Most Read Contributor in New Zealand, September 2016
APEC wants feedback on the Asia Region Funds Passport initiative
to regulate the cross-border offering of managed funds.
consultation paper was prepared in cooperation with Australia,
New Zealand, Korea, Singapore, Thailand and the Philippines.
Submissions close on 11 July 2014.
When adopted, an operator of an eligible Collective Investment
Scheme (CIS) in a passport member economy will be able to offer its
CIS interests to investors in other passport member economies,
provided the operator complies with the host country's
disclosure, distribution and complaint procedure requirements.
The proposals are designed to establish a common set of
eligibility criteria for CISs and their operators across passport
member countries, to allow multi-jurisdictional offerings. However,
the Consultation Paper acknowledges that full recognition is not
possible in the initial phase. Until the proposals allow for a
commonly accepted offering document (like the UCITS Key Investor
Information Document) and mutual recognition of distribution
requirements, there will be a limit to how useful the proposed
passport will be in practice - other than perhaps for branding
The range of eligibility criteria includes experience, capital,
reputational and size requirements, and certain investment
restrictions. We recommend managers who might wish to utilise the
passport regime in the future, take this opportunity to influence
the eligibility criteria at this early stage.
The timeline anticipates implementation by 2016. Participating
economies will need to implement the arrangements through their
The information in this article is for informative purposes
only and should not be relied on as legal advice. Please contact
Chapman Tripp for advice tailored to your situation.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The committee set up to draft a Code on Resolution of Financial Firms, by the Ministry of Finance, Government of India, on September 28, 2016, released a draft bill – The Financial Resolution and Deposit Insurance Bill, 2016...
In a race to adopt technology innovations, Banks have increased their exposure to cyber incidents/ attacks thereby underlining the urgent need to put in place a robust cyber security and resilience framework.
RG 256 deals primarily with remediation programs conducted by licensees who provide personal advice to retail clients.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).