The ARFP is a scheme that will permit cross-border funds between Singapore, Australia, Korea, New Zealand, the Philippines and Thailand.
In April 2014, regulators had initiated the first consultation on the rules and regulations governing the ARFP, which the working group said received 28 submissions.
A majority of responses received for the first consultation showed participants were generally supportive of the initiative and of the proposed arrangements.
But some respondents also urged the working group to consider linkages with the other mutual recognition schemes being planned in Asia-Pacific.
Moreover, a large number of firms were concerned about the implications of domestic taxation arrangements and advocated the neutral tax treatment of passported funds.
The working group has proposed rules covering areas such as the eligibility and operational criteria for passported fund managers and passported funds, as well as the authorisation process.
Click here to see the consultation and response paper, which will be open for comments until 10 April.
Other passporting initiatives
Another scheme, The ASEAN CIS Framework, which facilitates cross-border offering of funds to retail investors in Singapore, Malaysia and Thailand, was launched in August last year.
Nikko Asset Management was an early mover. In October, the firm said regulators had approved its Singapore Dividend Equity Fund.