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NOTICE OF MINISTERIAL APPROVAL OF
THE MEMORANDA OF UNDERSTANDING WITH
THE EU AND EEA MEMBER STATE FINANCIAL REGULATORS
UNDER THE EU ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE



On August 21, 2013, the Minister of Finance approved, pursuant to section 143.10 of the Securities Act (Ontario), the memoranda of understanding entered into between the Ontario Securities Commission (together with the Autorité des marchés financiers, Alberta Securities Commission and the British Columbia Securities Commission) and the following European Union (EU) and European Economic Area (EEA) member state financial regulators:

• Autoriteit Financiële Markten (The Netherlands)

• Autorité des marchés financiers (France)

• Bundesanstalt für Finanzdienstleistungsaufsicht (Germany)

• Central Bank of Ireland (Ireland)

• Comissão do Mercado de Valores Mobiliários (Portugal)

• Comisión Nacional del Mercado de Valores (Spain)

• Romanian National Securities Commission (Romania)

• Commissione Nazionale per le Società e la Borsa (Italy)

• Commission de Surveillance du Secteur Financier (Luxembourg)

• Cyprus Securities and Exchange Commission (Cyprus)

• Czech National Bank (Czech Republic)

• Finansinspektionen (Sweden)

• Finanssivalvonta (Finland)

• Finanstilsynet (Denmark)

• Finansu un kapitala tirgus komisija (Latvia)

• Finanzmarktaufsicht (Austria)

• Estonian Financial Supervision Authority (Estonia)

• Polish Financial Supervision Authority (Poland)

• Financial Services Authority (United Kingdom)

• Financial Supervision Commission (Bulgaria)

• Financial Services and Markets Authority (Belgium)

• Hellenic Capital Market Commission (Greece)

• Lithuanian Securities Commission (Lithuania)

• Malta Financial Services Authority (Malta)

• Národná banka Slovenska (Slovak Republic)

• Pénzügyi Szervezetek Állami Felügyelete (Hungary)

• Fjármálaeftirlitio (Iceland)

• Finanstilsynet (Norway)

• Finanzmarktaufsicht (Liechtenstein)

(collectively, the "MoUs")

The entering into of the MoUs was 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 in the EU and to perform fund management activities on behalf of EU Managers. The MoUs 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/EEA member and Canadian Authority.

The MoUs are effective as of July 22, 2013. The MoUs were published in the Bulletin on August 1, 2013.

Questions may be referred to:

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

September 19, 2013