Document ID: chunk:federal_register_of_legislation:F2013C00808:body:0:p4
Version: federal_register_of_legislation:F2013C00808
Segment Type: other
Provision Reference: 
Character Range: 8218–11405

The Board must levy a fee to recover part or all of the costs incurred by the Board and the Department in assessing a licence application.  The Board may refuse to consider a licence application until such fee is paid.

Consideration of applications

         12. Applications invited by the Board must be considered by the Board as soon as practicable.

Award of Licences

         13. The Board must consider applications by reference to the IIF guidelines.  The number of licences to be awarded by the Board, if any, will depend on:

         (a) the total amount of available Commonwealth program capital allocated by the Board in each licensing round;

         (b) the suitability of applicants in terms of the IIF guidelines;

         (c) the level of Commonwealth program capital requested within individual applications; and

         (d) any other matters which the Board thinks fit.

         14. The Board is not obliged to award a licence because an applicant satisfies the IIF guidelines or for any other reason.

Requirements concerning applicants

         15. Subject to clause 8, the IIF guidelines are to include criteria by which the Board will consider applications.  These criteria must include:

         (a) a demonstrated ability to access the level of privately sourced capital requested within the application for a licence;

         (b) an understanding of and experience in dealing with issues related to Australian and international technology investments, products, services and markets;

         (c) expertise and experience in actively seeking and investigating potential equity investments in small early stage companies;

         (d) expertise and experience in developing and implementing equity investment strategies  to achieve returns by investing in small early stage companies;

         (e) expertise and experience in the development and implementation of successful growth and recovery strategies for small early stage companies;

         (f) expertise and experience in the successful management of investment portfolios;

         (g) experience in providing financial management advice to small early stage companies;

         (h) expertise and experience in realising returns from investments through third party transactions such as later round financing, trade sales and initial public offerings;

         (i) experience in generating and maintaining a variety of financial data and reports on investment funds;

         (j) demonstrated good character and high ethical standards;

         (k) commitment to training and developing the skills of Australian based staff in all    aspects of making venture capital investments in small, early stage companies; and

         (l) demonstrated willingness to operate within the intent of the IIF program.

         16. The Board may, if it thinks fit, in respect of any one or more or all 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,