The ASEAN Capital Markets Forum (ACMF) announced the ASEAN Framework for cross-border offering of collective investment schemes (CIS) is now operational in Malaysia, Singapore and Thailand (member jurisdictions).
This Framework allows fund managers operating in a member jurisdiction to offer CIS, such as unit trust fund, constituted and authorized in that jurisdiction to retail investors in other member jurisdictions under a streamlined authorization process.
Within this Framework, qualified fund managers in Malaysia now have the opportunity to offer their products directly to investors in Singapore and Thailand. Correspondingly, Malaysian investors would benefit from a wider range of investment products.
To ensure that participating fund managers have the necessary experience and track record to manage retail funds under the new framework, a set of common standards has been established.
The member jurisdictions have also published a Handbook for CIS Operators of ASEAN CISs, which provides guidance to fund managers on various administrative and procedural matters including application procedures, the use of local distributors in the offering process, and the procedures for remittance of funds.