Singapore, Australia, Korea, New Zealand, Philippines and Thailand today released a joint consultation paper on the proposed rules and arrangements that will govern the operation of the Asia Region Funds Passport (ARFP). When implemented, the ARFP will allow fund managers operating in a passport member economy to offer their funds in other passport member economies under a streamlined authorisation process.
2. The consultation paper sets out the substantive rules that will apply to participating fund managers and passport funds. It also sets out common standards and expectations amongst regulators from passport member economies on the supervision of passport funds, including the protection of investor interests. Following the consultation, the economies that decide to participate in the passport will together work towards the launch of the ARFP in 2016.
3. The consultation paper can be viewed at the ARFP website (Click here to view the consultation paper). Interested parties are invited to submit their views and comments to the Monetary Authority of Singapore by 11 July 2014.
Note to Editor:
The Asia Region Funds Passport (ARFP) is an initiative conceived under the APEC Finance Ministers Process. In September 2013, the Finance Ministers of Singapore, Australia, Korea and New Zealand signed a Statement of Intent to jointly develop the ARFP to facilitate the cross-border offering of funds in Asia. More information on the ARFP can be found at www.fundspassport.apec.org.