On 18 January 2016, APEC Finance Ministers released MOC on the ARFP will be signed by its pilot participants early in 2016 and the ARFP is on track for cmmencement by 2017.
On 18 January 2016, Asia-Pacific Economic Cooperation (APEC) Finance Ministers released the updates for the Asia Region Funds Passport (ARFP) that a Memorandum of Cooperation (MOC) on the content was broadly agreed by seven APEC economies inculding Japan as its pilot participants.
The ARFP is the first mutual recognition scheme for funds established in Japan. It facilitate opportunities for investors in other countries of Asia to invest into funds developed in Japan, makes it easier for distributors in Asia to offer the funds to their home market, and provide asset managers in Asia access to Japan's huge retail market.
The ARFP is on track for commencement by 2017 with implementing the rules and arrangements in local regulatory frameworks of the participating economies within 18 month after signing the MOC which will be expected early in 2016.
Collaboration on related tax reference issues is still underway. A tax reference group has been established to address the issues.