“The CCIV vehicle will allow Australian fund managers to market to participating Asian financial markets using a well-recognised corporate structure vehicle — creating access to Asia’s expanding middle and upper class,” Minister O’Dwyer said.
The vehicle complements the Asia Region Funds Passport initiative, which the Government introduced into Parliament earlier this year.
The first tranche of the CCIV Bill covers:
- A revised draft of the new chapter in the Corporations Act, containing the core provisions establishing how the CCIV and its sub-funds will operate.
- Amendments to apply Chapters 2A to 2P of the Corporations Act (such as the meetings rules and members’ rights and remedies) to CCIVs, and
- An outline in the explanatory materials of the proposed legislative approach to depositary independence.
The second tranche of consultations will cover the remaining substantive aspects of the regulatory framework for CCIVs, including external administration, consequential amendments to apply the Chapter 7 financial services regime to CCIVs, and penalty provisions.
Stakeholders are invited to lodge submissions online via the Treasury website. Submissions open today and conclude on 11 July 2018.