You will need this registration if you intend to operate a Corporate Collective Investment Vehicle (CCIV). A CCIV is a registered company limited by shares that is used for funds management. CCIVs must be categorised as either retail, wholesale or both.
Your CCIV will be deemed retail if at least one member of the CCIV who is not associated with its corporate director:
- acquires a security issued by the CCIV as a retail client or as a person who was issued or transferred the security in circumstances that would require a Product Disclosure Statement to be given to them
- acquires a security in the CCIV whilst under a custodial arrangement, but would have been considered a retail client if there was an equivalent direct acquisition of the securities by that person
- is a member of a sub-fund of the CCIV which is a managed investment scheme that is registered as an Australian passport fund under the Asia Region Funds Passport scheme, and the person became a member after the sub-fund became an Australian passport fund or on the expectation that it will become an Australian passport fund.
If your CCIV does not meet one of these conditions, it will be considered a wholesale CCIV.
