Senator the Hon. Mathias Cormann
Minister for Finance
Acting Assistant Treasurer
Date: Wednesday, 16 April 2014
The Coalition Government is throwing its full weight behind the implementation of an Asia Region Funds Passport that will help drive growth in funds management and other financial services exports by facilitating greater access to key markets across the Asia Pacific.
The Asia Region Funds Passport was a recommendation of the 2009 Johnson report, Australia as a Financial Centre: Building on our strengths and is an initiative endorsed by APEC Finance Ministers.
Once implemented it will facilitate cross border issuing of managed investment funds within a group of economies that agree to a common framework.
We strongly backed this proposal in Opposition and will continue to progress this as swiftly as possible in Government, as part of our broader commitment to building a stronger economy and creating more jobs.
Today we release the internationally negotiated consultation paper on the Asia Region Funds Passport for public consultation.
This paper outlines the proposed Passport arrangements and was developed jointly with relevant government agencies from Korea, New Zealand, Singapore, Thailand and the Philippines.
This initiative will create a regional market for managed funds, giving our world class Australian fund managers a better opportunity to compete for a larger share of managing Asia’s savings.
The release of the consultation paper follows the signing of a statement of intent on the Asia Region Funds Passport by ministers from Australia, Korea, New Zealand and Singapore at the APEC Finance Ministers’ Meeting in Bali in September 2013.
These governments are now seeking feedback from the public on the details of the proposed framework.
The Asia Region Funds Passport will not only reduce the amount of red tape faced by fund managers across the region but will provide Australian investors with greater choice of investment products.
Specifically, the Passport aims to give Australian investors access to a larger range of well-regulated foreign funds.
The consultation paper is available at www.fundspassport.apec.org.
Submissions close on 11 July 2014.
Karen Wu - 0428 350 139