The Federal Government has opened up the consultative processes around the legislation which will underpin the Asia Region Funds Passport and the introduction of the Corporate Collective Investment Vehicle (CCIV) regime.
The Minister for Revenue and Financial Services, Kelly O’Dwyer announced the opening of the process on Friday saying the legislation continued the Government’s work to implement arrangements set out in the Passport’s Memorandum of Cooperation between signatories Australia, Japan, Korea, New Zealand and Thailand.
She said Passport was an international initiative that would expand opportunities to export Australia’s funds management expertise while also providing Australian consumers with greater investment choice.
“The Passport will give Australian funds managers access to economies across the Asia-Pacific region with a combined gross domestic product of $US 6.9 trillion. It establishes appropriate cross-border recognition while promoting strong investor protections,” O’Dwyer said.
The minister said the CCIV regime would support the implementation of the Passport by establishing a new type of investment vehicle which allowed Australian fund managers to offer investments through a company structure.
“These initiatives will work together to enhance the marketability of Australian managed funds across our region and create domestic and regional economies of scale,” O’Dwyer said. “This leverages our large pool of funds under management and benefits both fund managers and investors.”
The consultation process will close on 19 September 2017.
