The working group consisting of six participating countries (Singapore, Australia, South Korea, New Zealand, Thailand and the Philippines) in the Asia Region Funds Passport initiative (“ARFP”) released a consultation paper (the “Consultation”) on 27 February 2015, on the proposed eligibility criteria, operational details and application process of the ARFP. The Consultation also set forth the proposed obligations of host countries and common regulatory arrangements between participating members.
Of particular note is the proposed streamlined application process in which a passported fund will be deemed “approved-for-offer” in the host country if it does not receive notification otherwise within 21 days of application with the host country’s regulator. It is expected that participating countries will become a party to a Memorandum of Understanding setting out the final operational rules sometime in September 2015. The ARFP is targeted to be implemented in the third quarter of 2016.