The second tranche of the CCIV Bill complements the Asia Region Funds Passport bill, which has passed by the Australian parliament on 28 June.
Minister for revenue and financial services Kelly O'Dwyer said the bill would provide the framework for Australian fund managers to expand their reach into Asian financial markets.
The first tranche of the CCIV Bill was was released on 13 June with submissions set to close on 18 July.
The second tranche covers:
- External administration of a CCIV in a winding up situation.
- The application of the Chapter 7 financial services regime to CCIVs.
- The liability of the corporate director of a CCIV for contraventions of the law by the CCIV.
“The explanatory materials also include a detailed description of the proposed penalties framework for CCIVs and the proposed approach to takeovers, compulsory acquisitions and buy-outs of a CCIV. The provisions for these aspects of the CCIV Bill are under development,” said Treasury in a statement.
Submission for the second tranche of the CCIV bill opened on Friday and close on 10 August.
