Regulatory Outreach for Student Education

Engaging Students in the Debate Over Financial Services Reform

Today’s debate over regulatory reform is a watershed activity in the careers of financial industry professionals. Years ago, similar debates over mandated pre-funding of pension liabilities (ERISA) and the reunification of investment banking with commercial banking (Glass Steagall's repeal) changed the direction of financial market evolution. Opinions may differ on the merits of those changes, but no one disputes their significance.

Without question, college students and young professionals should be well-versed in the issues involved in today's debate. The Regulatory Outreach for Student Education (ROSE) program is the Center's way to give top students, tomorrow's business and finance leaders, opportunities to experience the financial regulatory process up-close.  The ROSE program is designed to put students in touch with the regulators, policy-makers, and industry leaders who are currently shaping the financial regulatory landscape.  We then challenge them to research and articulate their own positions on the most intriguing and interesting issues.  

ROSE Program Blog

Tuesday, October 8, 2013

EU Regulators Sign Cross-Border Hedge Fund Regulation Pact with US and Others


Author: Anonym Anonym

The European Securities and Markets Authority (ESMA) has approve cooperation agreements with seven global counterparts in five jurisdictions.  These agreements with regulators in the Bahamas, Japan, Malaysia, Mexico and the United States formalize details of cooperations in the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. 


The agreements formalize cooperation arrangements with:
  • Commodity Futures Trading Commission, United States of America; 
  • Financial Services Agency of Japan; 
  • Ministry of Economy, Trade and Industry of Japan 
  • Ministry of Agriculture, Forestry and Fisheries of Japan; 
  • Securities Commission, Malaysia; 
  • National Banking and Securities Commission of the United Mexican States; and 
  • Securities Commission of the Bahamas. 

Through these cooperation agreements, the various regulators will exchange information, coordinate cross-border on-site visits, and provide mutual assistance in the enforcement of the participants' respective regulations. The agreements cover third-country alternative investment fund managers (AIFMs) that market alternative investment funds (AIFs) in the EU and EU AIFMs that manage or market AIFs outside the EU.  The agreements also cover cooperation in the cross-border supervision of depositaries and hedge fund managers’ delegates.

These seven new agreements bring the total number of such cooperation pacts signed by ESMA and global regulators to 31.  A full list of the agreements, with links to the individual Memoranda of Understanding is available at: http://www.esma.europa.eu/node/66691

ESMA’s guidelines on the model Memoranda of Understanding are available at: http://bit.ly/15OzdtL

Print