AUSTRALIA: Asia Region Funds Passport and Corporate Collective Investment Vehicle

Thursday September 21 2017

The Government of Australia is currently seeking submissions on draft Asia Region Funds Passport (Passport) and Corporate Collective Investment Vehicle (CCIV) Bills and explanatory materials. The Bills will insert two new chapters to the Corporations Act 2001 establishing a regulatory framework for the Passport and CCIV regimes.

The exposure drafts do not contain consequential amendments to other parts of the Corporations Act or to other laws. The draft explanatory materials draw out some areas where consequential amendments are likely to impact on the interpretation of the provisions included in the exposure drafts.

The Passport is a common framework of coordinated regulatory oversight to facilitate cross border issuing of managed investment funds. Australia, Japan, Korea, New Zealand and Thailand are signatories to the Passport’s Memorandum of Cooperation (MoC), which took effect on 30 June 2016.

CCIVs will offer an internationally recognisable investment vehicle which can be readily marketed to foreign investors, including through the Passport.

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