Shorten recommits on funds management passport
The Assistant Treasurer and Minister for Financial Services, Bill Shorten, has restated the Government’s commitment to establishing an Asian Region Funds Management Passport (ARFMP).
The minister confirmed ongoing backing for the ARFMP concept in the context of this week’s APEC Policy Dialog being held in Kuala Lumpur this week.
Shorten said an ARFMP would establish a multilateral framework allowing the cross-border marketing of funds across participating countries.
He said that he welcomed regional interest in the passport, which represented a long-term policy measure the Australian Government was committed to pursuing.
Shorten said the passport would allow fund managers in participating countries to benefit by being able to manage a larger regional pool of funds from their home base.
“Investors in passport countries will benefit by having a greater range of investment products to choose from with the protection of a robust licensing regime,” he said.
AUTHOR
Mike Taylor
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