Asset managers: SEC and European regulators agree to share information and cooperate on oversight

July 2013


The US Securities Exchange Commission and the European Securities and Markets Authority finalized a supervisory cooperation agreement on July 18th to allow regulators to share and access supervisory information about investment advisers and investment fund managers doing business internationally.

The new memorandums of understanding (MOUs) establish new mechanisms for the flow of supervisory information related to the oversight of global firms and markets. Asset management firms operating in the relevant jurisdictions should anticipate that regulators will share supervisory information and may coordinate examination oversight.

The MOUs are also important because they were required in order for US investment advisers to continue marketing in the EU under the Alternative Investment Fund Managers Directive (AIFMD). Their signing occurred just in time for the implementation of AIFMD on July 22, 2013, which prohibited non-EU asset managers from marketing alternative funds in the EU absent such regulatory cooperation agreements.

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Julien Courbe
Financial Services Advisory Leader
Tel: +1 (646) 471 4771