Wednesday February 21 2018
News Source: Fund Regulation
Focus: Other
Type: General
Country: Australia
It has been reported that the Australian Government is seeking further public comment on revisions to draft legislation for the Asia Region Funds Passport (Passport) following substantive consultations occurring between December 2017 and January 2018.
Whilst the revisions are minor, they are important for ensuring Australian consumers are protected, by extending the penalty notices regime and consumer protections measures in the Corporations Act and the ASIC Act to notified foreign passport funds, and addressing administrative processes for deregistration and removal of passport funds.
The legislation continues the Government’s work to implement arrangements set out in the Passport’s Memorandum of Cooperation between signatories Australia, Japan, Korea, New Zealand and Thailand.
The Passport will allow Australian funds managers to offer their products into Asia without having to go through duplicative approval processes in each economy.
The draft legislation and supporting materials are available on the Treasury website. Consultation will close on 5th March 2018.