Posted on July 11, 2013 14:11
Press Release No. 3 of 2013
11 June 2013
Twenty Five European Securities Regulators Sign Memorandum of Understanding with BVI FSC
Memorandum of Understanding allows BVI Mutual Fund Industry to Market in the EU and to EU Investors
11 July 2013– Tortola, British Virgin Islands – Today, the British Virgin Islands Financial Services Commission (BVI FSC) announced that twenty-five (25) European securities regulators have entered into a Memorandum of Understanding (MOU) concerning consultation, cooperation and the exchange of information related to the supervision of Alternative Investment Fund Managers with the BVI FSC. The MOU which was concluded in May 2013 was negotiated by European Securities and Markets Authority (ESMA) on behalf of EU securities regulators with responsibility for the supervision of alternative investment funds (AIFs), including hedge funds, private equity funds and real estate funds.
The MOU is largely based on the International Organisation of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMOU), and as the first jurisdiction to be admitted to IOSCO membership on the basis of the MMOU, the BVI has over the years developed a robust international cooperation regime based on mutual cooperation on information sharing and rendering necessary assistance in regulatory matters. The signings ensure that the BVI Mutual Fund Industry will be able to market its products within the European Union.
The 25 countries/securities regulators that have agreed to and signed the MOU are:
Belgium (Financial Services and Markets Authority), Bulgaria (Financial Supervision Commission), Cyprus (Cyprus Securities and Exchange Commission), Czech Republic (Czech National Bank), Denmark (Finanstilsynet), Estonia (Estonian Financial Supervision Authority), Finland (Finanssivalvonta), France (Autorité des marchés financiers), Greece (Hellenic Capital Market Commission), Hungary (Pénzügyi Szervezetek Állami Felügyelete), Iceland (Fjármálaeftirlitið), Ireland (Central Bank of Ireland), Latvia (Finanšu un kapitāla tirgus komisija), Liechtenstein (Finanzmarktaufsicht), Lithuania (Bank of Lithuania), Luxembourg (Commission de Surveillance du Secteur Financier), Malta (Malta Financial Services Authority), Norway (Finanstilsynet), Poland (Polish Financial Supervision Authority), Portugal (Comissão do Mercado de Valores Mobiliários), Romania (Financial Supervisory Authority), Slovak Republic (Národná banka Slovenska), Sweden (Finansinspektionen), The Netherlands (Autoriteit Financiële Markten), UK (Financial Conduct Authority)
The BVI FSC had been in negotiations with ESMA since April 2012 and, through its participation in the process, is confident that the MOU represents a balanced approach. The BVI FSC is pleased to have executed these agreements which demonstrate the recognition and importance of BVI funds in the global funds industry.
About the British Virgin Islands Financial Services Commission
The BVI Financial Services Commission is an autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the Territory. Investment Business activities in the Territory are governed primarily by the Securities and Investment Business Act, 2010 (SIBA) which is administered by the BVI FSC.
For further information, please contact:
BVI Financial Services Commission
Pasea Estate, Tortola, British Virgin Islands
Tel: (284) 494-4190
Fax: (284) 494-5016