Tuesday February 5 2019
News Source: Fund Regulation
Focus: Funds Passport
On 1st February 2019, The Asia-Pacific Economic Cooperation advised that the Asia Region Funds Passport (‘Passport’) is now live.
Japan, Thailand and Australia are ready to receive registration applications from local prospective Passport funds and entry applications from foreign Passport funds.
Further information on becoming registered a Passport fund in Australia, Japan or Thailand can be found on the following webpages:
- Australia: https://asic.gov.au/for-finance-professionals/fund-operators/establishing-and-registering-a-fund/how-to-register-as-an-australian-passport-fund/
- Japan: (English) – https://www.fsa.go.jp/en/faq/others/others_d.html
- Thailand: https://www.sec.or.th/TH/CB/Pages/CB.aspx
New Zealand and Korea continue to make progress with the legal and regulatory requirements for implementation required in their respective jurisdictions.
The next face-to-face meeting of the Joint Committee of the Passport will be held in Seoul, the Republic of Korea in early May 2019.
The Passport will facilitate cross-border offerings of managed funds to retail investors whilst maintaining appropriate investor protections. It was established through the APEC Finance Ministers’ Process.
In June 2016, Australia, Japan, the Republic of Korea, New Zealand and Thailand entered into a memorandum of co-operation (“MoC”). The JC was established under the MoC to oversee the effective implementation and operation of the Passport.
- The Passport aims to:Provide significant benefits to investors by enabling wider fund-choice, whilst maintaining effective legal and regulatory arrangements for investor protection; and
- Strengthen the capacity, expertise and international competitiveness of the funds industry and financial markets in the region
Click on the above link for further information.