Astana Financial Services Authority and Financial and Capital Market Commission of Latvia signed a Memorandum of Understanding for cooperation in supervision of alternative investment fund managers

Astana Financial Services Authority (AFSA) and Financial and Capital Market Commission of Latvia (FCMC) signed a Memorandum of Understanding for cooperation in supervision of alternative investment fund managers (AIFM) under the EU’s AIFM directive.

This is the first MoU on alternative investment funds which was coordinated by the European Securities and Markets Authority after its approval of ASFA as a counterparty to the MoU. This MoU sets the framework conditions for AIFC fund managers to market and manage alternative investment funds, such as hedge funds, private equity and real estate funds to professional investors in Latvia, as well as for Latvia to manage or market alternative investment funds in the AIFC.

In view of growing globalization of the world’s financial markets and the increase in cross-border operations and activities of managers of alternative investment funds formalization of cooperation between AFSA and FCMC  will allow mutual assistance in the supervision of Managers of alternative investment funds, their delegates and depositaries that operate on a cross-border basis. Through the MoU, supervisory authorities  expressed their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates, particularly in the areas of investor protection, fostering market and financial integrity, and maintaining confidence and financial stability.