The Development of preImplementation in Member Economies [Kingdom of Thailand] As the necessary works of preparing the regulations come under the purview of the SEC Since the MoC came into effect on 30 June 2016, Thailand in conjunction with SEC Thailand’s the SEC Thailand has undertaken a focus group experiences gained from implementing the rules with relevant stakeholders to explain and build a and procedures for ASEAN Collective Investment common understanding of the final version of Schemes (CIS) framework, the SEC Thailand is of the ARFP Rules and has conducted a public the view that all relevant regulations will be well hearing on Host Economy’s Law and Regulation prepared to meet the target timeline. In the relating to the ARFP to seek industry’s concerns interim, SEC Thailand is also looking for a and comments on fund offering to other host potential Thai asset management company that jurisdictions in which they have interest. is keen to establish a pilot ARFP fund, as proposed by the JC, to have preliminary At present, SEC Thailand is in the process of drafting and issuing relevant regulations to discussions in order to encourage, provide accommodate the crossborder offering of the guidance and informal steers to build readiness prior to the launch of ARFP framework. ARFP funds through the ARFP framework which aims to commence in 2018. [Republic of Korea] While there is a rising interest in outbound business using the ARFP among large investment The Korean government is preparing a legal firms, specific movement is yet to be seen. It amendment for the implementation of the ARFP. seems likely that there will be more substantial The amendment aims to provide regulations response after the regulatory scheme becomes broadly covering the management of an ARFP more visible throughout the latter half of the fund, including its registration, sales and year. operations. The relevant authority is currently working with Korea Financial Investment Association (KOFIA), asset management firms and legal and other experts to systemise the ARFP. The official procedure for legal amendment is planned for the second half of 2017, after the draft amendment has been prepared.
The Development of preImplementation in Member Economies [Kingdom of Thailand] Since the MoC came into effect on 30 June 2016, the SEC Thailand has undertaken a focus group with relevant stakeholders to explain and build a common understanding of the final version of the ARFP Rules and has conducted a public hearing on Host Economy’s Law and Regulation relating to the ARFP to seek industry’s concerns and comments on fund offering to other host jurisdictions in which they have interest. At present, SEC Thailand is in the process of drafting and issuing relevant regulations to accommodate the crossborder offering of the ARFP funds through the ARFP framework which aims to commence in 2018. As the necessary works of preparing the regulations come under the purview of the SEC Thailand in conjunction with SEC Thailand’s experiences gained from implementing the rules and procedures for ASEAN Collective Investment Schemes (CIS) framework, the SEC Thailand is of the view that all relevant regulations will be well prepared to meet the target timeline. In the interim, SEC Thailand is also looking for a potential Thai asset management company that is keen to establish a pilot ARFP fund, as proposed by the JC, to have preliminary discussions in order to encourage, provide guidance and informal steers to build readiness prior to the launch of ARFP framework. [Republic of Korea] The Korean government is preparing a legal amendment for the implementation of the ARFP. The amendment aims to provide regulations broadly covering the management of an ARFP fund, including its registration, sales and operations. The relevant authority is currently working with Korea Financial Investment Association (KOFIA), asset management firms and legal and other experts to systemise the ARFP. The official procedure for legal amendment is planned for the second half of 2017, after the draft amendment has been prepared. While there is a rising interest in outbound business using the ARFP among large investment firms, specific movement is yet to be seen. It seems likely that there will be more substantial response after the regulatory scheme becomes more visible throughout the latter half of the year.
ARFP_AR_2017.docx