Beverly Chandler, Opalesque London: Angelyn Lim of Dechert’s Hong Kong office has written a thorough report on developments in establishing a funds passport for ASEAN funds.
She writes: "Members of the Association of Southeast Asian Nations (ASEAN) aim to establish a single trading bloc in the form of the ASEAN Economic Community by 2015. One cross-border initiative that has been proposed is a funds passport similar to that of the UCITS."
Her conclusion is that the development of an ASEAN funds passport still has some way to go. "Thailand and Singapore, who have clearly taken the lead thus far, still need to iron out the exact details and mechanisms of their respective initiatives over the coming months. There is currently (as at the time of publication) nothing publicly available on the websites of other ASEAN regulators regarding an ASEAN funds passport. For a truly ASEAN funds passport to become a reality, more concerted effort is required from the rest of ASEAN."
However, she feels that given the different stages of economic and political development among different ASEAN member states, it is unlikely that all of ASEAN will be prepared to take the initial big leap. "Aside from Thailand and Singapore, other potential pioneering participants in such a passporting arrangement may include Indonesia and Malaysia.
Asia-Pacific nations such as Hong Kong, Taiwan and Australia, which......................
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