CIMA to sign MOUs to market funds in EU

(CNS): In order to ensure that Cayman-based funds can continue to be marketed in the European Union, the country’s regulator has confirmed its intention to sign Memoranda of Understanding with member organisations of the European Securities and Markets Authority (ESMA). The MoUs relate to the Alternative Investment Funds Management Directive (AIFMD), which will require that certain conditions be met before non-EU countries can market alternative investment funds, such as hedge funds, in the EU. ESMA’s Board of Supervisors approved the signing of the MoUs with CIMA yesterday. The AIFMD is to be implemented across Europe from 22 July. Read more on CNS Business