It has been four years in the making but ARFP is on track to be up and running by December.
ARFP regulators are discussing how host country laws will apply to incoming funds and are accepting submissions until September 19.
ARFP is not the first retail-targeted mutual market access scheme to originate in Asia.
The progress made by the ASEAN CIS and HK-China MRF provides relevant lessons for ARFP and the ARFP Joint Committee is closely monitoring their development to design a commercially viable ARFP scheme.
Despite the setbacks to previous schemes the industry is still keen to push ahead with ARFP and its no wonder.
The Philippines can not sign up yet to the ARFP
scheme due to legislated deposit secrecy restrictions that prevent it from joining the International Organization of Securities Commissions (IOSCO), an association of organizations that regulates the world's securities and futures markets and whose primary objective is exchange of information.