Document ID: chunk:federal_register_of_legislation:F2011L02738:body:0:p3
Version: federal_register_of_legislation:F2011L02738
Segment Type: other
Provision Reference: 
Character Range: 5726–8982

"the IIF guidelines, licensing agreement or other contractual documents" or similar words is a reference to any one or more or all of them.

         A reference in these directions to the singular includes the plural and vice versa.

         "Supervisory Board" means the body whose function is described in clause 17 of these directions.

PART 2 - CONSIDERATION OF APPLICATIONS TO PARTICIPATE IN PROGRAM

Board to have regard to certain policy objectives

5.                 The Board must have regard to the following policy objectives in giving effect to these directions:

             (a)               to develop fund managers with experience in the early stage venture capital industry;

             (b)              by addressing capital and management constraints, to encourage the development of new companies which are commercialising research and development;

             (c)               to establish in the medium term a "revolving" or self funding scheme; and

             (d)              to develop a self-sustaining Australian early stage, venture capital market.

Procedure

6.

             (a)               Subject to clause 7, the Board will assess eligible applications and provide a technical merit ranking of those applications to the Program Delegate.

             (b)              The Board must consider eligible applications as soon as practicable after those applications have been provided to the Board.

             (c)               The Board may interview any applicant as part of the merit ranking process for applications.

             (d)              The Board and Program Delegate may request additional information from applicants after the lodgement of an application in order to assist in ranking and assessing eligible applications.

    Board may decline to provide merit ranking

7.                 The Board may decide to refuse to provide a merit ranking in respect of a particular eligible application if it is not satisfied with the level of merit of an eligible application in relation to one or more of the merit criteria.

PART 3 – ASSESSMENT AND MERIT RANKING OF APPLICATIONS

Assessment of applications

8.                 Subject to clause 7, the Board must 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:

The fund's proposed committed capital

(a)                the proposed size of the fund;

(b)               the 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 $100 million);

(c)                the fund's proposed investors and the amount of capital to be committed by each;

(d)               the amount of capital, if any, to be committed by the proposed key personnel of the fund manager;

    The applicant's proposed investment strategy

(e)                the extent to which the fund's proposed investment