Document ID: chunk:federal_register_of_legislation:F2009B00251:body:0:p13
Version: federal_register_of_legislation:F2009B00251
Segment Type: other
Provision Reference: 
Character Range: 35282–38366

(b)               where it considers it appropriate to do so, withhold Commonwealth program capital from being drawndown; and

             (c)                impose any other requirements that the Board thinks fit, having regard to the policy objectives of the PSF program..

PART 8—INFORMATION TO BE PROVIDED BY LICENSED FUNDS

Reporting

         40 The Board must in the PSF guidelines, licence agreement or other documents relating to a licensed fund require the fund to provide audited reports, as specified by the Board, within 60 days of the end of the fund's year of income.  However, the Board may, in any particular case, vary that requirement.

         41 The Board must in the PSF guidelines, licence agreement or other documents relating to a licensed fund reserve the right from time to time to request information from the fund manager and the fund for:

             (a)                monitoring the performance of the fund, its manager and (if applicable) trustee;

             (b)               assessing the financial viability of the fund, its manager and (if applicable) trustee;

             (c)                auditing the activities of the fund, its manager and (if applicable) trustee;

             (d)               evaluating the performance of the fund, its manager and (if applicable) trustee and the PSF program;

             (e)                investigating the activities of the fund, its manager and (if applicable) trustee in terms of compliance with the licensing agreement and other documents relating to the fund; and

             (f)                any other purpose the Board thinks fit, having regard to the policy objectives of the PSF program..

Placing a licensed fund under special conditions.

         42 The Board must in the PSF guidelines, licence agreement or other documents  relating to a licensed fund make provision to the effect that, where the Board is of the opinion that:

             (a)                the fund or its manager is or may become insolvent or suffer what the Board considers to be a substantial loss of capital;

             (b)              the fund or its manager is in breach of the PSF guidelines, any requirement imposed on it under clause 22 or any contractual or other obligation owed to a third party;

             (c)               the fund or its manager has failed to achieve activity milestones contained in the licence agreement or any other document relating to the fund; or

             (d)              a member of the key personnel ceases to be employed or otherwise retained by the fund in the manner stated in the manager's application for a PSF program licence

         the Board may, in consultation with the persons contributing privately sourced capital (excluding the fund's manager and its associates), remove the fund manager or place such additional conditions on the fund manager and in respect of the fund as the Board thinks fit.

         The Board may prescribe other circumstances in which the fund manager may be removed or additional conditions