Document ID: chunk:federal_register_of_legislation:F2009B00251:body:0:p5
Version: federal_register_of_legislation:F2009B00251
Segment Type: other
Provision Reference: 
Character Range: 12117–15404

licensed funds under the PSF program.

         For the purposes of this direction and in implementing the PSF program, the Board may enter into such documents as it thinks fit.

Board to have regard to certain policy objectives

         5.                  The policy objectives of the PSF program are:

             (a)                to assist the commercialisation of R&D activities undertaken by universities and public sector research agencies by providing financial and managerial advice;

             (b)               to encourage private sector investment in R&D activities undertaken in universities and public sector research agencies for commercialisation;

             (c)                to build linkages between universities, public sector research agencies, the finance community and business for the commercialisation of R&D activities;

             (d) to build entrepreneurial and intellectual property management skills in Australian universities and public sector research agencies, and

             (e) to encourage researchers in universities and public sector research agencies to consider the commercial opportunities of their research discoveries.

         The Board must have regard to those policy objectives in developing and administering the PSF program and in exercising the rights, powers and discretions conferred on it by this direction and the PSF guidelines.

PART 2—PSF GUIDELINES

         6.                  The Board must develop guidelines for the operation of the PSF program (including the requirements to be imposed on licensed funds, their managers and participants) containing:

             (a)                the matters contemplated by this direction; and

             (b)               any other matters the Board thinks fit.

         7.                  Where this direction refers to matters to be included in the PSF guidelines or any other document, those references are to be interpreted as a statement of general intent. The PSF guidelines or other documents may elaborate on, expand, define, constrain or omit terms or concepts referred to in this direction, and may contain such other provisions as the Board thinks fit.

         8.                  The Board may amend the guidelines from time to time as it thinks fit, including during the currency of any licensing round and after applications have been received.  The amended PSF guidelines apply in respect of that licensing round and the applicants in it notwithstanding the date on which applications were made or received.

         9.                  The Board may:

             (a)                deal with the subject matter of such of the PSF guidelines within the licence agreement or other documents relating to a licensed fund as it thinks fit; and

             (b)               where it considers it to be consistent with the policy objectives of the PSF program to do so, include such other provisions in the licence agreement or other documents relating to a 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