ARFP Committee urges participation in pilot program
The Asia Region Funds Passport (ARFP) Joint Committee has called for expressions of interest to participate in the pilot program for the passport, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer announced.
The pilot program would aim to test the Passport framework and regulator processes across participating economies to identify the remaining barriers to trade and areas for future improvement.
The Minister said it would provide an opportunity for industry “to get involved from the outset of the passport” and to work with regulators to develop suitable products.
O’Dwyer, who would attend the Asian Financial Forum in Hong Kong mid-January, said: “I will represent the Turnbull Government in Hong Kong at the Asian Financial Forum and will meet with representatives of the local managed funds industry to discuss the Passport and other opportunities for innovation and growth in the region.”
The visit to the forum would be expected to kick start major developments in Australia’s funds management landscape, with the launch of the Asia Region Funds Passport and the introduction of the new Corporate Collective Investment Vehicle regime (CCIV).
“Streamlining regulation across the region makes it cheaper and easier to share products and expertise,” O’Dwyer said.
“It will give Australian businesses access to new and growing markets in Asia and Australian consumers greater choice of investment products.”
AUTHOR
Oksana Patron
Recommended for you
Platinum Asset Management has provided an update on the possibility of a merger with asset manager L1 Capital following a period of due diligence.
Commentators may be forecasting consolidation in private market firms but a survey of the industry itself expects new manager formation will still outpace this, especially in Asia Pacific.
Fund manager Pacific Current has appointed a former superannuation chief executive as its newest chair, succeeding Tony Robinson who departs after almost a decade to focus on his role at COG Financial.
The possibility of a private credit ETF is looking unlikely for now with US vehicles seeing limited uptake, according to commentators, but fixed income alternatives exist that can provide investors with a similar return.
