The Memorandum of Co-operation (MoC) on the establishment and implementation of the Asia Region Funds Passport (ARFP) comes into effect today. Representatives from Australia, Japan, Korea, New Zealand and Thailand have signed the MoC.
These five economies have up to 18 months from today to work to implement domestic arrangements under the MoC.
Activation of the Passport will occur after any two participating economies complete the implementation.
The MoC also ensures any other eligible economies are able to participate in the ARFP.
The ARFP is an international initiative that facilitates the cross border offering of eligible collective investment schemes while ensuring investor protection.
Australia, Japan, Korea, New Zealand, the Philippines, Singapore and Thailand have contributed expertise as part of a working group in developing the framework of the ARFP and other economies in the Asia Region have taken part in consultations.
The MoC is available on the ARFP page of the APEC’s website.