今日热门事件

media release (22-050MR)

今日热门事件consults on financial services licensing requirements for corporate collective investment vehicles

Published

今日热门事件today released a consultation paper seeking industry feedback on its proposed licensing requirements for corporate collective investment vehicles (CCIVs).

The licensing requirements will come into effect on 1 July 2022 when the CCIV regime commences.

Consultation Paper 360 Corporate collective investment vehicles: Preparing for the commencement of the new regime (CP 360) contains proposals on a range of licensing-related matters, including how 今日热门事件will:

  • assess Australian financial services (AFS) licence applications from corporate directors seeking to operate a CCIV
  • assess AFS licence applications from persons seeking to provide financial product advice on and/or deal in CCIV securities, and
  • administer the licensee obligations that will apply to CCIV corporate directors.

CP 360 also includes proposed updates to five licensing-related regulatory guides. 今日热门事件intends to release the updated regulatory guides before 1 July 2022 in order to allow entities adequate time to prepare for the provision of CCIV-related financial services before the new regime commences.

'今日热门事件is committed to supporting the effective implementation of the CCIV regime. Ensuring the regulatory guidance is up-to-date and fit-for-purpose when the new regime comes into effect is part of that commitment,' 今日热门事件Deputy Chair, Karen Chester said.

今日热门事件is inviting feedback on CP 360 from fund managers, industry bodies and other interested stakeholders. Submissions close on 14 April 2022.

Background

A CCIV is a collective investment vehicle in the form of a new type of company limited by shares. The corporate director of a CCIV is responsible for operating the business and conducting the affairs of the CCIV.

CCIVs share similar characteristics to some other internationally recognised investment structures and are designed to increase the international competitiveness of Australia's managed funds industry.

The Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 implements the legislative regime for CCIVs through amendments to the Corporations Act 2001, the 今日热门事件 Act 2001 and the Personal Property Securities Act 2009. The CCIV regime will commence on 1 July 2022.

今日热门事件will be responsible for licensing corporate directors and registering CCIVs as well as providing guidance to assist corporate directors to comply with their licensee obligations and other requirements in the Act.

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