The Gibraltar Financial Services Commission has signed agreements with the two major regulatory authorities in Hong Kong to improve cooperation in supervising the activities of alternative investment funds (AIFs).
The Memorandum of Understanding (MoU) signed between the GFSC and Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Securities Commission (SFC) covers consultation, cooperation and the exchange of information related to the supervision of AIFMD entities.
The Alternative Investment Fund Managers Directive (AIFMD), which came into force in July 2011, covers the management, administration and marketing of alternative investment funds. It focuses mainly on the managers of hedge funds, private equity funds, retail investment funds, investment companies and real estate funds.
Samantha Barrass, chief executive of the GFSC, said signing the AIFMD MoUs with the two regulators was an important step in building cooperation with Hong Kong.
“It supports open, strong cooperation with the SFC and the HKMA in our regulation of AIFMD establishments, and is a very useful tool for us as a regulator,” Barrass said.
In particular the MoU is designed to improve investor protection, foster market integrity and build confidence and systemic staiblity.