This provides retail investors with wider access to fund managers across the region.
The Monetary Authority of Singapore, the Securities Commission Malaysia, and Thailand’s Securities and Exchange Commission rolled out the revised ASEAN Collective Investment Schemes (CIS) Framework, which provides retail investors with wider access to fund managers across the three countries.
The ASEAN CIS Framework, which was implemented in August 2014, enables fund managers in Thailand, Singapore, and Malaysia to offer collective investment schemes or funds to retail investors in the three countries under a streamlined authorisation process.
The revised CIS Framework thus aims to promote more cross-border offerings by allowing fund managers to offer a broader range of fund products to investors in the region. Here are the key revisions in the framework:
1. Qualifying criteria was lowered from US$500m to US$350m to enable a wider range of fund managers participate.
2. Reducing the time-to-market for the launch of funds to only 21 calendar days.
3. The proportion of the fund’s assets that can be sub-managed by a manager, which is not regulated by a signatory, was increased from 20% to 100%.
The changes in ASEAN CIS Framework took effect on 23 February 2018.
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