Japan ties open new doors for fund managers
Australian funds managers will gain cross-border access, and the financial services sector will benefit from the Japan Australia Economic Partnership Agreement (JAEPA), the Financial Services Council said (FSC).
Following the announcement of details of the JAEPA, FSC CEO John Brogden said Australia and Japan will "mutually benefit" from increased trade in financial services.
"Japan and Australia have large and mature financial services markets," he said.
"Japan has an ageing population and one of the world's largest financial services markets. It is a significant trading nation for Australia."
Fund managers who provide investment advice, portfolio management services and trade in wholesale securities transactions can get cross-border access.
He added Australian fund managers can now deliver financial products and open doors to business in emerging financial services sectors in Japan.
"Initiatives like the Japan Free Trade Agreement and the Murray Review will help deliver outcomes that facilitate Australian financial services exports to Asia and an export-oriented and globally competitive Australian financial services industry," he said.
The free trade agreement was locked in by Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe in April after seven years of negotiations.
Brogden said this agreement and the Murray Review would help with Australian financial services exports to Asia and promote a globally competitive Australian financial services industry.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.