The Asia Region Funds Passport Joint Committee (JC) held its 17th meeting in virtual format on 20 June 2025. The meeting was hosted by the JC Chair – the Securities and Exchange Commission (SEC) Thailand. The meeting was attended by representatives from Republic of Korea (Deputy Chair), Australia, Japan, and New Zealand. Thailand assumed the role of Chair of the JC from New Zealand in January 2025.
Progress of the Passport
The Republic of Korea provided an update on one entity’s passport application to operate in Japan. Japan also noted that they have received interest from a Japanese entity in the opportunities offered by the passport.
A central focus of the meeting was enhancing the accessibility and attractiveness of the passport. The JC agreed to advance work on several key areas, including:
- Updating ARFP Guidance document: Members committed to continuing work on a comprehensive revision of the ARFP Guidance document to ensure it remains a clear and practical resource for the industry. The updated guidance was uploaded to the ARFP website on 30 July 2025.
Next meeting
The meeting reaffirmed the members’ strong and ongoing collaboration. The Committee will continue to develop these initiatives ahead of the 18th JC Meeting, which is scheduled to be held in the fourth quarter of 2025.
Background
Australia, Japan, New Zealand, the Republic of Korea, and Thailand entered into the Memorandum of Cooperation 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.