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 ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (AIFMD)

 

 

In response to the European Union’s Alternative Investment Fund Managers Directive (AIFMD), the Authority initiated a process of developing an opt-in Alternative Investment Fund Manager (AIFM) regime for Bermuda. The objective was to create a regime which could be assessed by the European Securities and Markets Authority (ESMA) to pose “no significant obstacles” to the extension of third-country AIFMD passport rights to Bermuda AIFMs.  ​

The first step toward achieving this objective was taken with the passage of the Investment Business Amendment Act 2015, which resulted in the basis for the AIFM regime being incorporated within the Investment Business Act 2003 and which provided the Authority with the power to issue proposed AIFM Rules. Passage of the Investment Funds Amendment Act 2016 was the next key development. Finally, comprehensive AIFM Rules were published and can be brought into force by the Authority when appropriate.

At present, ESMA is not progressing work related to extension of third-country AIFM passport rights, and the initiative has not been included as an identified priority in its current Regulatory Work Programme.​

Notwithstanding this, the Authority remains committed to finalising a Bermuda AIFM regime when circumstances warrant. Meanwhile, the Authority continues to monitor this area closely and will provide updates as appropriate.​

In the interim, Bermuda managers wishing to manage and/or market alternative investment funds within the European Union (EU) are able to do so via the national private placement regimes of individual EU Member states. ​To facilitate such activity, the Authority has signed cooperation agreements with the regulatory authorities in the majority of EU Member States in relation to the AIFMD.​ These cooperation agreements are a key element in effective supervision of non-EU AIFMs, and are a pre-condition in allowing non-EU AIFMs access to EU markets or to perform relevant fund management activities.

Listed below are the regulatory bodies in EU Member States with whom the Authority signed the AIFMD cooperation agreements​:


NAME OF REGULATOR COUNTRY
Finanzmarktaufsicht ​Austria
Financial Services and Markets Authority Belgium
Financial Supervision Commission Bulgaria
Cyprus Securities and Exchange Commission Cyprus
Czech National Bank Czech Republic
Finanstilsynet Denmark
Estonian Financial Supervision Authority Estonia
Finanssivalvonta Finland
Autorite des marches financiers France
​Federal Financial Supervisory Authority (BaFin) Germany
Hellenic Capital Market Commission Greece
Penzugyi Szervezetek Allami Fellugyelete Hungary
Fjarmalaeftirlitio Iceland
Central Bank of Ireland Ireland
Finansu un kapitala tirgus komisija Latvia
Finanzmarktaufsicht Liechstenstein
Bank of Lithuania Lithuania
Commission de Survellance du Sector Financier Luxembourg
Malta Financial Services Authority Malta
Finanstilsynet Norway
Polish Financial Supervision Authority Poland
Comissao do Mercado de Valores Mobiliarios Portugal
Romanian Financial Supervisory Authority Romania
Narodna banka Slovenska Slovak Republic
Finansinspektionen Sweden
Autoriteit Financiele Markten The Netherlands
Financial Conduct Authority United Kingdom