In Consultation Paper 360: Corporate collective investment vehicles: Preparing for the commencement of the new regime ASIC noted its intention to initiate AFS licence variations to authorise certain existing licensees to provide financial advice and dealing services in relation to securities issued in corporate collective investment vehicles (CCIVs). The rationale behind this proposal lies in the similarities between CCIVs and managed investment schemes. (You can read more about CCIVs in our recent Alert).
Last night, some of our clients received offers from ASIC to vary their AFS licence authorising them to provide advice and/or deal in securities in a CCIV. ASIC requested an acceptance of the proposal by 5pm 3 May 2022, with a draft licence intended to be offered to accepting licensees in mid-May to mid-June 2022. It is intended varied licences be granted around 30 June 2022.
If you are unsure whether to accept ASIC’s offer or if you need to understand more about the regulatory and policy requirements of the new framework or preparing a CCIV product, then please reach out to Elliott Stumm, Langton Clarke, or a member of our Funds Management team.