Asia Region Funds Passport
New Zealand has been working with a number of other APEC economies to explore the development of a managed funds passport for the Asia region. A funds passport would 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.
Work on the funds passport commenced in late 2010. A number of APEC economies have been involved to date, including Australia, China, Chinese Taipei, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Singapore, Thailand, the Philippines and Vietnam.
Since signing a Statement of Intent in September last year, New Zealand, Australia, Singapore, Korea, Thailand and the Philippines have been working together to release a consultation paper on the funds passport, with a view to getting feedback on the detailed rules and arrangements for the passport.
The Ministry of Business, Innovation and Employment is leading New Zealand’s involvement in the funds passport, in close cooperation with the Financial Markets Authority. We are now consulting on the draft rules for the passport in conjunction with the other participating APEC economies. The closing date for consultation is 11 July 2014.
MBIE welcomes feedback on the funds passport initiative and is open to discussing it with interested stakeholders.
Please send your feedback to:
Labour and Commercial Environment Group
Ministry of Business, Innovation and Employment
PO Box 1473
For more information:
APEC Finance Ministers’ Process - See “Find Out More” for the latest update on the Asia Region Funds Passport.