Philippines joins Asean Collective Investment Schemes Framework

KUALA LUMPUR: The Securities and Exchange Commission Philippines (SEC Philippines) has been admitted as a new signatory to the Asean Collective Investment Schemes (CIS) Framework, which seeks to enhance capital market connectivity in the region.

In a statement, the Asean Capital Markets Forum said the Asean CIS Framework is an initiative under the regional capital markets integration plan endorsed by the Asean Finance Ministers in 2009 to facilitate cross-border product access and fund distribution for investors and issuers respectively.

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 framework, qualified investment companies in the Philippines and their fund managers will be able to offer eligible funds to retail investors in the other three member jurisdictions, namely Malaysia, Singapore and Thailand.

“Under the ASEAN CIS Framework, retail investors are able to tap into a wider choice of funds from beyond their borders, and fund managers can offer their products cross-border under an efficient approval system.

“The addition of the Philippines to the three existing jurisdictions under the Framework broadens the range of regional funds for portfolio diversification, and we hope for more participation from our ASEAN counterparts in future,” said Securities Commission Malaysia chairman Syed Zaid Albar.