Allens

Publications

Our experienced Funds and Tax legal teams regularly publish articles and updates in relation to the CCIV – the full list of publications in relation to the CCIV appears below. These publications provide a snapshot of the latest legislation, court cases, policy changes and contentious issues affecting the CCIV. If you'd like to be notified when we add new publications to the site, please go to our subscription page to sign up for email alerts or, alternatively, you can subscribe to our RSS feed.

Our Corporate Collective Investment Vehicle publications

  • Client Update: Third tranche of draft CCIV legislation released

    18 October 2018

    Draft legislation intended to address some of the continuing gaps in the proposed corporate collective investment vehicle framework has been released, with submissions on it closing soon. Partner Marc Kemp and Associate Mai Go report.

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  • Unravelled: Are CCIVS the beginning of the end for the Unit Trust's monopoly?

    19 September 2018

    Avid, or even occasional, readers of Unravelled over the past few years cannot have failed to notice the Federal Government's proposal to introduce two new forms of collective investment vehicle - each a shiny, tax-neutral alternative to the unit trust which (and note the heavy dose of self-interest here) will hopefully lead to a marked reduction in the sleepless nights and migraines resulting from the task of explaining the finer points of trust law to overseas counterparties and their advisers.

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  • Client Update: The end of the unit trust monopoly - tranche 1 of the revised CCIV bill

    15 June 2018

    On 13 June 2018, the Federal Government released the first tranche of the revised exposure draft legislation for the new corporate collective investment vehicle, one of the two forms of collective investment vehicle which it pledged to develop as part of the 2016-2017 budget. We are undertaking a comprehensive review of the draft for the purpose of preparing submissions to Treasury and will provide further updates in due course. In the meantime, Partner Penny Nikoloudis, Senior Overseas Practitioner James Kanabar and Associate Mai Go provide a high-level overview of the draft.

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  • Unravelled: CCIVs: lost in translation?

    9 April 2018

    The long-awaited Exposure Draft containing the tax treatment of the proposed new corporate collective investment vehicle (CCIV) was released for consultation on 20 December 2017. The CCIV is one of two main proposed solutions to the problem that offshore investors are dissuaded from investing in Australian funds because they do not understand unit trusts. The tax treatment of CCIVs will go a long way to determining their success.

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  • Unravelled: The beginning of the end of the unit trust's monopoly? CCIV legislation and ASIC guidance

    9 November 2017

    Avid readers of Unravelled over the past few years cannot have failed to notice that there are moves afoot to introduce two new forms of collective investment vehicle, each promising a shiny, tax-neutral alternative to the unit trust and, hopefully, saving Australian lawyers a lot of sleepless nights and migraines attempting to explain the finer points of trust law to overseas counterparties and their advisers.

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  • Client Update: ASIC publishes draft funds management guidance

    27 October 2017

    ASIC has released draft updates to four existing Regulatory Guides and drafts of two new Regulatory Guides for managed investment schemes, corporate collective investment vehicles and passport funds, and announced a consultation period which will run until 8 December. Partners Marc Kemp and Penny Nikoloudis and Senior Overseas Practitioner James Kanabar provide a high-level summary of the draft guidance.

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  • Focus: The Asia Region Funds Passport begins to take shape

    17 October 2017

    It's been a busy few months for the development of the Asia Region Funds Passport. In late August, the Federal Government released exposure draft legislation to accommodate the introduction of the Passport in Australia. Once implemented, the Passport will allow fund managers from participating economies to market and sell interests in qualifying funds to retail investors in other passport jurisdictions within a streamlined regulatory framework. Partner Penny Nikoloudis, Senior Associate Rebecca Sheehy and Associate Mai Go report on the proposed multilateral regulatory framework for the Passport and some of the issues arising from the exposure draft legislation.

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  • Client Update: The new corporate collective investment vehicle: Wholesale application?

    7 September 2017

    We reported on 1 September that the Federal Government has released exposure draft legislation for the new corporate collective investment vehicle (or CCIV). In this article Partner Marc Kemp and Consultant Derek Heath consider whether the CCIV is likely to replace the unit trust as the vehicle of choice for wholesale (as opposed to retail) fund structures.

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  • Client Update: New corporate collective investment vehicle exposure draft legislation released

    25 August 2017

    The Federal Government today released exposure draft legislation for the new corporate collective investment vehicle, one of the two forms of collective investment vehicle that it pledged to develop as part of the 2016-2017 budget. Partners Marc Kemp and Charles Armitage and Senior Overseas Practitioner James Kanabar summarise the key features of the proposed CCIV, and compare and contrast them to those of equivalent overseas vehicles.

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  • Client Update: Lessons from Singapore's new collective investment vehicle

    13 April 2017

    The Monetary Authority of Singapore recently sought public consultation on the features of its proposed new vehicle for collective investment, the Singapore Variable Capital Company. Partners Marc Kemp and Charles Armitage, and Senior Overseas Practitioner James Kanabar review the key elements of the new vehicle and consider the lessons which might be gleaned in relation to the introduction of a new Australian corporate vehicle for collective investment, announced by the Federal Government as part of the 2016-17 budget and scheduled (perhaps somewhat optimistically) to be introduced by 1 July.

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  • Unravelled: The beginning of the end of the unit trust's monopoly? A look at common contractual funds

    8 December 2015

    The Board of Taxation's report on tax arrangements applying to collective investment vehicles considers 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 collective investment vehicles would help Australian fund managers to compete for capital with their offshore counterparts. The Board of Taxation advocates extending tax neutrality to three additional collective investment vehicles. In the final of our series investigating these vehicles, we look at common contractual funds, which may be unfamiliar to many in the Australian market.

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  • Unravelled: The beginning of the end of the unit trust's monopoly? A look at limited partnerships

    6 October 2015

    The Board of Taxation's report on tax arrangements applying to collective investment vehicles advocates extending tax neutrality to three additional collective investment vehicles: corporates (modelled on the Luxembourg SICAV), limited partnerships and common contractual funds. In this issue, we examine limited partnerships, which are not commonly used as collective investment vehicles in Australia.

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  • Unravelled: The beginning of the end of the unit trust's monopoly? A look at corporate CIVs

    4 September 2015

    The Board of Taxation's report on tax arrangements applying to collective investment vehicles advocates extending tax neutrality to three additional collective investment vehicles: corporates (modelled on the Luxembourg SICAV), limited partnerships and common contractual funds. In this issue, we examine the key characteristics of corporate collective investment vehicles and some of the implications of their introduction and use in Australia.

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  • Unravelled: The beginning of the end of the unit trust's monopoly?

    3 July 2015

    It is surprising the Federal Government did not make more of its release on 4 June of the Board of Taxation's report on tax arrangements applying to collective investment vehicles. We can only assume that the government was slightly embarrassed that the report, handed to the previous government in 2011, has taken nearly four years to emerge, blinking, into the light. Be that as it may, it is here now, and it makes for interesting reading. If the Board's recommendations are followed, they will change the Australian funds management industry. Put at its most basic, the report recommends nothing less than breaking the near-monopoly that the unit trust has held over collective investment vehicles in Australia.

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