The release of draft legislation and launch of a pilot program for the Asia Region Funds Passport (ARFP) is a positive step in the initiative to facilitate cross-border distribution of funds between member jurisdictions.
The Joint Committee is now considering requirements for ‘passported’ products to ensure that an optimum operating model underpins an efficient regional ecosystem, says Chris Donohoe, CEO of APIR.
APIR is the industry accepted standard identification regime in Australia for collective investment schemes, including managed funds, superannuation products and SMA’s since the late 1990’s.
“APIR has been monitoring the development of ARFP and welcomes the Minister’s recent announcement regarding the establishment of a pilot program for the ARFP. It is an effective way to test the regulatory framework and to investigate operational requirements,” Mr Donohoe says.
“APIR understands the importance of identifiers in delivering efficient and accurate information to the market and believes that the adoption of a standardised regional identification regime will enable a scalable and cost effective system in line with the domestic and regional expectations of the ARFP.
“While each jurisdiction will have its own regulatory identification process, APIR believes that a standard regional identifier will provide regulators, industry stakeholders and consumer with product clarity. APIR is looking forward to working with the industry in progressing the ARFP.”
APIR Systems Limited (APIR) is an independent, privately owned utility that provides a critical component of the wealth management industry’s infrastructure.
Since 1993, APIR has been identifying, coding and managing reference data for unlisted financial products. During that time, we have identified over 30,000 unlisted financial products of which nearly 15,000 are actively trading in today’s market.
The “APIR Code” is universal across the Australian wealth management industry, being used by all the distribution platforms, custodians and fund administrators. Our supporting data services are used by leading research houses, data houses, major software developers and financial planning desktops.
In Australia, APIR is the issuer of ISIN (International Securities Identification Numbers) under licence from the Australian Stock Exchange (ASX) and the Registration Agent in Australia and Asia for the London Stock Exchange (LSE) for the issuing of Legal Entity Identifiers (LEI).