The consultation paper is the result of a commitment by the finance ministers of Australia, Korea, New Zealand and Singapore in September 2013.
"The Asia Region Funds Passport is an APEC initiative which aims to create a regulatory arrangement for the cross-border offer of collective investment schemes in participating economies," said Treasury.
"The passport will enable fund operators in passport member economies to offer eligible schemes to retail investors in other member economies under a streamlined process," it said.
Following the consultation period, economies that decide they want to be 'passport member economies" will work to finalise the arrangements by early 2015 "with a view to the passport commencing in 2016", said Treasury.
"The passport was a recommendation of the 2009 report, Australia as a Financial Centre: building on our strengths by the Australian Financial Centre Forum chaired by Mark Johnson, AO," said Treasury.
Officials from Treasury and ASIC have represented Australia on the passport working group.
Submissions on the consultation paper close on 11 July 2014, and the consultation paper is available here.
