The Government has released for public consultation the internationally negotiated rules for the Asia Region Funds Passport which will create a regional market for managed investment funds by facilitating cross-border participation. Specifically, a draft Memorandum of Understanding has been released which contains, among other things:
- the impetus to participate in the Passport, the governing framework, and sets out the eligibility for economies wanting to participate in the arrangement
- regulatory arrangements, passport rules, and arrangements for cooperation between regulators.
Full details of the proposed rules are available here. Submissions close on 10 April 2015.