New Zealand, Australia, Singapore, Korea, Philippines and Thailand have released a joint consultation paper on the proposed rules and arrangements that will govern the operation of the Asia Region Funds Passport (ARFP).
The ARFP is an initiative conceived under the APEC Finance Ministers’ Process. In September 2013, the Finance Ministers of New Zealand, Australia, Singapore and Korea signed a Statement of Intent to jointly develop the ARFP to facilitate the cross-border offering of funds in Asia.
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.
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.
Interested parties are invited to submit their views and comments on the consultation paper to the Ministry of Business, Innovation and Employment (MBIE) by 11 July 2014. The consultation paper is available here.