Singapore and other APEC Economies consult on Proposed Rules for Asia Region Funds Passport

1. Singapore, Australia, Korea, New Zealand, Philippines and Thailand (the Working Group) today released a joint consultation paper on the proposed rules that will govern the operation of the Asia Region Funds Passport (ARFP). The Working Group also issued its responses to feedback on a public consultation published on 16 April 2014, on the same subject.

2. The proposed rules cover areas such as the eligibility and operational criteria for passport fund managers and passport funds, as well as the authorisation process for passport funds. The rules also set out common standards and expectations amongst regulators from passport member economies on the supervision of passport funds, including the protection of investor interests. 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.

3 The consultation and response 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 10 April 2015.

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.