Today the Government is releasing the internationally negotiated rules for the Asia Region Funds Passport (Passport) for public consultation.
With $2.4 trillion in funds under management, Australia’s funds management industry is well established. However, only around four per cent of those funds are managed on behalf of foreign residents.
The Passport will create a regional market for managed investment funds by facilitating cross-border issuing. This will provide Australian fund managers with an important opportunity to increase their presence in Asia and develop further business.
The Passport will also reduce red tape for fund managers by creating a standardised set of rules that will apply across Passport participants while providing Australian investors with a greater choice of investment products.
The release of the rules for public consultation follows the signing of a statement of intent on the Passport by finance ministers from Australia, Korea, New Zealand and Singapore at the APEC Finance Ministers’ Meeting in Bali in September 2013.
Consultation will now take place jointly with government agencies from Korea, New Zealand, Singapore, Thailand, and the Philippines.
The consultation paper is available on the Asia Region Funds Passport website.
Submissions close on 10 April 2015.