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Fund agreement opens investment across Asia-Pacific region: New Zealand regulator

Xinhua, April 28, 2016 Adjust font size:

Fund managers will be able to offer a greater range of investment options under an agreement signed by New Zealand, Australia, Japan and the Republic of Korea on Thursday, according to New Zealand's financial markets regulator.

And over time the agreement would open to all other eligible APEC (Asia-Pacific Economic Cooperation) economies once they had the regulatory framework in place, said the Financial Markets Authority (FMA).

Investors would benefit from more competition for their capital and more choice of investment options as a result of the Asia Region Funds Passport, which facilitated the offering of high-quality managed funds among the signatory economies, said the FMA.

Fund managers wanting to offer new funds in another signatory country had to apply for a special licence, which required them to have "significant scale," a track record of offering the fund for at least five years and that the offered fund included only highly diversified, vanilla investments.

The agreement would come into effect on June 30, and other regional economies are expected to join before then, said an FMA statement. Endit