The Asia Region Funds Passport Joint Committee (JC) held its 15th meeting in virtual format on 2 July 2024. The meeting was hosted by the JC Chair – the New Zealand Financial Markets Authority. The meeting was attended by representatives from Australia, Japan, Republic of Korea, and Deputy Chair Thailand.
Memorandum of Cooperation update
The JC Chair noted that a variation amendment of the Memorandum of Cooperation (MoC) had been signed by all members.
The Chair also confirmed that New Zealand has now taken all steps to implement the recommendations in the variation agreement, and therefore all members had now fully implemented the recommendations.
Progress of the Passport
The Republic of Korea noted that one entity was interested in submitting a Passport application for the opportunity to operate in Japan. An update on the application will likely come at the next meeting.
Next Meeting
The 16th meeting of the JC will be convened in New Zealand in November 2024.
Background
Australia, Japan, New Zealand, the Republic of Korea, and Thailand entered into the MoC in June 2016, then established the JC to oversee the effective implementation and operation of the Passport.
Established through the APEC Finance Ministers’ Process, the Passport enables cross border offerings of managed funds to retail investors and intends to provide significant benefits to investors through more fund choices and easier offshore market access to fund operators, while maintaining effective legal and regulatory arrangements for investor protection. The Passport is also designed to bolster the capacity, expertise, and international competitiveness of financial markets and the fund management industry in the region.