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Asia Region Funds Passport



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The Hon Steven Ciobo MP

Parliamentary Secretary to the Treasurer

MEDIA RELEASE

Monday, 16 June 2014

ASIA REGION FUNDS PASSPORT

The Parliamentary Secretary to the Treasurer, Steven Ciobo MP, will today join a

business delegation to the Republic of Korea today to promote the Asia Region Funds

Passport and the Australian financial services industry.

The Asia Region Funds Passport is a multilaterally agreed framework that will

facilitate the cross-border issuing of funds across participating economies in the Asia

region.

Currently, fund managers seeking to market funds across jurisdictions face barriers

such as different regulatory and legal requirements and the need to be licensed in

more than one jurisdiction.

Mr Ciobo said the passport will enable fund managers in passport member economies

to export their products to other member economies under a streamlined process.

“This international ‘portability’ of passport funds will avoid the need for fund

managers to manufacture and manage funds in each economy,” he said.

“By increasing cross-border trade of funds, the passport will offer more choice for

investors, potentially lowers fees, help create a more competitive Asian industry and

improve access to capital and improved regulatory standards across the region.”

During the visit to Seoul Mr Ciobo will also give a keynote speech at the Australia

Korea Business Council dinner and meet with the Minister for Strategy and Finance.

Joining Mr Ciobo on the delegation will be representatives from the Financial

Services Council, Colonial First State, Russell, Tyndall, La Trobe, APIR,

Morningstar, Legg Mason, Vanguard, BT and K&L Gates.

“The Republic of Korea and Australia have one of the strongest and most

complementary trading relationships in the Asia-Pacific region,” said Mr Ciobo.

“This trip will help further the relationship between our financial service’s industry

and build support for the Asia Region Funds Passport,” he said.

MEDIA CONTACT: Ben Dillaway 0409 598 102