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Capital Markets

Japan joining Asian funds passporting scheme

Move will smooth cross-border marketing of investment trusts

TOKYO -- Japan will take part in a framework to ease cross-border sales of investment funds in Asia starting this year, with hope of spurring more investment by its citizens.

Australia, New Zealand, South Korea and Thailand also belong to the Asia Region Funds Passport initiative, which provides a common set of qualifying standards for managed funds. 

Japan's Financial Services Agency, in collaboration with the Japan Securities Dealers Association and others, has drawn up guidelines for applying for status as a passport fund.

Selling investment trusts abroad is complicated by laws and regulations that vary from country to country. Under the framework, qualifying funds enjoy a standardized application process that halves the time from filing to approval, which currently takes about six months.

The Philippines and Singapore are also looking to take part in the framework. By joining the passporting scheme, Japan aims to help domestic asset managers gain footholds in Asian markets.

(Nikkei)

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