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Pepper Hamilton Client Alert: SEC and European Securities Regulators Enter into Cooperation Agreements to Share Information Regarding Fund Managers

On July 18, 2013, the Securities and Exchange Commission (SEC) entered into a memorandum of understanding (MOU) with various member states of the European Union (EU) and European Economic Area (EEA) formalizing an agreement that facilitates the sharing of information and other assistance between the regulators in relation to private fund managers with operations that are subject to oversight in the United States and in one of the European jurisdictions.

The SEC and the European Securities and Markets Authority (ESMA), on behalf of the relevant EU and EEA member states, negotiated the agreement as part of a long-term strategy to improve the oversight of participants in the asset management industry with cross-border operations.

The MOUs also will enable U.S.-based private fund managers to market to certain professional investors in the EU and still comply with the EU’s Alternative Investment Fund Managers Directive (AIFMD), which took effect on July 22, 2013.

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