Cross-border investment advisory services okd
THE Securities and Exchange Commission (SEC) has teamed up with its counterparts from Malaysia, Singapore and Thailand for the facilitation of cross-border investment advisory services.
The Asean Capital Markets Forum (ACMF) Pass will allow authorized and licensed professionals to offer investment advice within participating Association of Southeast Asian Nations (Asean) economies, with fast-tracked registrations and no additional licensing requirements.
The ACMF Pass, which will also allow the issuance of research reports on Asean financial products in a host country, will be implemented on a phased basis starting with investment consultants, research analysts and individuals who are licensed to carry out fund management activities.
A professional seeking to offer investment advices will be eligible to obtain an ACMF Pass once he passes qualifications such as obtaining a license, shows acceptable product knowledge by passing local examinations or possessing other equivalent qualifications, and pursues continuous professional education.
The licensed professional will also need to be attached to one or more hosting licensed firms but need not be a full-time employee.
The hosting firm will be accountable for monitoring the activities of the foreign professional and ensure that they comply with local regulations. It should apply for the ACMF Pass, which will be valid for two years, in behalf of the foreign professional.
“Our local investor will be benefited … because if foreign professionals from other Asean countries will come here under the framework, then information on any Asean financial products will be readily accessible and available,” the SEC said.
The ACMF Pass is priority under the Asean Capital Markets Forum Action Plan 2016-2020, which aims to create investment and business opportunities through greater connectivity, inclusiveness and resilience of capital markets within the region.
Other Asean countries such as Brunei and Vietnam are expected to join the initiative, the SEC said.
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