The Government has released for public consultation the third tranche of the Treasury Laws Amendment (Corporate Collective Investment Vehicle) Bill 2018 and related explanatory materials.
The Corporate Collective Investment Vehicle (CCIV) is an investment vehicle intended to be recognisable to overseas investors. Strong investor protections will be in place for retail CCIVs including the requirement to have an independent depositary. The depositary is responsible for the oversight of key administrative functions of the CCIV and the safekeeping of the CCIV’s assets.
The third tranche of the exposure draft covers:
- the independence requirements for the depositary of a CCIV;
- external administration arrangements;
- takeovers and disclosure requirements; and
- other consequential amendments to accommodate the new CCIV regime.
The Government previously released two tranches of the draft Bill for public consultation. Consultation on tranche 1 was held from 13 June to 18 July 2018. Consultation on tranche 2 was held from 19 July to 10 August 2018.
Stakeholders are invited to lodge submissions online via the Treasury website. The closing date for submissions is 26 October 2018.