Guidelines On The Model AIFMD Memorandum Of Understanding

On 18 July 2013, the European Securities and Markets Authority ("ESMA") issued guidelines on the model of the Memorandum of Understanding ("MOU") concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD ("Alternative Investment Fund Managers Directive") entities (the "Guidelines").

The Guidelines delineate the model that should be agreed between European Union ("EU") and non-EU supervisory authorities. The model MOU annexed to the Guidelines should be used as a benchmark by EU competent authorities. This is to ensure that the proper cooperation arrangements are in place in accordance with the AIFMD and to ensure consistent application of the AIFMD provisions.