The Joint Committee (JC) has agreed to amend the Memorandum of Cooperation (MoC) on the establishment and implementation of the Asia Region Funds Passport, effective 30 June 2024. The process for amending the MOC has been improved, along with some other minor and technical amendments that do not affect operators who currently offer or wish to offer passport funds under the Asia Region Funds Passport framework. The amended and restated version of the MoC is available on the Asia Region Funds Passport website, under the heading “Key Documents”.
Background
The Passport was established through the APEC Finance Ministers’ Process and went live in February 2019. In June 2016, Australia, Japan, the Republic of Korea, New Zealand and Thailand entered into the MoC. The Joint Committee was established under the MoC to oversee the effective implementation and operation of the Passport. The Passport enables cross-border offerings of managed funds to retail investors. It aims to provide significant benefits to investors by enabling greater fund choice in the Asia Pacific region, while maintaining effective legal and regulatory arrangements for the protection of investors. It also aims to strengthen the capacity, expertise and international competitiveness of the funds industry and financial markets of the region.