The relevant government agencies in Singapore, Australia, Korea, New Zealand, the Philippines and Thailand are conducting consultation exercises on the proposed arrangements that will govern the operation of the Asia Region Funds Passport (the "ARFP"). When implemented, the ARFP will allow fund managers operating in a passport member economy to offer their ARFP collective investment schemes ("ARFP CIS") in other passport member economies under a streamlined authorisation process.
In Singapore, any comments on the proposed arrangements for the ARFP should be submitted to the Monetary Authority of Singapore (the "MAS") by 11 July 2014.
The ARFP is an initiative by the APEC (Asia-Pacific Economic Cooperation). In September 2013, Australia, Korea, New Zealand and Singapore signed a statement of intent to consult publicly within their economies on the detailed rules which would be necessary to implement the ARFP. By supporting regulatory consistency, it is envisaged that the ARFP will result in an increased number of Asia region-based collective investment schemes being offered in each member economy.
Targeted implementation timeline
Following this consultation, economies that are eligible and that want to become passport member economies will revise and finalise the ARFP arrangements and commit to becoming passport member economies by mutually deciding to adopt those arrangements in late 2014 to early 2015. The ARFP arrangements are expected to be in place by 2016.
Please click on the links below for the materials relating to the above development: