On 12 October, 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 package comprises the exposure draft of tranche 3 of the BillExposure Draft Explanatory Materials and a consultation cover note.

Treasury states that the tranche 3 exposure draft includes:

  • the independence requirement for the depositary – whose responsibility it is to safeguard the fund’s assets and oversee some of the activities of the fund;
  • arrangements and reconstructions, receivership and winding up;
  • deregistration of sub-funds and CCIVs;
  • takeovers, compulsory acquisitions and buy-outs, and disclosure requirements; and
  • other consequential amendments to the Asia Region Funds Passport, Chapter 9 (Miscellaneous provisions), the ASIC Act and the Personal Property and Securities Act 2009 (Cth) to accommodate the new CCIV regime.

Consultation closes on 26 October.