Industry group calls for cooperation on passporting

Stamped_passportsAn industry group for investment companies has called for the participating countries in the Asia Region Funds Passport (ARFP) to coordinate their legal and regulatory efforts. ICI Global says the full potential of the passport, which aims to foster a pan-Asian cross-border funds industry, requires participating economies to identify areas of convergence and harmonisation of passport rules. Australia, Singapore, New Zealand and Korea are among the countries taking part in the initiative, which is targeting a launch at the start of 2018. “We have supported the ARFP from the outset as we believe that, if correctly implemented, it will encourage competition, lower costs, and spur fund managers to innovate and find ways to offer superior services and products – all to the benefit of investors,” said Dan Waters, managing director, ICI Global. In a letter to the ARFP Joint Committee, ICI Global made several recommendations, including the removal of barriers that might prevent ARFP funds being used within retirement schemes. The group also recommended neutrality between resident and non-resident entities in tax rules. ©2017 funds globa asia

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