Head of Fund Services Product
The ASEAN Collective Investment Scheme (ASEAN CIS), Asia Region Funds Passport (ARFP) and Mutual Recognition of Funds (MRF) will not become brands in the short-term, but over the course of many years – as was the experience with the Undertakings for Collective Investment in Transferable Securities (UCITS), a cross-border mutual fund based in the European Union (EU), in its formative years from 1985 to 1992.
A slow start
What is holding back the flows?
But it is still early days
For these regional schemes to capture investor interest, APAC regulators should look to the narrative chronicling UCITS’ progress. These APAC passporting schemes will succeed as and when there is harmonization of tax structures and regulation. But proponents of these APAC initiatives will have to be patient – it has, after all, taken UCITS almost 32 years to amass €8.8 trillion. 6
Euromoney and Standard Chartered will be running a series of webinars on debt capital markets. The next will be ‘India states’ finances and borrowings: The other half of the story’ on July 19. Find out more.
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