Corporations Act 2001

CHAPTER 8B - CORPORATE COLLECTIVE INVESTMENT VEHICLES  

PART 8B.4 - CORPORATE FINANCE AND FINANCIAL REPORTING FOR CCIVs  

Division 4 - Financial reports and audit of CCIVs  

Subdivision C - Financial reporting (retail CCIVs only)  

SECTION 1232C   ANNUAL FINANCIAL REPORTS AND DIRECTORS ' REPORTS FOR SUB-FUNDS - GENERAL RULES  

1232C(1)    
Division 1 of Part 2M.3 applies to a retail CCIV as if:

(a)    subsection 292(1) required the CCIV to prepare a financial report for each of its sub-funds for each financial year; and

(b)    subsections 292(1) and 298(1) required the CCIV to prepare a directors ' report for each of its sub-funds for each financial year.

Note: The CCIV is not required to prepare such reports for the CCIV itself.


1232C(2)    
The remaining provisions of Division 1 of Part 2M.3 apply in relation to the following documents relating to each sub-fund of the retail CCIV:

(a)    a financial report and a directors ' report referred to in subsection (1) of this section;

(b)    the documents of which the financial report consists under subsection 295(1) ;

as if the sub-fund were the CCIV.

Note: The combined effect of subsection 1232(1) and this subsection is that references in the remaining provisions of Division 1 of Part 2M.3 to the company are, where appropriate, to be read as referring to the sub-fund.

Example: References in the remaining provisions of Division 1 of Part 2M.3 to a listed company will be read as referring to the sub-fund if the sub-fund is listed (see also paragraph (c) of the definition of listed in section 9 ).


1232C(3)    
Without limiting subsection (2) , Division 1 of Part 2M.3 so applies as if references in that Division to members (other than references to members of an audit firm) were instead references to members of the sub-fund.

1232C(4)    
Despite subsection (2) , Division 1 of Part 2M.3 applies to the retail CCIV in relation to each of its sub-funds as if:

(a)    references in that Division to the officers of, or an officer of, the company were instead references to each of the following:


(i) an officer of the CCIV;

(ii) an officer of the corporate director of the CCIV; and

(b)    despite paragraph 1232(1)(a) , references in that Division to the directors of, or a director of, the company were instead references to each of the following:


(i) the corporate director of the CCIV;

(ii) a director of the corporate director of the CCIV.

1232C(5)    
Subparagraphs (4)(a)(i) and (b)(i) are included for the avoidance of doubt.


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.