Regional funds passport program to be implemented

To be piloted by Australia, New Zealand, Singapore and South Korea.

The four nations during last week’s Asia Pacific Economic Cooperation in Bali, Indonesia agreed to start a landmark pilot program to pave the way for a “regional funds passport.” The aim of the program is to develop a passport to facilitate cross-border fund sales.

To be called the “Asia Region Funds Passport (ARFP),” the program will offer fund managers operating in a passport economy a direct, efficient route to distribute their funds in other passport economies.

Ministers of the four pioneer nations endorsed a framework document that sets out high-level principles, basic arrangements and a timeline that will guide the passport’s development.

Each country will conduct a joint public consultation in 2014 on the rules and arrangements needed to implement the scheme. They will then work together towards the passport's launch in 2016.