ob体育

media release (22-152MR)

ob体育 releases new and updated guidance for corporate collective investment vehicles

Published

ob体育 has today released a range of documents to support the licensing and other requirements for corporate collective investment vehicles (CCIVs). The requirements come into effect on 1 July 2022, when the CCIVs regime commences.听

Report 728: Response to submissions on CP 360 Corporate collective investment vehicles: Preparing for the commencement of the new regime (REP 728) highlights the key issues from, and ob体育鈥檚 response to, submissions to ob体育鈥檚 consultation on the new regime鈥檚 licensing (see CP 360).听听

Respondents to CP 360 generally supported ob体育鈥檚 proposals for the licensing of corporate directors to operate a CCIV. The key issues raised by respondents in REP 728 related to Australian financial services (AFS) licence or variation applications for corporate directors, insurance arrangements for corporate directors, and financial resource requirements for licensees that are corporate directors and responsible entities.听

ob体育 has also published Information Sheet 272 How to register a corporate collective investment vehicle and sub-fund (INFO 272). INFO 272 provides guidance on:听

  • CCIV and initial sub-fund registration requirements听
  • the application process, including how ob体育 will assess applications for CCIVs and initial sub-funds听
  • CCIV Constitution and compliance plan requirements听
  • the application process for registering further sub-funds.听

Additionally, the material ob体育 has released today will provide guidance to entities about becoming a corporate director as well as registering and operating the CCIV and sub-funds.听

ob体育 Deputy Chair Karen Chester said, 鈥榃e are committed to supporting the implementation of the new CCIVs regime. Going forward, ob体育 will be responsible for licensing corporate directors and registering CCIVs. Our new and updated guidance will assist corporate directors to comply with their licensee obligations and other requirements under the Corporations Act.鈥�听

As required for the commencement of the CCIVs regime, ob体育 has updated a number of key regulatory guides. ob体育 will shortly release a new legislative instrument that prescribes the applicable financial resources requirements for corporate directors of retail CCIVs.听

ob体育 will also continue to assess whether other regulatory guides and their associated legislative instruments need to be amended to reflect the CCIVs regime and update these accordingly.听

Background

A CCIV is a collective investment vehicle in the form of a new type of company limited by shares. The corporate director of a CCIV is responsible for operating the business and conducting the affairs of the CCIV. CCIVs share similar characteristics to some other internationally recognised investment structures and are designed to increase the international competitiveness of Australia's managed funds industry.听

The Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 implements the legislative regime for CCIVs through amendments to the鈥�Corporations Act 2001, the鈥�Australian Securities and Investments Commission Act 2001鈥痑nd the鈥�Personal Property Securities Act 2009.听听

ob体育 will be responsible for licensing corporate directors and registering CCIVs as well as providing guidance to assist corporate directors to comply with their licensee obligations and other requirements under the Corporations Act.听

Download

  • Report 728听Response to submissions on CP 360 Corporate collective investment vehicles: Preparing for the commencement of the new regime (REP 728)听
  • Information Sheet 272 How to register a corporate collective investment vehicle and sub-fund (INFO 272)听

Updates to guidance:听

The following existing regulatory guides have been updated to support the implementation of the CCIVs regime:听

ob体育 will release a new legislative instrument and issue updated versions of the following regulatory guides shortly:听

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