On 25 August 2014, the Monetary Authority of Singapore (the “MAS”), the Securities Commission of Malaysia (“SC Malaysia”) and the Securities and Exchange Commission, Thailand (“SEC Thailand”) launched the ASEAN CIS Framework to facilitate cross-border offers of collective investment schemes (“CIS”) to retail investors. The ASEAN CIS Framework is an initiative of the ASEAN Capital Markets Forum (the “ACMF”).
The ASEAN CIS Framework allows the units of an ASEAN CIS authorised in its home jurisdiction to be offered in the other host ASEAN jurisdictions under a streamlined authorisation process, provided that the ASEAN CIS satisfies the set of common standards specified in the Standards of Qualifying CIS (the “Standards”). The Standards ensure that participating fund managers have the necessary experience and track record in managing retail funds offered under the framework.
Handbook for issuers of ASEAN CIS
To provide guidance to CIS operators who are seeking to offer their CIS under the ASEAN CIS Framework, the MAS, SC Malaysia and SEC Thailand have jointly published a handbook to give industry practitioners an understanding of the different legislative requirements in each participating jurisdiction and the procedures for the cross-border offering of an ASEAN CIS.
Changes to Code on Collective Investment Schemes
To implement the ASEAN CIS Framework in Singapore, the MAS introduced a new Chapter 10 in the Code on Collective Investment Schemes.