Published: 26 February 2020
The Croatian Financial Services Supervisory Agency (Hanfa) and the Guernsey Financial Services Commission (GFSC) have concluded the ESMA Memorandum of Understanding (MoU) in relation to the alternative investment funds management. The Memorandum was signed by Mr Ante Žigman, President of Hanfa Board, and Mr William Mason, Director General of the GFSC.
”This is the second MoU within the framework of the Alternative Investment Fund Managers Directive (AIFMD) signed by Hanfa with a supervisory authority outside the EU and it represents an additional step forward in stimulating cross-border investment flows in the area of investment funds. Our cooperation will contribute to better consumer protection, foster market and financial integrity, and further strengthen confidence in the stability of the financial system. We will continue to work towards expanding Hanfa’s international co-operation with institutions from third countries,“ said Ante Žigman, President of Hanfa Board.
In view of the increasing globalisation of financial markets world-wide and the increase in cross-border business and activities of alternative investment fund managers, this MoU defines the cooperation of the two institutions with respect to the supervision of alternative investment fund managers and the supervision of their intermediaries and depositaries acting cross-border in the jurisdictions that are parties to this MoU, that is, in Croatia and in Guernsey.
Conclusion of AIFMD MoUs is Hanfa’s initiative aimed at removing obstacles to cross-border investments and facilitating investment flows, as well as creating additional opportunities for investors and the investment fund industry.