentioned above will contribute to the protection of investors through increasing cooperation on supervision of funds that carry out cross border transactions. On the other hand, from the perspective of Turkish alternative investment fund managers, one of the most important conditions mentioned in the Directive has been fulfilled on providing access to the markets of the countries with whom MoUs have been signed with or to perform fund management, marketing and depositary services.
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