Dubai Financial Services Authority (DFSA) has entered into 26 supervisory co-operation agreements with European Union (EU) and European Economic Area (EEA) regulators this year.

Under these agreements, each regulator agrees to help each other supervise fund managers operating across borders, between the Dubai International Financial Centre (DIFC) and Europe, said a statement.

The DFSA negotiated the agreements with the European Securities and Markets Authority (ESMA) and the signatories include France, UK, Netherlands, Ireland, Portugal, Spain, Italy, Luxembourg, Cyprus, Sweden, Finland, Denmark, Norway, Iceland, Liechtenstein, Hungary, Malta, Lithuania, Greece, Belgium, Bulgaria, Poland, Estonia, Latvia, Czech Republic and Romania, it said.

The agreements allow fund managers in the DIFC to manage and market alternative investment funds (AIFs) to professional investors in the EEA under the rules of the Alternative Investment Fund Managers Directive (AIFMD). AIFs include hedge funds, private equity funds and real estate funds.

Managing and marketing such funds into Europe will allow DIFC-based fund managers to access a greater pool of investors.

Ian Johnston, chief executive, DFSA, said:  “The DFSA’s efforts to improve cross-border opportunities will further facilitate investment flows and will benefit investors and the funds industry.”

DFSA already has in place bi-lateral agreements with 13 of its European counterparts, who ensure fund managers are well supervised in the DIFC and in Europe. - TradeArabia News Service