FSC
ASIC released new and updated guidance for corporate collective investment vehicles (CCIVs) on 23 June. The requirements come into effect on 1 July 2022, when the CCIVs regime commences.
The guidance sets out how ASIC will implement the “day one” licensing requirements for CCIVs.
In response to submissions from the FSC and other industry participants on a number of key issues, ASIC has changed its position in relation to certain key areas in order to make take up of the new CCIV regime more attractive for industry, notably:
- Organisational competence proof B1 and fit and proper persons documents: ASIC will accept re-lodgement of these documents by a licensee in its licensee variation application where they were recently assessed by ASIC and the licensee confirms they remain up to date;
- Limit on the number of sub-funds operated by new corporate directors: ASIC have decided not to impose a limit of a single sub-fund on corporate directors of wholesale CCIVs (which now aligns their approach with that taken regarding wholesale managed investment schemes);
- PI insurance requirements for corporate directors: ASIC has dropped the proposal to require separate professional indemnity insurance for corporate directors even where thy already had this insurance in place for operating a managed investment scheme.
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