Source: Dr Marilyn Mifsud¸ PKF Malta¸ August 2013
As at 11 July 2013¸ Cayman Islands and British Virgin Islands financial regulators CIMA and BVI FSC concluded 25 Memoranda of Understanding with European countries in view of the European AIFMD Directive which became applicable within the European Union as at 22 July 2013.
In its attempt to harmonise previous grey areas that slid past the grasp of regulation¸ the Alternative Investment Fund Managers Directive lays out various conditions that filter which non-European alternative investment funds can be marketed within the European Union.
One of the filter checks is the signing of MOU’s with the respective European regulators¸ and where the Malta Financial Services Authority can be seen listed among the 25 MOU’s that have been concluded with CIMA and BVI FSC respectively.
These MOU’s are the fruit of negotiations that were ongoing as early as May 2012 and represent results achieved by dialogue that took place by ESMA (European Securities and Markets Authority) in representation of the European Securities Markets regulators together with the offshore regulators.
This move has secured access to the European market by these offshore funds¸ a stance that evidences the high esteem the European market is held in by countries like the BVI and Cayman Islands.”