The Financial Services Commission (FSC) signed the European Securities and Markets Authority (ESMA) Memorandum of Understanding (MoU) last week at the FSC House in Ebène.
The MoU testifies and reinforces the co-operation agreements between the FSC and regulators of European Union (EU) Member States for the supervision of hedge funds, private equity and real estate funds under the Alternative Investment Fund Management Directive (AIFMD).
Furthermore, under the ESMA MoU, the cooperation between the FSC and the ESMA will enable Mauritius-licensed funds to continue to market in Europe under the private placement regimes of EU Member States after the introduction of the AIFMD on 22 July 2013. The MoU will further contribute towards sustaining the Mauritius International Financial Centre as an attractive jurisdiction for basing funds.
In her address during the signing ceremony, the Chief Executive of the FSC, Ms Clairette Ah-Hen, highlighted the importance of the MoU which according to her reaffirms the FSC’s commitment to the highest standards in international cooperation and information sharing. She further pointed out that the agreement has helped Mauritian funds to raise money from investors in all the European countries.
For his part, the Attaché d'Affaires of the European Union Delegation, Mr Eduardo Campos Martins, who was also present, said that the ESMA MoU will enable Mauritius to consolidate its position as a financial hub while allowing a greater exchange of information and mutual assistance in strengthening supervision.
Mauritius was in the first tranche of 34 foreign jurisdictions such as the United States of America, Singapore, Hong Kong, Switzerland, India, Dubai and Australia to receive ESMA’s approval on 22 May 2013. With the approval of the ESMA MoU by EU Regulators, Mauritius has satisfied all the conditions under the AIFMD for Mauritius-regulated funds to continue to market in Europe under the private placement.
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