The Alternative Investment Fund Managers Directive (AIFMD) permits third country AIFMs to manage AIFs in the EU provided they adhere to specific rules. To enable European authorities to perform supervision, cooperation arrangements with the authorities of the third countries where the AIFM is established or the AIF is located, are compulsory.
A number of funds in Malta are managed by fund managers established in Gibraltar. The European Securities and Markets Authority (ESMA) has clarified that due to the agreements between Gibraltar and the UK, Gibraltar should not be treated as a third country for the purposes of the AIFMD. Consequently, no particular cooperation arrangements with the Gibraltar Financial Services Commission are necessary.
