Corporate Collective Investment Vehicle
With local managers finding themselves competing for capital with their offshore counterparts and overseas investors unfamiliar with unit trusts, the Australian Federal Government is seeking to introduce new Corporate Collective and Limited Partnership Investment Vehicles that will help to address those issues.
On 19 July 2018, the Federal Government released the second tranche of the revised exposure draft legislation for the new Corporate Collective Investment Vehicle (CCIV), one of the two forms of collective investment vehicle (CIV) that it pledged to develop as part of the 2016-2017 budget, with a new Limited Partnership CIV to follow. This was followed by the release on 31 July by the Australian Securities and Investments Commission (ASIC) of revised and new guidance dealing with funds management, the CCIV and the Asia Region Fund Passport.
Allens has been actively tracking the development of the new CIVs since the release of the Board of Taxation's report in 2015, publishing regular updates and analyses. We have been heavily involved in the consultation process and have made detailed submissions on each draft of the CCIV legislation (both in our own name and through our involvement with the Property Council of Australia), and on ASIC's new and revised guidance. The purpose of this microsite is to act as a forum for all things CCIV: draft legislation and materials, submissions, and publications. We hope you find it useful and, if you have any questions, please feel free to contact one of our team.