22 Oct Asian Region Funds Passport: Japan Joins!
This month at a meeting of APEC Finance Ministers in Cebu, Japan joined with Australia, Korea, New Zealand, the Philippines and Thailand in signing the Passport Statement of Understanding. Due to be implemented in 2016 by those signatories, the concept of the Passport is “[to] provide a multilaterally agreed framework to facilitate the cross-border marketing of managed funds across participating economies in the Asia region.
In the longer term, the passport could also facilitate funds from the Asia region being marketed in Europe through an Asian/European mutual recognition agreement.”
This will bring a number of opportunties for the financial services sector and is another example of the economic benefits which can be achieved through integration.