Asia fund managers step closer to offering cross-border funds

[SINGAPORE] Asian fund managers are a step nearer to being able to offer cross-border funds.

Singapore, Australia, South Korea, New Zealand, the Philippines and Thailand yesterday released a joint consultation paper on the proposed rules and arrangements that will govern the operation of the Asia Region Funds Passport (ARFP).

When implemented, it will pave the way for fund managers operating in a member economy to offer their funds in other member economies under a streamlined authorisation process, said the Monetary Authority of Singapore (MAS) and the Ministry of Finance yesterday.