CYPRUS: CySEC update on MoUs

Wednesday September 18 2013

The Securities and Exchange Commission of Cyprus (CySEC) has announced the signing of memoranda of understanding (MoUs) with various non-EU countries for the enhancement of supervision of alternative investment fund managers.

The existence of co-operation arrangements between the EU and non-EU authorities is a precondition of the AIFMD for allowing managers based outside the EU to access EU markets or perform fund management by delegation from EU managers. Although cooperation arrangements were negotiated by the European Securities and Markets Authority (ESMA), on behalf of the EU authorities, the MoUs were bilaterally signed between the each EU securities regulator and the non-EU authorities.

Thirty-five agreements have been signed by CySEC and six more are expected to be completed in the near future.

Click on the below link for the CySEC announcement.