Corporate Collective Investment Vehicle
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.