Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 3   Corporate collective investment vehicles: amendments of other Acts

Australian Securities and Investments Commission Act 2001

14   After section 243E

Insert:

243F Treat the corporate director of a CCIV as providing financial services etc. being provided by the CCIV

(1) This section applies to a provision of this Act that applies in relation to:

(a) a service, or matter, that is a financial service for the purposes of that provision; or

(b) a financial services business; or

(c) a matter that is prescribed by the regulations for the purposes of this paragraph.

General rule

(2) For the purposes of that provision of this Act:

(a) treat any conduct engaged in by, or on behalf of, a CCIV as also being engaged in by, or on behalf of, the corporate director of the CCIV; and

(b) treat any conduct relating to the CCIV that is engaged in by a person (other than the corporate director of the CCIV) as also being engaged in by that person in relation to the corporate director of the CCIV.

(3) In subsection (2), conduct means an act, an omission to perform an act or a state of affairs.

Exceptions

(4) If the CCIV issues a security in the CCIV, then subsection (2) does not treat the corporate director of the CCIV as also being the issuer of the security.

(5) If the CCIV is a participant (within the meaning of Chapter 7 of the Corporations Act) in:

(a) a clearing and settlement facility; or

(b) a financial market;

subsection (2) does not treat the corporate director of the CCIV as also being a participant (within the meaning of Chapter 7 of the Corporations Act) in relation to the facility or market.

(6) Subsection (2) does not apply in any circumstances prescribed by the regulations for the purposes of this subsection.