Treasury has released for public feedback legislation that will enable the Asia Region Funds Passport and the Corporate Collective Investment Vehicle regime.
The government has made its proposed framework for the Asia Region Funds Passport (ARFP) public, with interested parties given until 21 September 2017 to make submissions.
Treasury has also released the bill that will enable the Corporate Collective Investment Vehicle (CCIV) regime, which will support the implementation of the AFRP by allowing Australian fund managers to offer investments though a company structure.
Announcing the consultation process, Minister for Revenue and Financial Services Kelly O'Dwyer said the CCIV is an "internationally recognisable vehicle which can be readily marketed to foreign investors".
The ARFP itself will give Australian fund managers access to economies across the Asia-Pacific region with a combined gross domestic product of US$6.9 trillion, Ms O'Dwyer said.
"These initiatives will work together to enhance the marketability of Australian managed funds across our region and create domestic and regional economies of scale. This leverages our large pool of funds under management and benefits both fund managers and investors," Ms O'Dwyer said.
"Complementary consultation is also underway on the proposed regulatory guidance to be issued by the ASIC and the other passport economy regulators [which closes on 19 September 2017]," she said.
Submissions to Treasury on the ARFP and CCIV legislation closes on 21 September 2017.
APRA chairman Wayne Byres has told banks to prepare for the long haul and warned that the idea that the financial system will return to norm...
RBA governor Philip Lowe has warned that withdrawing the massive fiscal stimulus risks destabilising the recovery at a critical point. ...
The Federal Court of Australia has sided with ASIC over a case concerning an alleged unregistered managed investment scheme and a related co...