PHL joins Asean CIS Framework

THE Philippines has been admitted to the Asean Collective Investment Schemes (CIS) Framework, which would allow qualified investment companies in the country and their fund managers to offer funds to retail investors in the other three member jurisdictions in the Southeast Asian bloc and vice versa.

A supplemental memorandum of understanding has been signed between the corporate regulators from the Philippines, Malaysia, Singapore and Thailand for the said initiative.

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.

The framework enables fund managers operating in a member jurisdiction to offer a CIS constituted and authorized in that jurisdiction to retail investors in other member jurisdictions under a streamlined authorization process.

“We deeply appreciate the tireless efforts and dedication of Securities Commission Malaysia, the Monetary Authority of Singapore and Securities and Exchange Commission [SEC] Thailand in facilitating the admission of the Philippines into the Asean CIS Framework, especially the members of Asean CIS Working Group B who played important roles in achievingthissignificantmilestone,therebyallowing us to participate and be able to showcase our collective investment schemes,” Philippines’ SEC Chairman Emilio B. Aquino said.

“The expansion of the Asean CIS initiative to the Philippines further strengthens connectivity in the Asean region. As the fourth signatory to the framework, we will also endeavor to work together with other signatories in encouraging other Asean countries in joining the Framework and in promoting cross-border offerings of Asean Funds,” he said.