The Monetary Authority of Singapore (MAS), the Securities Commission of Malaysia, and Securities and Exchange Commission of Thailand have signed an agreement to facilitate the cross-border offering of collective investment schemes to retail investors in the three countries.
The signatories expect to implement the framework in the first half of 2014.
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With this ASEAN CIS Framework, Singapore-based fund managers will be able to offer their retail funds directly to investors in the other two countries under a streamlined process.
Fund managers using this framework will have to abide by a set of common standards designed to ensure that the retail funds are managed based on industry best practices. As these standards are broadly in line with Singapore’s domestic requirements governing funds offering, Singapore-based fund managers will be able to offer their existing suite of retail funds to investors in Malaysia and Thailand without having to make significant modifications to the funds.
To facilitate the cross-border offering of collective investment schemes to non-retail investors, the three countries have agreed to an arrangement to provide mutual assistance in supervising offerings of such non-retail funds.
Ravi Menon, managing director of MAS, said, "This framework will move us a step closer to realizing the vision of an integrated capital market in ASEAN. It will significantly expand the market for Singapore-based fund managers, and give investors in ASEAN access to the wide and innovative range of funds available in Singapore."
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