Corporations and other Legislation Amendment (Corporate Collective Investment Vehicle Framework) Rules 2022

Dated               10 March 2022

Michael Sukkar

Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

Schedule 1—Amendments                                                                                            2

Corporations (Passport) Rules 2018                                                                                                 2

1  Name

                   This instrument is the Corporations and other Legislation Amendment (Corporate Collective Investment Vehicle Framework) Rules 2022.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Corporations Act 2001.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Corporations (Passport) Rules 2018

1  Subsection 4(2) (item 1 in the table, column headed “Constituent document”)

Omit “the registered scheme”, substitute “the registered scheme or CCIV”.

2  Subsection 13(4) (note)

Repeal the note, substitute:

Note:          The effect of paragraph (b) in Australia is that, subject to subsection (1)),where the operator would otherwise hold the assets of a passport fund, the operator must delegate the function of holding the assets to another entity.

3  Subsection 16(4) (item 1 in the table, column headed “Financial reporting requirements”)

Omit “Chapter 2M of the Corporations Act 2001 and”, substitute “Chapter 2M of the Corporations Act 2001 (including as modified by Part 8B.4 of that Act in relation to a CCIV) and,”.

4  Paragraph 16(6)(b) (item 1 in the table, column headed “Home audit requirements”)

Omit “Chapter 2M of the Corporations Act 2001 and”, substitute “Chapter 2M of the Corporations Act 2001 (including as modified by Part 8B.4 of that Act in relation to a CCIV) and,”.

5  Section 55 (heading)

Repeal the heading, substitute:

55  Definitions

Note:       Expressions have the same meaning in this instrument as in the Corporations Act 2001 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.