Today, the Morrison Government has released draft Corporate Collective Investment Vehicle (CCIV) regime regulations and rules for public consultation.
The Government introduced the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (the Bill) on 25 November 2021 to accelerate Australia’s $2.5 trillion funds management industry. The Bill will establish a new corporate structure for funds management in Australia, to be available from 1 July 2022.
The draft regulations and rules released today support the framework established by the Bill by introducing details such as:
- requirements for financial reporting, record‑keeping and custody of CCIV assets; and
- arrangements for cross‑investment within CCIVs (including voting processes and restrictions on circular investment) and other rules for managing a CCIV’s share capital.
The draft regulations and rules also include a suite of technical amendments to facilitate the broader CCIV regime, including the passporting of sub‑funds of retail CCIVs under the Asian Regions Funds Passport regime.
The Government welcomes views from industry on the regulations and rules. Submissions are sought by Friday 21 January 2022, and further information on the public consultation can be found on the Treasury website.