Document ID: chunk:federal_register_of_legislation:F2007L04107:body:0:p4
Version: federal_register_of_legislation:F2007L04107
Segment Type: other
Provision Reference: 
Character Range: 8816–12125

assess each eligible application on its merit according to the extent to which the application meets the merit criteria (as set out in clause 9 below).

Merit Criteria

9.                 The technical merit of eligible applications must, amongst other things, be assessed against the following criteria:

             (a)            whether the proposed applicant has effective strategies to contribute to the training and developing of Australian based staff in all aspects of making venture capital investments in early stage companies;

             (b)           the proposed size of the fund and ratio of privately sourced capital to Commonwealth program capital (subject to the Commonwealth program capital not exceeding a 1:1 ratio to the privately sourced capital and the Commonwealth program capital being no more than $20 million);

             (c)            the level and structure of management fees proposed;

             (d)           the applicant's capacity and experience in early stage equity investing giving particular attention to realising returns from investments, sourcing investment opportunities and managing an investment portfolio;

             (e)            whether the applicant has a balanced management team including relevantly qualified and skilled personnel;

             (f)             whether the applicant has an understanding of, and experience in, dealing with issues related to Australian and international investments, products, services and markets; and

             (g)           whether the applicant has a demonstrated willingness to operate within the intent of the IIF program.

Other Matters

10.             The Board may in its absolute discretion attribute a preference to applicants who are new managers.

11.             The Board may attribute a higher level of relative importance to one or more of the merit criteria.  In order to encourage new managers, the Board will not require applicants to demonstrate their ability to access the required level of privately sourced capital, until after short-listing.

12.             The Board may have regard to the accessibility of the program for industry around Australia.

13.             The Board may have regard to additional criteria and undertake other enquiries in order to consider the suitability of applicants.

14.             The Program Delegate may make policies of general application in relation to the administration of the IIF program. When making such policies the Program Delegate will seek the advice of the Board.

15.             The Program Delegate may make decisions and guidelines in relation to the administration of the IIF program. When making such decisions and guidelines the Program Delegate may seek the advice of the Board.

16.             The Program Delegate will seek the advice of the Board on the following matters:

             (a)            new investments by a licensed fund beyond the fifth anniversary of the granting of a licence;

             (b)           changes to the key personnel of a licensed fund;

             (c)            changes in the structure of a licensed fund;

             (d)           the application of sanctions against a manager or investor;

             (e)            the suspension of funding in