Corporate Collective Investment Vehicles: An AFSL Variant May Happen to You – Securities


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ASIC has written to affected stakeholders and licensees regarding the start of its new corporate collective investment vehicle regime (CCVI). ASIC noted the publication of Consultation Paper 360 which sought comments on ASIC’s proposed regulatory guidance on the licensing regime and its application to CCIVs.

The ASIC correspondence noted two important points:

  1. Existing licensees holding securities authorizations: For existing AFS licensees who hold securities advisory and trading licenses, ASIC said these AFS licensees do not need to amend their license in order to provide advice or services. intermediaries relating to transferable securities in CCIVs.

  2. Existing licensees who not hold securities authorizations: For existing AFS licensees who hold authorizations in relation to Managed Investment Schemes (MIS), but not With respect to securities, ASIC noted that it had written to these AFS licensees to explain the process for an ASIC-initiated amendment to include a securities-related authorization in a CCIV.

The CCIV scheme comes into effect on 1 July 2022 and provides an alternative to the existing managed investment scheme scheme under the Companies Act. The CCIVs are:

  • a type of business;

  • limited by shares;

  • has only one corporate director. The corporate officer is a public company holding an AFS license authorizing it to operate the business and manage the business of the CCIV.

CCIV’s securities are financial products and meet the definition of securities under the Corporations Act. While the CCIV itself is exempt from licensing, the public company that operates the CCIV must hold an AFS license and any other entity or person providing financial services in connection with the securities of a CCIV must hold the license. Appropriate AFS.


In March 2022, ASIC released Consultation Paper 360 which included an overview of ASIC’s approach to licensees who intend to provide the following services in relation to titles in the CCIVs:

  • advice (personal or general);

  • intermediation services (including trading in CCIV securities).

The consultation document invited comments on ASIC’s proposed guidance on CCIVs and includes proposals for how ASIC will assess AFS license applications from:

  • corporate officers wishing to operate a CCIV;

  • persons seeking to provide financial product advice and/or trade in CCIV securities; and

  • how ASIC will administer licensing requirements that apply to directors of corporations.

The consultation document includes updates to the following regulatory guides:

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