Philippine SEC Joins ASEAN Framework for Cross-border Funds

Regulators from Singapore, Malaysia and Thailand – already part of the initiative – have signed a supplemental MoU admitting the Philippine SEC into the CIS framework.

The Philippine SEC (Securities and Exchange Commission) has become the latest signatory to the ASEAN Collective Investment Schemes (CIS) Framework.

The ASEAN CIS Framework is an initiative under the regional capital markets integration plan endorsed by the region’s finance ministers in 2009 to “facilitate cross-border product access and fund distribution for investors and issuers respectively”.

In a statement, ACMF (ASEAN Capital Markets Forum) said MAS (Monetary Authority of Singapore), Malaysia’s SC (Securities Commission), and Thailand’s SEC (Securities and Exchange Commission) have signed a supplemental MoU to admit the Philippine SEC into the CIS framework.

The entry of the Philippines into the framework is the latest step towards enhancing capital market connectivity in the region, the ACMF said.

“The framework enables fund managers operating in a member jurisdiction to offer a CIS constituted and authorised in that jurisdiction to retail investors in other member jurisdictions under a streamlined authorisation process.”

“With SEC Philippines’ participation in the ASEAN CIS Framework, qualified investment companies in the Philippines and their fund managers will now be able to offer eligible funds to retail investors in the other three member jurisdictions, and vice versa.”

SEC Philippines chairperson Emilio Aquino said the expansion of the ASEAN CIS initiative to the Philippines further strengthens connectivity in the region.

“As the fourth signatory to the framework, we will also endeavour to work together with other signatories in encouraging other ASEAN countries in joining the framework and in promoting cross-border offerings of ASEAN Funds,” he said.

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