New Zealand, Australia, Japan, Korea and Thailand have agreed to establish and implement what is known as the Asia Region Funds Passport. Once implemented, the passport will allow a managed fund based in one jurisdiction to be offered more easily to investors in other participating jurisdictions. You can find more background information about the passport on the dedicated APEC website.
MBIE are currently developing the regulations that will incorporate the passport rules and arrangements into our legislation. The aim is for the regime to begin in the second half of 2018. You can find more information about this process on MBIE’s website.
How do I get involved?
A New Zealand registered managed investment scheme that wishes to become a passport fund will need to first apply to the FMA for registration as a passport fund. You will be able to find more information about the application process on this webpage once the relevant regulations have been made.
A foreign passport fund that wishes to make an offer into New Zealand will first need to apply to the FMA for entry to New Zealand. You will be able to find more information about the entry process on this webpage once the legislation is in place.
A pilot program is currently underway to test the arrangements in each country.
How can I find out more?
The Financial Services Council is hosting an industry day on the Asia Region Funds Passport in Auckland on 21 September 2018. Regulators from New Zealand, Australia, Japan, Korea and Thailand will be attending and answering questions. If you are interested in attending this event, please contact fsc@fsc.org.nz.
Two seminars on the Asia Region Funds Passport have also been organised by NZX Smartshares, DLA Piper and the Financial Services Council. They will take place on:
- 15 August 2018 in Wellington
- 16 August 2018 in Auckland.
Contact joshua.ramsay@nzx.com if you are interested in attending on either date.
