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by February 26, 2018 Government & Politics

KUALA LUMPUR, Feb 26 The Securities Commission Malaysia (SC), the Monetary Authority of Singapore, and the Securities and Exchange Commission of Thailand have signed a memorandum of understanding (MOU) to enhance the ASEAN Collective Investment Schemes (CIS) Framework.

In a statement here today, the SC said, the revised framework, which took effect on Feb 23, 2018, enabled fund managers operating in one jurisdiction to offer funds constituted and approved in that jurisdiction to retail investors in the other two jurisdictions under a streamlined authorisation process.

The key enhancements to the framework will, among others, enable a wider range of fund managers to participate in the framework by lowering qualifying criteria to US$350 million assets under management from the US$500 million (US$1 = RM3.91), it said.

The SC said it would shorten the time-to-market for the launch of funds, as the signatories had committed to review within 21 calendar days a complete application from fund managers for the authorisation of a fund.

Besides, it would also give participating fund managers more flexibility to delegate the investment management of a fund by increasing it to 100 per cent from 20 per cent the proportion of the fund’s assets that can be sub-managed by a manager that is not regulated by a signatory, it said.

The SC said the revised framework, which incorporated feedback from extensive industry consultations, sought to promote more cross-border offerings of ASEAN funds and allow fund managers to offer a broader range of fund products to investors in the region. — NNN-BERNAMA

Source: NAM News Network