Asia region funds passport
In April this year, New Zealand, Australia, Japan, and Korea signed a Memorandum of Cooperation for establishing and implementing the Asia Region Funds Passport, with Thailand signing in June.
Once it is implemented, a funds passport will allow a managed fund based in one jurisdiction to be offered more easily to investors in other participating jurisdictions. A similar passport initiative in Europe, known as Undertakings for Collective Investment in Transferable Securities or ‘UCITS’, has been successful.
New Zealand and the Asia region will benefit from the creation of a managed funds passport. The funds passport is intended to provide New Zealanders and investors in the Asia region with access to a greater range of investment opportunities. It may also open up a new channel for international investment flows between New Zealand and participating economies in the Asia region, deepening the region’s capital markets and supporting the development and competitiveness of the region’s fund management industry.
The aim is for the funds passport regime to be operational by the end of 2017. In New Zealand, the rules and arrangements will be implemented under the Financial Market Conduct Act regime. Over the next year, the Ministry of Business, Innovation and Employment and the Financial Markets Authority will be working on the details of this.
Please let us know via firstname.lastname@example.org if you would like to discuss any aspect of the Funds Passport with us.
The Memorandum of Cooperation [PDF 6.5MB] can be found on the Asia-Pacific Economic Cooperation website.
The previous consultation documents can be found here:
- Consultation paper - 2014 [PDF 764KB]
- Consulation paper - 2015 [PDF 400KB]
Ministers' press releases can be found here:
The statement of intent for the funds passport can be found here: