Document ID: chunk:federal_register_of_legislation:F2009B00251:body:0:p6
Version: federal_register_of_legislation:F2009B00251
Segment Type: other
Provision Reference: 
Character Range: 15136–18429

licensed fund as it thinks fit.

PART 3—AWARD OF LICENCES FOR FUND MANAGERS

Number of licensing rounds

         10.               The number of licensing rounds will be determined by the Board.  The Board must publicise the closing dates for applications for each licensing round.  The Board may at its discretion extend the closing date of any licensing round or otherwise vary, or suspend or abandon, a licensing round.

Application fees

         11.               The Board may levy a fee to recover (at its discretion) part or all of the costs incurred by the Board and AusIndustry in assessing a licence application.  The Board may refuse to consider a licence application until that fee is paid.

Consideration of applications

         12.               Applications received at the invitation of  the Board must be considered by the Board as soon as practicable.  However, the Board need not consider an application where the licensing round has been suspended or abandoned.  The Board may seek clarification or additional information orally or in writing from any applicant.

Award of Licences

         13.               Without limiting clauses 7 and 9(b), the Board must consider applications having regard to the PSF 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 Board's assessment of the suitability of applicants, having regard to the PSF guidelines, comparative merit, geographic coverage and the equity of access offered to eligible institutions;

             (c)                the level of Commonwealth program capital requested by individual applicants; and

             (d)               any other matters the Board thinks fit.

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

Requirements concerning applicants

         15.               Without limiting clauses 7, 9(b) and 16, the PSF guidelines are to include criteria by reference to which the Board will consider licence applications.  Those criteria must:

              (a)                  subject to clause 38(a), stipulate the proposed ratio of Commonwealth program capital to privately sourced capital and the proposed level of management fees;;

              (b) require that the Board:

                  (i) consider the proposed size of the fund and the sources of capital, with privately sourced capital  from sources other than eligible institutions, being favourably considered;

                  (ii) have regard to the accessibility of the PSF program for eligible institutions throughout Australia,

              (c) require that the applicant has the demonstrated ability to access the level of privately sourced capital sought in the application;

              (d) require that the applicant has an understanding of and experience in dealing with issues relating to Australian and international technology investments, products, services and markets;

         and amongst other things require that the applicant has expertise and experience in the