Gov makes move on CCIV reform
The Government has released two bills implementing the tax and regulatory components of the Corporate Collective Investment Vehicle (CCIV) regime and their related explanatory materials for consultation.
The proposed new law contains:
- The new Chapter 8B in the Corporations Act 2001 containing the core provisions outlining the establishment of CCIVs and their operational and regulatory requirements;
- Amendments to other legislation to support the implementation of CCIVs (such as amendments to the Australian Securities and Investments Commission Act 2001 and the Personal Property Securities Act 2009); and
- The tax legislation, which ensures the tax treatment of CCIVs broadly aligns with the existing treatment of attribution managed investment trusts, providing investors with the benefits of flow-through taxation.
The Government had already consulted with stakeholders on the design of the CCIV regulatory and tax framework, and said that the refined draft reflected their input. The laws would see strong investor protections put in place for retail VVIVs including the requirement to have an independent depositary.
The public submission closing date for the end of next month.
AUTHOR
Hannah Wootton
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
