Govt releases collective investment bill for consultation
The Federal Government has released the second tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 (CCIV Bill) for public consultation.
According to Minister for Revenue and Financial Services, Kelly O'Dwyer, the measure complements the Asia Region Funds Passport initiative, which passed through Parliament on 28 June.
“It will provide the framework for Australian fund managers to expand their reach into the growing Asian financial markets – using a well-recognised corporate structure vehicle," O'Dwyer said.
Recently, the Government released the first tranche of the CCIV Bill for consultation with submissions closing on 18 July.
The second tranche of the CCIV Bill covers: external administration of a CCIV in a winding-up situation; the application of the Chapter 7 financial services regime to CCIVs; and the liability of the corporate director of a CCIV for contraventions of the law by the CCIV.
The explanatory materials also include a detailed description of the proposed penalties framework for CCIVs and the proposed approach to takeovers, compulsory acquisitions and buyouts of a CCIV, O’Dwyer said.
The provisions for these aspects of the CCIV Bill are under development, she said.
The Government invited stakeholders to lodge submissions online via the Treasury website, with submissions closing on 10 August.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
