The Asia Region Funds Passport (ARFP) has from 30th June 2016 provided a framework which enables cross-border marketing of retail funds across certain member jurisdictions in the Asia region – sadly not Singapore yet.
Signing of Memorandum of Cooperation
After six years’ of discussions, the Memorandum of Cooperation (MoC) to implement the marketing passport came into effect on 30th June 2016. Representatives from Australia, Japan, Korea, New Zealand and Thailand have signed the MoC. But, Singapore, a key participant of the ARFP working group, notably did not sign the Memorandum – although it’s expected that once certain tax arrangements are finalised Singapore will join the passport. As of January 2018, there has been no indication of Singapore’s participation in the ARFP as talks regarding tax arrangements are still ongoing.
How Bovill can help
We can help you to get to grips with the ARFP’s rules and governing arrangements so that you are ready to benefit from the passport once Singapore sign the Memorandum.