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.
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.