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Alternative Market Briefing

Apec meeting approves progress on Asia Region Funds Passport

Monday, September 23, 2013

Beverly Chandler, Opalesque London:

Finance Ministers of the Asia-Pacific Economic Cooperation (APEC) economies convened its 20th annual meeting in Nusa Dua, Bali, Indonesia, on 19 and 20 September 2013 under the Chairmanship of Dr. Muhamad Chatib Basri, Indonesia's Finance Minister. The meeting was attended by various delegates, including the President of the Asian Development Bank (ADB), the Managing Director of the World Bank Group, and the Deputy Managing Director of the International Monetary Fund (IMF).

In a statement the delegates said: "We note the progress in the development of Asia Region Funds Passport, including the formation and on-going development of a framework document that sets out its voluntary guiding principles and basic arrangements. We welcomed the signing of the Statement of Intent (SOI) in Nusa Dua, Bali, Indonesia, on 20 September 2013 by some economies that will potentially become members of a pilot group launching the Passport and publicly consult on the detailed rules for its implementation in accordance with the timeline set out in the SOI."

The pilot group includes Australia, New Zealand, Singapore and South Korea who will now set to work to create the Asia Region Funds Passport (ARFP), which it is hoped, will work like an Asian UCITS, allowing a level regulato......................

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