Corporate Collective Investment Vehicle

In this section

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.

Legislation

Revised CCIV Bills

View the revised bills that implement the tax and regulatory components of the CCIV regime, together with explanatory materials:

Revised CCIV Bill: Tranche Three

View tranche three of the Federal Government's revised draft legislation and explanatory materials (released 12 October 2018) about the CCIV:

Revised CCIV Bill: Tranche Two

View tranche two of the Federal Government's revised draft legislation and explanatory materials (released 19 July 2018) about the CCIV:

Revised CCIV Bill: Tranche One

View tranche one of the Federal Government's revised draft legislation and explanatory materials (released 13 June 2018) about the CCIV:

Tax Framework: First Exposure Draft

View the Federal Government's draft legislation and explanatory materials about the tax framework for the CCIV:

ASIC Guidance

View our submissions in respect of ASIC's new and updated regulatory guidance in relation to CCIVs, Australian Asia Region Funds Passport vehicles and managed investment schemes:

  • Report 582 – Response to submissions on CP 296 Funds management

CCIV Bill: First Exposure Draft

View the Federal Government's draft legislation and explanatory materials about the CCIV:

Allens' CCIV

We have been actively involved in working with a number of industry bodies, including the Property Council of Australia, to make submissions to Treasury in response to the new CCIV.

In addition to our involvement with industry bodies, Allens has also made submissions to Treasury which can be viewed below.

Submission to Treasury, October 2018 – Tranche 3

Treasury has released tranche 3 of the revised CCIV Bill, addressing some of the remaining gaps in the proposed CCIV framework, including depositary independence, deregistration, takeovers and disclosure. We have prepared a client alert summarising the changes and are also preparing a submission ahead of the 26 October deadline.

Submission to Treasury, August 2018 – Tranche 2

Treasury has released tranche 2 of the revised CCIV Bill, covering external administration, the application of the Chapter 7 financial services regime and corporate director liability. Allens is preparing a client alert summarising the changes and will also be preparing a submission ahead of the 10 August 2018 deadline.

Submission to Treasury, July 2018 – Tranche 1

Treasury has extended the deadline for providing submissions on the first tranche of the revised exposure draft CCIV legislation to Wednesday, 18 July 2018.

Submission to ASIC, December 2017

Treasury has released tranche 1 of the revised CCIV Bill. Allens is preparing a client alert summarising the changes and will also be preparing a submission ahead of the 11 July 2018 deadline.

Submission to Treasury, September 2017

Treasury has released for public consultation two bills that implement the tax and regulatory components of the CCIV regime and their related explanatory materials. We are preparing a client alert summarising the changes and are also preparing a submission ahead of the 28 February deadline.