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1、COLLECTIVE INVESTMENT SCHEME TRANSACTIONS IN ASEAN+3BENCHMARK PRODUCT AND MARKET INFRASTRUCTURE DESIGNSEPTEMBER 2022ASIAN DEVELOPMENT BANK每日免费获取报告1、每日微信群内分享7+最新重磅报告；2、每日分享当日华尔街日报、金融时报；3、每周分享经济学人4、行研报告均为公开版，权利归原作者所有，起点财经仅分发做内部学习。扫一扫二维码关注公号回复：研究报告加入“起点财经”微信群。COLLECTIVE INVESTMENT SCHEME TRANSACTIONS I
2、N ASEAN+3BENCHMARK PRODUCT AND MARKET INFRASTRUCTURE DESIGNSEPTEMBER 2022ASIAN DEVELOPMENT BANKCreative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) 2022 Asian Development Bank6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, PhilippinesTel +63 2 8632 4444; Fax +63 2 8636 2444www.adb.orgSome
3、 rights reserved. Published in 2022.ISBN 978-92-9269-730-3 (print); 978-92-9269-731-0 (electronic); 978-92-9269-732-7 (ebook)Publication Stock No. TCS220374-2DOI: http:/dx.doi.org/10.22617/TCS220374-2The views expressed in this publication are those of the authors and do not necessarily reflect the
4、views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or product
5、s of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not inte
6、nd to make any judgments as to the legal or other status of any territory or area.This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https:/creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the term
7、s of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https:/www.adb.org/terms-use#openaccess.This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, p
8、lease contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.Please contact pubsmarketingadb.org if you have questions or comments with respect to content, or if you wish to o
9、btain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.Corrigenda to ADB publications may be found at http:/www.adb.org/publications/corrigenda.Notes:ADB recognizes “China” as the Peoples Republic of China; “Hong Kong” as Hong Ko
10、ng, China; “Korea” as the Republic of Korea; and “Vietnam” as Viet Nam.In this report, international standards for naming conventionsInternational Organization for Standardization (ISO) 3166 for economy codes and ISO 4217 for currency codesare used to reflect the discussions of the Cross-Border Sett
11、lement Infrastructure Forum to improve cross-border bond and cash settlement infrastructures in the region. ASEAN+3 comprises the Association of Southeast Asian Nations (ASEAN) plus the Peoples Republic of China, Japan, and the Republic of Korea.The economies of ASEAN+3 as defined in ISO 3166 includ
12、e Brunei Darussalam (BN; BRN); Cambodia (KH; KHM); the Peoples Republic of China (CN; CHN); Hong Kong, China (HK; HKG); Indonesia (ID; IDN); Japan (JP; JPN); the Republic of Korea (KR; KOR); the Lao Peoples Democratic Republic (LA; LAO); Malaysia (MY; MYS); Myanmar (MM; MMR); the Philippines (PH; PH
13、L); Singapore (SG; SGP); Thailand (TH; THA); and Viet Nam (VN; VNM).The currencies of ASEAN+3 as defined in ISO 4217 include the Brunei dollar (BND), Cambodian riel (KHR),Chinese yuan (CNY), Hong Kong dollar (HKD), Indonesian rupiah (IDR), Japanese yen (JPY), Korean won (KRW),Lao kip (LAK), Malaysia
14、n ringgit (MYR), Myanmar kyat (MMK), Philippine peso (PHP), Singapore dollar (SGD),Thai baht (THB), and Vietnamese dong (VND).Cover design by Joseph Francis M. Manio.CONTENTSTables, Figures, and BoxesvStatement from the Cross-Border Settlement Infrastructure Forum ChairviiAcknowledgmentsviiiAbbrevia
15、tionsixExecutive SummaryxiI. INTRODUCTION1A.Background and Purpose of Research1B.Method and Scope of Research2II. CHARACTERISTICS OF COLLECTIVE INVESTMENT SCHEMES4A.Basic Information on Collective Investment Scheme Products4B.Settlement Process for a Collective Investment Scheme5C.Various Market Pla
16、yers for Collective Investment Schemes6D.Collective Investment Scheme Passporting as a Driver for Cross-Border Transactions7III. EUROPES PASSPORT BRAND: UNDERTAKING FOR COLLECTIVE8INVESTMENT IN TRANSFERABLE SECURITIESA.The Inception of Undertaking for Collective Investment in Transferable Securities
17、8B.Overview and Past Journey of Undertaking for Collective Investment11in Transferable SecuritiesC.The Rise of Undertaking for Collective Investment in Transferable Securities12as an Iconic Passport BrandD.Post-Trade Reform of Undertaking for Collective Investment13in Transferable Securities: Messag
18、ing, Order Routing, and SettlementE.Europe Fund and Asset Management Association and the Pan-European16Standardization of Collective Investment Scheme SettlementF.Undertaking for Collective Investment in Transferable Securities20Delivery versus Payment Scheme by TARGET2-SecuritiesG.Completeness, Fin
19、ality, and Irrevocability of Undertaking for Collective Investment28in Transferable Securities Collective Investment Scheme SettlementH.Characteristics of Undertaking for Collective Investment in Transferable Securities30as Collective Investment Scheme PassportI.Implications31iv CONTENTSIV. ASIAN CO
20、LLECTIVE INVESTMENT SCHEME MARKET AND PASSPORTS33A.Overview of Cross-Border Transactions in ASEAN+3 Economies35B.Asia Region Funds Passport39C.ASEAN Collective Investment Scheme43D.Mutual Recognition of Funds46E.Implications50V. RECOMMENDATIONS ON THE APPLICATION OF THE CSD-RTGS LINKAGE MODEL52TO AS
21、IAN COLLECTIVE INVESTMENT SCHEME PASSPORTSA. Recommendation 1: Look Beyond Bonds and More Broadly Apply the CSD-RTGS52Linkage Model to Collective Investment Scheme Passports in AsiaB.Recommendation 2: Connect the Asian Bond Markets Initiative, Passport Schemes,54and Other Relevant Post-Trade Groups
22、to Form a “Back-to-Front” CooperationFramework in the Asian Collective Investment Scheme Industry underthe Leadership of the Cross-Border Settlement Infrastructure ForumC. Recommendation 3: Secure the Finality of Delivery versus Payment Settlement55Based on Sound Legal GroundsD.Recommendation 4: Exp
23、lore Ways to Enhance the Efficiency of the CSD-RTGS56Delivery versus Payment Engine for Asian Bond and Passport CIS TradingAppendix: Overview of ASEAN+3 Collective Investment Scheme Markets58Glossary97TABLES, FIGURES, AND BOXESTABLES1Global Collective Investment Scheme Distribution102Developments of
24、 Undertaking for Collective Investment in Transferable Securities153Total Automation Rate Evolution, 20182020204Obligations under the Securities Maintaining Entity Framework Agreement235Securities Data Management under the Securities Maintaining Entity Framework236Rights and Obligations to Be Settle
25、d287ASEAN+3 Cross-Border Collective Investment Scheme Distribution358Central Platform of ASEAN+3 Economies389Delivery versus Payment Settlement of Collective Investment Scheme in ASEAN+33910Progress of Asia Region Funds Passport4011Fundamental Principles of Asia Region Funds Passport4012Architecture
26、 of the Asia Region Funds Passport4113ASEAN Collective Investment Scheme Home Regulator4414ASEAN Economic Community 2025 Strategic Action Plans, 201620254515Retail Schemes Approved as Qualifying Collective Investment Scheme46under the ASEAN Collective Investment Scheme Framework of Singapore16List o
27、f Retail ASEAN Collective Investment Scheme for the General Public of Thailand4617Eligibility of Mutual Recognition of Funds Collective Investment Scheme47A1.1Inbound Transaction of Collective Investment Scheme in Brunei Darussalam59A1.2Size of Cross-Border Transactions71FIGURES1The European Collect
28、ive Investment Scheme Market at a Glance92Net Assets of Undertakings for Collective Investment in Transferable Securities9in the European Union3Global Collective Investment Scheme Distribution Trend by Year104Generic Processing Model for Order and Settlement185Total Fund Order Processing Rates, 2018
29、2020206Undertaking for Collective Investment in Transferable Securities Authorization Process247Issuer Central Securities Depository Set-Up Order Processing of Undertaking25for Collective Investment in Transferable Securities Collective Investment Scheme8Issuing Agent Set-Up Order Processing of Unde
30、rtaking for Collective Investment26in Transferable Securities Collective Investment Scheme9Delivery versus Payment Settlement of Undertaking for Collective Investment27in Transferable Securities Collective Investment Scheme via TARGET2-Securities10Asia Collective Investment Scheme Market versus the
31、United States and Europe33vi TABLES, FIGURES, AND BOXES11Share of Total Net Assets of Worldwide Regulated Open-End Funds3412Number of Worldwide Regulated Open-End Funds3413Central Platform Linkage Model3614Transfer Agent Model3715Asia Region Funds Passport Collective Investment Scheme Authorization4
32、2and Notification Process16Order and Settlement of Mutual Recognition of Funds4917Number of Mutual Recognition of Funds in the Peoples Republic of China50and Hong Kong, China18Pan-Asian CSD-RTGS Linkage Model5319Back-to-Front Cooperation Framework in Asia Post-Trade5420Overview of Asia Fund Standard
33、ization Forum5521Gateway Function of CSD-RTGS Settlement Engine56A1.1Collective Investment Scheme Infrastructure in Indonesia66A1.2Cash Transfer Flow of Subscription via Bank IndonesiaReal Time Gross Settlement67A1.3Functional Description of FundNet69A1.4Operational Workflow of FundNet-International
34、 Central Securities Depository Linkage70A1.5Collective Investment Scheme Settlement via FundNet71A1.6Collective Investment Scheme Settlement via Book-Entry Transfer System74A1.7Business Flow of Central Moneymarkets Unit Fund Order Routing and Settlement Service77A1.8Central Moneymarkets Unit Deliver
35、y versus Payment Settlement78A1.9Multiple Communications Channels Supported by Central Moneymarkets Unit Fund79Order Routing and Settlement ServiceA1.10Subscription and Redemptions of Unlisted Collective Investment Scheme Units88A1.11Subscription and Redemptions of Listed Collective Investment Schem
36、e Units88A1.12Digital Infrastructure in Thailand91A1.13Global Connectivity with ISO 20022 Standard of FundConnext91A1.14Initial Public Offering of Open-End Collective Investment Schemes in Viet Nam94BOXES1Highlights of the White Paper on Enhancing the Single Market Framework14for Investment Funds2Hi
37、ghlights of Fund Processing Standardization Group Report173Overall Order and Settlement Process of Fund Processing Standardization Group Report194Recommendations of the Fund Processing Standardization Group Report19A1.1Selected 2015 (SMR) Regulation 98 of the SMR61A1.2Cambodia Securities Exchange Cl
38、earing and Settlement Operating Rule63A1.3POJK Regulation (No 22/POJK.04/2019)67A1.4Financial Investment Services and Capital Markets Act72A1.5Regulation Code (SRC) (Republic Act 8799)85A1.6Legal Requirements on Settlement Completeness95A1.7Schedule of Clearance and Settlement for Stocks and Fund Ce
39、rtificates Traded95on Stock Exchange of Guideline on Securities Clearing and Settlement(Decision 211/QD-VSD, Dated 18 December 2015, issued by CEO of VSD)STATEMENT FROM THE CROSS-BORDER SETTLEMENT INFRASTRUCTURE FORUM CHAIRWith 2022 in full swing, I would like to express our deepest appreciation, as
40、 the acting chair and vice-chair, to our members and observers for their unwavering support for the Cross-Border Settlement Infrastructure Forum (CSIF).Since its inception in 2013, CSIF has facilitated dialogue on the promotion of intra-regional financial transactions. In 2014, CSIF officially propo
41、sed central securities depository and real-time gross settlement (CSD-RTGS) linkage as the most suitable delivery versus payment model for the Asian Bond Markets Initiative, based on the consensus of Association of Southeast Asian Nations plus the Peoples Republic of China, Japan, and the Republic o
42、f Korea (ASEAN+3) members. In July 2020, after a series of studies and discussions, CSIF unveiled its blueprint for future directions in a report titled Next Steps for ASEAN+3 Central Securities Depository and Real-Time Gross Settlement Linkages.In 2021, as a next step in enhancing the post-trade ef
43、ficiency of Asian bond markets, CSIF expanded its research focus to explore the feasibility of applying the CSD-RTGS delivery versus payment model to collective investment scheme (CIS) passports. Months of efforts have culminated in this report.This document covers a wide range of topics including t
44、he European CIS passport (UCITS), the pan-European settlement engine (TARGET2-Securities), the Asian CIS passports (Asia Region Funds Passport and ASEAN CIS), CIS market intelligence in ASEAN+3, and other survey results.This report is the product of collaborative research among Satoru Yamadera (CSIF
45、 Secretariat), Ki Hoon Ro (Specialist of the Korea Securities Depository), and many other seasoned consultants. We would like to extend our heartfelt gratitude to the Asian Development Bank for technical assistance and all the hardworking experts for drafting, revising, and editing this insightful document.Seung-Kwon LeeActing Chair, CSIFVice-Chair, CSIFDirector, Clearing and Settlement DepartmentKorea Securities DepositoryACKNOWLEDGMENTSAs the Secretariat of the Cross-Border Settlement Infrastr