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Introducing the Corporate Collective Investment Vehicle ("CCIV")
The Corporate Collective Investment Vehicle Framework and Other Measures Act 2022, “the Act”, which came into effect on 1 July 2022, introduces a new type of collective investment vehicle in the form of a company. Investors pool their funds in an investment company, a CCIV, which is managed by a professional funds manage.
A CCIV must have at least one sub-fund with at least one member at all times and is governed by a Constitution. A sub-fund is not a separate legal entity but essentially operates (for both tax and legal purposes) as if it is a separate investment vehicle with a separate investment strategy and investors.
A CCIV must be operated by a corporate director (“CD”) that is required to be a public company that holds an Australian financial services licence in a similar manner to how a Responsible Entity is required to operate a registered MIS.
Retail CCIVs are required to prepare audited annual and half-year financial and directors report for each of their sub funds and have similar compliance plan obligations to registered managed investments schemes.
