Regional identification important for ARFP model
The regional identification regime will be important for efficient Asia Regional Funds Passport (ARFP) operating model and help facilitate cross-border distribution of funds between member jurisdictions, according to APIR.
Chris Donohoe, APIR’s chief executive, said that the Joint Committee was also considering requirements for ‘passported’ products to ensure that an optimum operating model would underpin an efficient regional ecosystem.
“APIR has been monitoring the development of ARFP and welcomes the Minister’s recent announcement regarding the establishment of a pilot program for the ARFP. It is an effective way to test the regulatory framework and to investigate operational requirements,”Donohoe said.
“APIR understands the importance of identifiers in delivering efficient and accurate information to the market and believes that the adoption of a standardised regional identification regime will enable a scalable and cost effective system in line with the domestic and regional expectations of the ARFP.
“While each jurisdiction will have its own regulatory identification process, APIR believes that a standard regional identifier will provide regulators, industry stakeholders and consumer with product clarity. APIR is looking forward to working with the industry in progressing the ARFP.”
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