Introduction of the Asia Region Funds Passport Bill
The Minister for Revenue and Financial Services has introduced the Corporations Amendment (Asia Region Funds Passport) Bill to parliament.
The Funds Passport aims to provide Australian fund managers with access to high net worth individuals in the Asia region, by allowing them to offer their products into the region without having to go through duplicative approval processes in each economy.
The Passport will be complemented by the new corporate collective investment vehicle regime, which will provide Australian fund managers with a corporate structure vehicle to export to investors in Asia.
Source: The Commonwealth of Australia