Ease of movement of people, capital, services and data across borders
The Government will finalise the development of the Corporate Collective Investment Vehicles Legislation.
Prioritise passage of the Corporate Collective Investment Vehicle Bill as a recognised investment vehicle that can be marketed under the Asia Region Funds Passport.
Progress to date
Australian collective investment schemes can now be exported and the schemes of other member countries can be imported through the Asia Region Funds Passport. Australia is working with other members to increase awareness and encourage use of the Passport by industry.
In the 2021-22 Budget, the Government committed to finalise the corporate collective investment vehicles (CCIV) regime with a revised commencement date of 1 July 2022.
In the 2021–22 federal Budget, the Australian Government announced that it will progress the tax and regulatory framework for the corporate collective investment vehicle with a new commencement date of 1 July 2022. The Corporate Collective Investment Vehicle Framework and Other Measures Bill (the Bill) was introduced in the House of Representatives on 25 November 2021 and subsequently referred to the Senate Economics Legislation Committee on 2 December 2021.
The Australian Services Roundtable (ASR) provided a submission to the Senate Committee in January 2022 strongly supporting the passage of the Bill. The Bill amends the Corporations Act 2001 to establish a corporate collective investment vehicle as a new type of a company limited by shares that is used for funds management and the ASR submission discusses how and why the Bill would advance a more cohesive and globally competitive financial services industry and also be beneficial to the broader Australian economy over time.
On 10 February 2022, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 was passed through Parliament. This legislation contains several important reforms and delivers on the Government’s commitment to establish a Corporate Collective Investment Vehicle Regime (CCIV regime) by 1 July 2022. The CCIV regime was a key recommendation of the Australian Financial Centre Forum’s Johnson Report, alongside the Asia Region Funds Passport regime which the Government implemented in 2018. The prioritisation of its passage was also a key recommendation industry made in development of the Services Exports Action Plan.
The Australian Services Roundtable commended the Government on the passage of the legislation and noted that this new legislation will make Australia’s financial services sector more competitive in the region, as well as globally, and will bolster demand for associated professional services.