Politics & Regulation Wrappers / Structures

Australia pushes for regional funds passport

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Framework would create a regional cross-border fund vehicle comparable to UCITS

 
 Marie-Anne Kong
The Australian government is driving the development of an Asian funds passport – a framework which would create a regional cross-border fund vehicle comparable to Europe’s UCITS standard.

The concept would enable fund managers in the region to freely distribute products in other signatory countries so long as they comply with an established framework.

A recent joint report by PricewaterhouseCoopers (PwC) and Australia’s Financial Services Council found that 86% of regional fund management professionals believed that the establishment of an Asian fund passport was important to the industry’s growth. Asia has $2.75