The Government has released for public consultation the following:
- the Corporations and Other Legislation Amendment (Corporate Collective Investment Vehicle Framework) Regulations 2021 and associated Explanatory Statement
- the Corporations and other Legislation Amendment (Corporate Collective Investment Vehicle Framework) Rules 2021 and associated Explanatory Statement.
Together, the draft regulations and rules implement key elements of the corporate collective investment vehicle (CCIV) regulatory framework, to support the operation of the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021.
The draft regulations put in place arrangements in relation to the following key areas:
- Requirements for financial reporting and record keeping.
- Arrangements for voting in the context of crossinvestment.
- Requirements for custody of CCIV assets, including where assets are held in an offshore jurisdiction or held in an omnibus account.
- Restrictions on crossinvestment and consideration of other rules regarding the management of a CCIV’s share capital.
The draft regulations also include various consequential amendments to Chapter 7 of the Corporations Regulations 2001 to ensure that the shortform PDS regime that is currently available for ‘simple managed investment schemes’ is also available to and works appropriately for CCIVs in comparable circumstances.
The draft rules include consequential amendments to the Corporations (Passport) Rules 2018 to facilitate the passporting of subfunds of a retail CCIV consistent with the regulatory framework for CCIVs.