Asean CIS framework launched

THE plan to allow fund managers based in Singapore, Malaysia and Thailand to carry out cross-border selling of mutual funds or unit trusts across the three markets made significant headway with the joint launch of a key framework by the securities markets regulators of the Asean countries on Monday.

The Monetary Authority of Singapore, the Securities Commission of Malaysia and the Securities and Exchange Commission, Thailand, joined hands to roll out the Asean Collective Investment Scheme (CIS) Framework - a milestone in Asean's efforts to develop a cross-border "funds passport" as part of its goal to build an integrated regional market.

"Fund managers based in Singapore, Malaysia and Thailand can now offer CIS constituted and authorised in their home jurisdiction directly to retail investors in the other two Asean countries under a streamlined authorisation process," said MAS in a statement.