Connect with us

Hi, what are you looking for?

Economy

SEC signs on to framework enabling cross-border retail sales of funds

THE Securities and Exchange Commission (SEC Philippines) said Tuesday that it joined the ASEAN Collective Investment Schemes (CIS) Framework, which will allow institutions to offer investment funds to retail investors in other jurisdictions.

The accession to the framework was effected via a supplemental memorandum of understanding with its counterparts in Thailand (SEC Thailand), Securities Commission Malaysia (SC), and the Monetary Authority of Singapore (MAS).

The framework streamlines the approval process for offering funds to retail investors across borders and will regulate qualified investment companies in the Philippines and their fund managers as well as their counterparts in the other ASEAN countries.

“We deeply appreciate the tireless efforts and dedication of SC, MAS, and SEC Thailand in facilitating the admission of the Philippines into the ASEAN CIS Framework… (which allows) us to participate and be able to showcase our collective investment schemes,” SEC Philippines Chairman Emilio B. Aquino said in a statement.

The 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.”

It allows retail investors to “tap into a wider choice of funds.”

“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 (the) future,” SC Chairman Syed Zaid Albar said.

Lim Tuang Lee, the capital markets assistant managing director of MAS, said the Philippines’ participation “marks a progressive step” in the region’s capital market integration. — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Virgin Orbit’s next satellite launch will take place from the UK, following the success of the “Straight Up” mission, which lifted off from Mojave...

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

London City airport is seeking to overturn its Saturday flight ban and raise by 40% the limit on its passenger numbers. A local residents’...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.