Announcement
On Friday 11 September 2015, Finance Ministers from Australia, Japan, Korea, New Zealand, the Philippines and Thailand signed the Passport Statement of Understanding, signaling their commitment to join the Asia Region Funds Passport (Passport) that is due to commence in 2016.

It is the first time that Japan has committed to progressing the Passport. This is a crucial win for the proponents of the Passport and could lead to significant opportunities for the funds management industry across the Asia Pacific region.

Asia Region Funds Passport
The Passport will establish a multilateral framework designed to facilitate the marketing and distribution of collective investment schemes cross-border within the Asia Pacific region.

The signing of the Passport Statement of Understanding by the Finance Ministers follows the release of the draft Passport rules earlier this year.

Members of the Passport Working Group, their respective Governments and the funds management industries within those countries are now working on aspects of the region's tax regimes to ensure the international competitiveness of the Passport. Importantly, the Passport Working Group continues to include Singapore. While Singapore did not sign the Passport Statement of Understanding, it has been represented at Passport negotiations since the beginning and continues as an active participant in the Passport discussions.

Once implemented, the Passport will promote economic growth in the Asia Pacific region and provide investors in each of the participating economies (all of which are characterised by one or more of a growing middle class, aging population in need of retirement savings products and a growing investment pool) with a more diverse range of investment opportunities.