From 1 July 2022, minor changes to the Personal Property Securities Act 2009 and Personal Property Securities Regulations 2010 come into effect.
These changes provide for a new type of company called a Corporate Collective Investment Vehicle (CCIV). A CCIV is similar to a managed investment scheme without a trust structure, made up of one or more sub-funds. Both a CCIV and its sub-funds are required to be registered with ASIC.
An option to choose an Australian Registered Fund Number (ARFN) will be added to the PPSR, allowing for sub-funds of a CCIV with an ARFN to grant and register security interests on the PPSR. An ARFN is given to each sub-fund of a CCIV as part of the ASIC registration process. The option to search by ARFN will also be added.
These changes will be implemented in June 2022.