19 July 2018

New round of consultation on Corporate Collective Investment Vehicle Bill

Note

The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, today released the second tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 (CCIV Bill) for public consultation.

The measure complements the Asia Region Funds Passport initiative which passed the Parliament on 28 June.

"It will provide the framework for Australian fund managers to expand their reach into the growing Asian financial markets – using a well-recognised corporate structure vehicle," Minister O'Dwyer said.

Recently, the Government released the first tranche of the CCIV Bill for consultation with submissions closing on 18 July.

The second tranche of the CCIV Bill covers:

  • External administration of a CCIV in a winding up situation.
  • The application of the Chapter 7 financial services regime to CCIVs.
  • The liability of the corporate director of a CCIV for contraventions of the law by the CCIV.

The explanatory materials also include a detailed description of the proposed penalties framework for CCIVs and the proposed approach to takeovers, compulsory acquisitions and buy-outs of a CCIV. The provisions for these aspects of the CCIV Bill are under development.

Stakeholders are invited to lodge submissions online via the Treasury website. Submissions open today and conclude on 10 August.