Five Asean funds approved


  • Business
  • Wednesday, 04 Mar 2015

PETALING JAYA: The Asean Capital Markets Forum (ACMF) has authorised five funds as qualifying Collective Investment Schemes (CIS) for cross-border offerings to retail investors soon.

“We have approved five funds as qualifying CIS under the Asean Framework which will be offered to retail investors in the region within this short time frame,” Securities Commission (SC) chairman Datuk Ranjit Ajit Singh, who is also the ACMF chairman, said.

“Ultimately, what we are aiming to do is to create an ‘Asean Funds passport’ whereby once a fund is approved in one jurisdiction, it can be ‘passported’ to other jurisdictions in the region. This allows investors in the region to get exposure to the Asean asset class,” he added.

Of the five recently qualified funds, two were approved by the SC, while the other three were approved by the Monetary Authority of Singapore (MAS).

“One more fund is in the pipeline, which is due to be approved by the Securities and Exchange Commission of Thailand (SEC),” Ranjit said during the signing ceremony of a memorandum of understanding (MoU) between the capital market regulators of Malaysia, Singapore and Thailand for the establishment of a Streamlined Review Framework for the Asean Common Prospectus here yesterday.

Implemented in August 2014, the CIS framework allows fund managers operating in a member jurisdiction to offer CIS, such as unit trust funds, constituted and authorised in that jurisdiction to retail investors in other member jurisdictions under a streamlined authorisation process.

The framework is currently operational only in Malaysia, Singapore and Thailand.

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