A soon-to-be implemented European directive affecting alternative investment fund managers is set to be signed, in a cooperation agreement capacity, by the Bermuda Monetary Authority.The move by the BMA should benefit Bermuda-based funds and fund managers who want to continue conducting business in both Bermuda and Europe.Europe’s Alternative Investment Fund Managers Directive (AIFMD) is due to come into effect on July 22. Ahead of that date, the BMA expects to sign a cooperation agreement under the AIFMD, which is a requirement for third country regulators under the directive before the July deadline.“Bermuda’s existing regulatory framework for investment funds already provides the foundation to support the level of cooperation ESMA [European Securities and Markets Authority] is seeking,” said Jeremy Cox, CEO of the BMA. “Therefore, we are in a good position to facilitate Bermuda-based funds and fund managers who want to conduct business in Europe once the AIFMD is implemented.”In a statement, the BMA said the Island can satisfy the three core conditions that are most relevant to third countries under the AIFMD, namely:1. There is in place a cooperation agreement with the third country fund domicile and home member state;2. Third countries (manager domicile or fund domicile) are not on the Financial Action Task Force list of non-cooperative jurisdictions;3. Agreements for exchange of information for tax purposes are in place between European Union (EU) States and non-EU jurisdictions.“We will be working on confirming details under the agreement in the coming weeks,” said Mr Cox. “This means Bermuda can still offer significant benefits for new and existing funds and fund managers seeking access to Europe, while also servicing those looking to operate in non-EU markets.”Mr Cox said the BMA has also been actively engaged with the Bermuda Government and market practitioners in the jurisdiction to consider stakeholder input on the AIFMD.“Bermuda is a sophisticated funds jurisdiction with considerable expertise and the professional services infrastructure to support fund business with global scope,” he said. “It is clear that there is a collective effort to ensure Bermuda is appropriately aligned with the AIFMD, so that our funds sector can continue to operate from this jurisdiction successfully.”