Multiple passport schemes
The ARFP memorandum of cooperation came into effect on 30 June 2016, after 3 years of negotiation between Australia, Japan, South Korea and New Zealand. The participating countries have up to 18 months to implement any necessary domestic arrangements. ARFP is thus expected to roll out mid-2017 but activation of the fund passport will start as soon as any two participating countries meet all requirements.
The ARFP joins two other regional passport initiatives, the ASEAN CIS and the MRF.
The ASEAN Collection Investment Scheme (CIS) Framework covers Singapore, Malaysia and Thailand. It was launched in August 2014. Six funds have been successfully approved and launched in a host jurisdiction via the ASEAN CIS as of late March.
Launched in July 2015, the Mutual Recognition of Funds (MRF) covers Hong Kong and China. Compared to the ASEAN CIS Framework, it has already 50 funds available for sale.
Today, the three fund passport schemes available in Asia have limited geographic scopes. Ultimately, it seems likely that these initiatives in the region will be consolidated, with the ARFP playing a key role.
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