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NOTICE OF MEMORANDUMS OF UNDERSTANDING
CONCERNING CONSULTATION, COOPERATION AND THE EXCHANGE OF INFORMATION
RELATED TO THE SUPERVISION OF CROSS-BORDER ALTERNATIVE INVESTMENT FUND MANAGERS



July 22, 2013

he Ontario Securities Commission, together with the Autorité des marchés financiers, Alberta Securities Commission and British Columbia Securities Commission, recently entered into supervisory Memorandums of Understanding (the "Supervisory MOUs") with the following European Union and European Economic Area member state financial regulators:

The entering into of the Supervisory MOUs is a pre-condition under the EU Alternative Investment Fund Managers Directive (AIFMD) for allowing non-EU Alternative Investment Fund Managers (AIFMs) to manage and market Alternative Investment Funds (AIFs) in the EU and to perform fund management activities on behalf of EU Managers. Under the AIFMD, AIFMs are legal persons whose regular business is the risk and/or portfolio management of AIFs and AIFs are collective investment undertakings other than those that comply with the EU Undertakings for Collective Investment in Transferable Securities Directive.

The purpose of the Supervisory MOUs is to facilitate consultation, cooperation and the exchange of information related to the supervision of AIFMs that operate on a cross-border basis in the jurisdictions of both the relevant EU and Canadian Authority.

The Supervisory MOUs are subject to the approval of the Minister of Finance. The Supervisory MOUs were delivered to the Minister of Finance on July 16, 2013.

The Supervisory MOUs are reproduced on the following internally numbered pages.

Questions may be referred to:

Tula Alexopoulos
Director
Office of Domestic and International Affairs
Tel: 416-593-8084
E-mail: talexopoulos@osc.gov.on.ca