CCIVs and managed investment schemes – comparative table

 

Requirement
Registered managed investment scheme
Unregistered managed investment scheme (trust)
CCIV (retail)1
CCIV (wholesale)
Must register with ASIC green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Operator must hold an AFSL green-tick_13px.jpg green-tick_13px.jpg green-tick_13px.jpg green-tick_13px.jpg
Operator has statutory liability for acts of agents green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Statutory restrictions on appointment and removal of Operator green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Statutory provisions for transfer of rights and liabilities on change of Operator green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Statutory authority to establish legally separate sub-funds red-x_10px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Required to have an independent, third party asset-holder with obligation to supervise Operator red-x_10px.jpg red-x_10px.jpg green-tick_13px.jpg red-x_10px.jpg
Restrictions on issue price for interests green-tick_13px.jpg red-x_10px.jpg red-x_10px.jpg red-x_10px.jpg
Restrictions on redemptions – based on solvency red-x_10px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Prohibitions on: financial assistance to acquire interests; self-acquisition of interests; and taking security over interest red-x_10px.jpg red-x_10px.jpg green-tick_13px.jpg green-tick_13px.jpg
Rules for what must be in the constitution and statutory restrictions on amending the constitution green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg red-x_10px.jpg
Statutory duties imposed on Operator and directors, officers and employees of Operator green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg red-x_10px.jpg
Statutory rules about number of external directors of Operator green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg red-x_10px.jpg
Required to have a compliance plan (and plan audited) green-tick_13px.jpg red-x_10px.jpg green-tick_13px.jpg red-x_10px.jpg

Footnote

  1. The test for what will be a retail CCIV is different from the test for when a managed investment scheme must be registered. The current test needs to be amended as it is too broad.