The Bermuda Monetary Authority confirmed today that it has signed a Memorandum of Understanding (MoU) with Germany’s financial regulator, the Federal Financial Supervisory Authority (BaFin), in relation to the European Union’s Alternative Investment Funds Managers Directive (AIFMD).

The MoU, the 27th accord concluded with the Authority under the AIFMD, provides for mutual assistance between supervising managers of alternative investment funds who operate on a cross-border basis in both jurisdictions.

In effect, the agreement will allow Bermuda-based fund managers to market their products in Germany.

Commenting on the signing, BMA CEO Jeremy Cox said, “We are pleased to finalise our agreement with BaFin, the integrated financial services supervisor of Europe’s largest economy.

“This is the result of a concerted effort by an interdepartmental team led by Shauna MacKenzie, our director of Policy, Legal and Enforcement and marks another milestone in the Authority’s AIFMD-related initiatives.

“Germany is an important market for Bermuda, and this MoU will ensure that Bermuda fund managers have the opportunity to participate in the German market with the appropriate level of supervisory oversight.

“Marking this milestone also serves to reinforce Bermuda’s competitive position as a jurisdiction that can accommodate a full spectrum of fund related activity within an internationally recognised regulatory framework.”