Document ID: chunk:federal_register_of_legislation:F2013C00808:body:0:p3
Version: federal_register_of_legislation:F2013C00808
Segment Type: other
Provision Reference: 
Character Range: 5545–8436

any one or more or all of them.

Purpose

         4. The purpose of this direction is to set out policies and practices to be followed by the Board in the performance of its functions under the Act in administering the IIF program.

         These policies and practices are designed to provide a basis for awarding licences and the ongoing oversight of IIF licensed funds under the IIF program.

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

Board to have regard to certain policy objectives

         5. The Board must have regard to the following policy objectives in the administration of the IIF program:

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

          (b) to develop a self-sustaining Australian early stage, technology-based venture capital market;

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

 (d) to develop fund managers with experience in the early stage venture capital industry.

PART 2—IIF GUIDELINES

         6. The Board must develop guidelines for the operation of the IIF program (including the requirements to be imposed on IIF licensed funds, their managers or trustees) 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 IIF guidelines, those references are to be interpreted as a statement of general intent.  In including those matters in the IIF guidelines, the Board may elaborate on, define or constrain terms referred to in this direction as it thinks fit in a manner consistent with the policy objectives.

         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 the applications have been  received.  The amended IIF guidelines apply in respect of that licensing round and to those applicants not withstanding the date on which the applications were made.

         9. The Board may include such of the IIF guidelines within the licence agreement or    other contractual documents relating to an IIF 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.

Application fees

         11. 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.