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New legal entity implemented in Australia
From the 1st of July 2022, a completely new type of legal entity, the Corporate Collective Investment Vehicle (CCIV) has been created.
A CCIV is an entity limited by shares that will function as a collective investment vehicle. The CCIV regime is designed to improve the worldwide competitiveness of the Australian funds management business by enabling it to utilize a structure that is more recognizable to foreign investors and shares some similarities with some other well recognized investment structures.
Upon registration, each CCIV must have a corporate director (public company) who is the holder of an Australian Financial Services (AFS) license that entitles them to operate their business and manage the affairs of the CCIV. The corporate director cannot submit an application to register a CCIV until they have the necessary authorizations on their AFS license.
A CCIV should have at least one registered sub-fund and can function as a retail or wholesale supplier. For the purposes of the Asia Region Funds Passport, a sub-fund may also be registered as an Australian passport fund.
Each CCIV lodgment must be submitted on paper and include all applicable application fees.