EUROPE: AIFMD MoUs Signed by the EU Authorities

ESMA has published the AIFMD MoUs singed by EU Authorities.

It should be noted that, in addition to the supervisory cooperation arrangements, the AIFMD sets out other conditions that need to be satisfied in order for the relevant cross-border activity to be permitted in the EU. First, the non-EU country must not be listed in any of the categories of the periodic Public Statement of the Financial Action Task Force (regular updates can be found on the webpage: http://www.fatf-gafi.org/publications/high-riskandnon-cooperativejurisdictions/?hf=10&b=0&s=desc(fatf_releasedate)).

Secondly, as from the date of application of the passport for non-EU AIF managers, there should be an agreement between the non-EU country and the relevant EU Member State that complies fully with the standards laid down in Article 26 of the OECD Model Tax Convention on Income and on Capital and ensures an effective exchange of information in tax matters.

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