However, the commercialisation of an AIF by a small non-EEA hedge fund manager does not require supervisory cooperation agreements in accordance with Regulation 58. Our regulation also provides for the existence of a supervisory cooperation agreement with the competent court, whether or not the competent authority controls the relevant body. Secondly, the manager requires a cooperation agreement for an EU manager to manage a non-Eu fund, which means that it is essential for structures in which a Luxembourg (or other) EU manager wishes to continue to manage (or continue to manage) a UK fund for limited partnerships. Similarly, UK law (as suitable for hard Brexit) will only allow a UK-regulated manager to manage funds domiciled in countries where the regulator has signed a protocol with the ACF, which means that it was essential that cooperation agreements be signed to allow UK managers to continue to manage their Luxembourg funds, a now very common structure. In 2014, the AMF published the list of the manager`s bilateral cooperation agreements on its website. Following the publication of the latest agreements in the Official Journal and as part of ongoing European work on the creation of a potential passport for third countries, the AMF is now publishing these agreements in their entirety. In the meantime, Bermuda leaders who wish to manage and/or market alternative investment funds within the European Union (EU) can do so through the national private placement schemes of some EU Member States. In order to facilitate this activity, the Authority has signed cooperation agreements with the regulatory authorities of most EU Member States with regard to the manager. These cooperation agreements are an essential element in ensuring effective monitoring of EU managers and are essential if eu managers are not able to access EU markets or carry out fund management activities. Finally, many UK fund managers will want to use National Private Investment Schemes (NPPRs) in the future so that their funds can be marketed in the EU without a passport. EU leaders will also want to market their EU funds to the UK and possibly to their UK funds in the EU. Cooperation agreements are needed in each of these scenarios.
In addition, the first consultation of the AEMF responded to requests for opinions to further clarify responsibilities within the framework of cooperation agreements between EU regulators and their partners in third countries, in particular the precise mission of each regulatory authority, given the constraints of having to act within their respective national legal frameworks. However, the AEMF merely said that the allocation of powers was being dealt with in the negotiations on cooperation agreements and that there were therefore no further details available at this time. The existence of cooperation agreements between the AMF and its partners outside the European Union (EU) is one of the preconditions: the AIFM Directive provides for the following cross-border activities: In addition to the cooperation agreements necessary to take into account the marketing considerations described above, the manager also requires such agreements to be concluded for a manager to assign his portfolio or risk management activities (as permitted by the directive) to a delegate from a third country or to the appointment of a third-party custodian.