EY has analysed the tax treatment of domestic funds versus foreign products that may be marketed under the Asia Region Funds Passport, to see what progress needs to be made.
Tag : fund passport
Industry welcomes move by Singapore's financial regulatory authority to go public with tax criticism of ARFP passport scheme. They say it could force Australia and Korea into a corner.
Standard Chartered has been named as Maybank Asset Management's trustee for the first sharia-compliant fund on the Asean passporting scheme. Questions hang over when it will be passported outside Malaysia.
Growing investor sophistication will impose greater demands on fund firms, as Asia's middle class expands and pension schemes are reformed, argued panelists at an AsianInvestor forum.
Aberdeen Asset Management's Australia COO says his home market is well prepared on funds automation, but raises this as a consideration under current passporting proposals.
The initiative between Korea, Singapore, Australia and New Zealand actually offers the best long-term hope for a regional platform to rival Ucits, an AsianInvestor roundtable hears.
Regulators in the three markets are putting faith in agreements for mutual recognition of funds – and their efforts may be coming to fruition. And Korean firms are taking note.
Bill Shorten, Australia’s assistant treasurer and minister for financial services and superannuation, says talks with Asian governments on a regional fund passport are advancing.
New recommendations for the fund industry in Australia are likely to be considered alongside tax-rule changes proposed in December, says Geoff Weir of the Australian Financial Centre Forum.