Asia Region Funds Passport – Pilot Program
Expressions of interest are being sought to participate in a Pilot Program for the Asia Region Funds Passport (ARFP) in early 2018 from:
- Home country fund operator (exporter);
- Host country distributor (importer); and
- Key legal and tax-related advisory service providers.
Expressions of interest can be submitted for each of the roles individually or as a group.
To participate in the Pilot Program, applicants for the role of fund operator are expected to be an entity that is eligible to operate a Passport fund and have a fund that meets the criteria to apply for registration as a Passport fund. Distributors and providers of legal and tax-related advisory services are expected to be relevantly licensed and qualified to provide such services.
The Pilot Program will:
- test Home Regulator and Host Regulator processes;
- test taxation treatment of Passport Funds by Host country taxation authorities;
- identify areas of ARFP processes that may require further development of the Passport Rules before the ARFP goes live;
- identify any remaining barriers in Host countries.
Participants must be willing to provide regular feedback about their experiences to participating economies and may be required to participate in media about the findings of the Pilot Program.
Participants of the Pilot Program will be under no obligation to take part in the ARFP following the completion of the Pilot Program. However, they will be expected to promote their participation in the Pilot Program, and the ARFP.
To express interest in these roles, an applicant should complete a short letter explaining how they meet the eligbility criteria requirements. Applicants should contact their local regulator or industry body for more information.
About the Asia Region Funds Passport
The ARFP is a multi-lateral agreement between Australia, Japan, Republic of Korea, New Zealand and Thailand. It is intended to establish a regional market for collective investment schemes by facilitating cross-border offerings across these countries. The ARFP aims to reduce regulatory duplication by establishing a standardised set of requirements for fund operators, and benefit investors through broader and more diverse fund offerings while maintaining investor protection.
The Joint Committee is the governing body of the ARFP. It was established under the Memorandum of Cooperation on the Establishment and Implementation of the Asia Region Funds Passport.
Pilot Program – Expression of Interest [DOCX 108KB]