One step closer for Asia Region Funds Passport
Since the Statement of Intent in 2013 the Asia Region Funds Passport is drawing closer to the projected commencement in 2016, according to the Financial Services Council (FSC).
Commenting on the Government's release of public consultation on the Passport arrangements, FSC chief executive, Sally Loane said that as one of the world's fastest growing economies investing into Asia it could be challenging.
"We have only just scratched the surface in exploiting our comparative advantages in financial services — particularly in exporting our world-class funds management and financial services expertise," Loane said.
"With 60 per cent of the world's population but only 12 per cent of the worldwide funds under management, Asia has an enormous potential to increase its access to managed funds."
Loane said that the investment manager regime, broadening the range of allowable collective investment vehicles, removing tax uncertainty, and enabling competitive tax settings had not been delivered yet, but had bipartisan support.
The passport working group include Australia, Korea, New Zealand, the Philippines, Singapore, and Thailand.
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