Government Releases Second Tranche Of Revised CCIV Exposure Draft Bill

Background

On 19 July 2018, the Federal Government released the second tranche of the revised Corporate Collective Investment Vehicle (CCIV) Exposure Draft Bill (Tranche 2 Exposure Draft Bill) for public consultation. This follows the release of the first tranche on 13 June 2018. In our previous Alert we outlined some of the key features of CCIVs.

The Tranche 2 Exposure Draft Bill proposes further provisions concerning:

• external administration and winding up of a CCIV;
• the application of the financial services regime in Chapter 7 of the Corporations Act (the Act) to CCIVs;
• the liability of the corporate director of a CCIV and contraventions by the CCIV; and
• the application of the takeover provisions to CCIVs.