On 11 September 2015, Finance Ministers from Australia, Japan, Korea, New Zealand, the Philippines and Thailand signed a Statement of Understanding at the APEC Finance Ministers’ Meeting in Cebu, the Philippines on the Asia Region Funds Passport. The statement signals the commitment of these economies to join the Passport ahead of its commencement in 2016. The statement also notes the intention of signatories to ensure that all APEC economies are able to participate in the Passport when it begins or at a time appropriate to their circumstances.
The next milestone will be the signing of the Memorandum of Cooperation by participating securities regulators by the end of 2015.
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1. Asia Region Funds Passport provides opportunity for Australia’s financial services sector, Finance Minister and Assistant Treasurer joint media release