Document ID: chunk:federal_register_of_legislation:F2013C00808:body:0:p5
Version: federal_register_of_legislation:F2013C00808
Segment Type: other
Provision Reference: 
Character Range: 11113–14062

applications from time to time:

         (a) take into account experience, expertise, abilities and other matters similar or related to the criteria in the IIF guidelines when assessing an applicant; and

         (b) attribute to particular categories of experience, expertise or abilities, or other matters,  set out in the criteria, a higher level of relative importance than other such categories    or matters in considering an application for a licence.

         17. The Board must include in the IIF guidelines details of the information to be provided by applicants for a licence.  That information must include:

         (a) the key personnel of the proposed fund manager including their roles, terms of employment and responsibilities;

         (b) the amount of Commonwealth program capital required;

         (c) the amount and sources of the private capital raised or proposed to be raised; and

         (d) a business plan that includes details of:

             (i) the timing of investments;

             (ii) the level of annual fund management fees; and

             (iii) the scope of the management services to be provided to the fund for the fund management fee.

         18. Without limiting clause 8, the Board may, if it thinks fit from time to time, include   other requirements relating to applicants and applications in the IIF guidelines.

Government sourced capital

         19. The Board must regard as Government sourced capital amounts invested in or provided to an IIF licensed fund by:

         (a) an entity or entities funded directly or indirectly by the Commonwealth, a State or Territory;

         (b) any person who, as the Board thinks fit, is directly or indirectly in receipt of funding from a source or combination of sources which are funded directly or indirectly by the Commonwealth, a State or Territory to such an extent that it is, as the Board thinks fit, appropriate to treat any amount invested in or provided to the fund by that person as Government sourced capital; or

         (c) but excluding any amount of that funding that, in the opinion of the Board, would be inappropriate to treat as Government sourced capital.

PART 4—BASIS FOR THE LICENCE AGREEMENTS

Basis for agreements

         20. The Board must not enter into agreements with applicants under the IIF program   except in accordance with this Part.

Licences

         21. The Board may, within the limits under clause 13, offer licences to applicants who, as the Board thinks fit, have the highest relative merit.

         22. The Board must make an offer in writing and include words to the effect that an applicant may accept the offer by:

         (a) notifying the Board in writing;

         (b) demonstrating to the satisfaction of the Board that the privately sourced capital has   been committed;

         (c) executing a licence agreement in a form and containing terms acceptable to the Board and in