26 October 2017
Draft regulatory guides
We understand that ASIC will today issue draft updates to certain regulatory guides, reflecting changes necessitated by the draft CCIV and Asia Region Funds Passport legislation. The draft regulatory guides will be open for consultation until 8 December. Allens will be preparing a client update on the drafts in due course (to be posted here) and will provide comments to ASIC as part of the consultation process.
25 September 2017
Exposure draft legislation
Allens has made detailed submissions on the draft corporate collective investment vehicle legislation. Our submission is available here.
On 25 August 2017, the Federal Government released 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 follows on from the 2009 Johnson Report and the Board of Taxation's report on tax arrangements applying to collective investment vehicles, both of which considered that offshore investors are dissuaded from investing in Australian funds because they do not understand unit trusts, and that access to a broader range of CIVs would help Australian fund managers to compete for capital with their offshore counterparts.
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 the draft CCIV legislation, both in our own name and through our involvement with the Property Council of Australia. The purpose of this microsite is to act as a forum for all things CCIV: draft legislation and materials, submissions, publications and breaking news. We hope you find it useful and, if you have any questions, please feel free to contact one of our team.
View the Federal Government's draft legislation and explanatory materials about the CCIV:
View ASIC's Consultation Paper and draft guidance in relation to CCIVs, Australian Asia Region Funds Passport vehicles and managed investment schemes:
- Consultation Paper 296
- Attachment 1 to CP 296 – draft Regulatory Guide 000 Funds management: Establishing and registering a fund
- Attachment 2 to CP 296 – draft updated Regulatory Guide 134 Funds management: Constitutions
- Attachment 3 to CP 296 – draft updated Regulatory Guide 132 Funds management: Compliance and oversight
- Attachment 4 to CP 296 – draft updated Regulatory Guide 133 Funds management and custodial services: Holding assets
- Attachment 5 to CP 296 – draft updated Regulatory Guide 136 Funds management: Discretionary powers
- Attachment 6 to CP 296 – draft Regulatory Guide 000 Foreign passport funds
Allens' CIV submission
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 a submission to Treasury which can be downloaded here.
25 August 2017
The Federal Government has just released exposure draft legislation for the new corporate collective investment vehicle and announced a consultation period. We will be publishing a brief summary and analysis later today, with more detailed analysis and submissions on the draft to follow.