Philippine SEC admitted into ASEAN Collective Investment Schemes Framework

The Philippine Securities and Exchange Commission (SEC) became the newest signatory to the Association of Southeast Asian Nations (ASEAN) Collective Investment Schemes (CIS) Framework, 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.

Philippine investment companies and fund managers can now offer eligible funds to retail investors in Malaysia, Singapore, and Thailand while their counterparts can pitch investment products to the local market, boosting cross-border investment flow within SEA.

The Securities Commission Malaysia (SC), the Monetary Authority of Singapore (MAS), and the Securities and Exchange Commission of Thailand have signed a supplemental Memorandum of Understanding (MoU) to admit the Philippine SEC to the CIS framework.

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

“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, especially the members of ASEAN CIS Working Group B who played important roles in achieving this significant milestone, thereby allowing us to participate and be able to showcase our collective investment schemes.

The expansion of the ASEAN CIS initiative to the Philippines further strengthens the 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.” said SEC Philippines chair Emilio Aquino.

SOURCE: Inquirer