Background
On 13 June 2018, the Federal Government released the first
tranche of the revised Corporate Collective Investments Vehicle
(CCIV) Bill for public consultation. This follows
consultation on an exposure draft of the bill released on 25 August
2017.
The introduction of the new CCIV regime is part of a push by the
Federal Government to align Australia's fund structures with
those found in the rest of the world and is also timed to coincide
with the introduction of the new Asia Region Funds Passport, a
multilateral framework which allows eligible funds (including
CCIVs) to be marketed across member countries, with limited
additional regulatory requirements.
CCIVs are modelled on the United Kingdom's open-ended
investment companies, which were in turn designed to fall within
the UCITS directive, making CCIVs a structure that will hopefully
be recognisable to foreign investors and fund managers and increase
the marketability of the Australian funds industry.
