The Investment and Financial Services Association (IFSA) has voiced its support for a government initiative to pursue a mutual recognition agreement with Singapore. The agreement would allow Australian managed investment schemes to be offered to investors in Singapore.
Singaporean investment schemes can currently be offered to Australian investors under the Australian Securities and Investments Commission Class Order.
“Importantly, entering into such an agreement would provide strong indication to financial markets that, despite the global financial crisis, countries such as Australia and Singapore remain committed to facilitating more efficient cross border investment flows, which will undoubtedly benefit both investors and members of superannuation funds,” said IFSA deputy chief executive John O’Shaughnessy.
Singapore holds nearly $1 trillion in funds under management.
