The Asia Region Passport agreement is expected to be signed at the APEC Finance Ministers’ in Nusa Dua.

The anticipated signing of the Asia Region Passport agreement at the APEC Finance Ministers’ meeting in Nusa Dua, Bali, Indonesia will be the most significant trade related development to date for Australia’s financial services industry.

John Brogden, CEO of the Financial Services Council said: “An agreement to establish an Asian region funds passport opens up the possibility of Asia’s savings being managed from Australia, and for Australians to more easily tap into the extraordinary economic growth and development in the region.”

The pilot for the Asian passport is expected to begin in 2016.

“While there is still work to be done before the Passport gets off the ground, the signing of the agreement will be a landmark event for the financial services industry,” Mr Brogden said.

Once established, the Passport will, for the first time, allow funds to be traded amongst the participating economies.

“It is expensive and cumbersome for fund managers to distribute their products in different markets in the Asia region in the current environment,” Mr Brogden said.

“The Asia Region Funds Passport will remove regulatory inefficiencies so fund managers can offer their products across the region and investors can take advantage of economic growth in the Asian market.”

Mr Brogden also said: “The FSC acknowledges Chris Bowen, former Treasurer and Minister for Financial Services, for his significant personal contribution to getting the Passport off the ground. We are now working with Joe Hockey to see the Passport come to fruition.”

“We greatly appreciate the significant efforts made by Treasury and ASIC in getting the Asia Region funds passport to this point. Their commitment to the establishment of the passport and detailed work behind the scenes has made this possible”

“The industry and government now need to turn their attention to urgently implementing the remaining outstanding Johnson reforms in order to ensure we capitalise on this enormous opportunity.”

The post Asia Region Passport − a landmark agreement for Australia’s financial services appeared first on AdviserVoice.