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Venture Capital Bill 2002

 

 

 

 

 

Venture Capital Act 2002

 

No. 137, 2002

 

 

 

 

 

An Act relating to venture capital investments, and for related purposes

   

   

   



Contents

Part 1—Preliminary                                                                                                                1

Division 1—Preliminary                                                                                               1

1-1......... Short title............................................................................................ 2

1-5......... Commencement.................................................................................. 2

1-10....... Interpretation...................................................................................... 2

1-15....... Identifying defined terms.................................................................... 2

Division 3—A guide to this Act                                                                               4

3-1......... What this Act is about........................................................................ 4

3-5......... Registration of venture capital limited partnerships and Australian venture capital funds of funds (Part 2)         4

3-10....... Registration of eligible venture capital investors (Part 3)................... 5

3-15....... Determinations by the PDF Board concerning certain investments (Part 4)           5

3-20....... Review of decisions (Part 5)............................................................... 5

3-25....... Miscellaneous (Part 6)........................................................................ 5

Part 2—Registration of venture capital limited partnerships and Australian venture capital funds of funds                                                                                                                                         6

Division 7—A guide to this Part                                                                              6

7-1......... What this Part is about....................................................................... 6

Division 9—Registration requirements                                                               8

9-1......... Registration requirements of VCLPs.................................................. 8

9-5......... Registration requirements of AFOFs................................................. 9

9-10....... Meaning of permitted loan ................................................................ 10

Division 11—Application for registration                                                         12

11-1....... Application for registration.............................................................. 12

11-5....... Determination of further information to be included in application. 13

11-10..... Further information may be requested............................................. 14

11-15..... Period within which application must be decided............................ 14

Division 13—Registration                                                                                         15

13-1....... Registration....................................................................................... 15

13-5....... Conditional registration.................................................................... 16

13-10..... When registration is in force............................................................. 17

Division 15—Obligations while registered                                                      19

15-1....... Annual return.................................................................................... 19

15-5....... Determination of further information to be included in returns....... 20

15-10..... Quarterly returns.............................................................................. 20

15-15..... Further information may be requested............................................. 21

15-20..... Other information may be requested................................................ 21

Division 17—Revocation of registration                                                           22

17-1....... Revoking registration for not meeting investment registration requirements etc.    22

17-5....... Revoking registration for not meeting other registration requirements 23

17-10..... Revocation at discretion of PDF Board............................................ 25

17-15..... Notice of revocation......................................................................... 25

17-20..... Date of effect of revocation.............................................................. 26

17-25..... Revocation on application by partnership....................................... 26

Part 3—Registration of eligible venture capital investors                             27

Division 21—Registration of eligible venture capital investors           27

Guide to Division 21                                                                                                   27

21-1....... What this Division is about.............................................................. 27

Operative provisions                                                                                                  28

21-5....... Registration as eligible venture capital investors.............................. 28

21-10..... Period within which application must be decided............................ 29

21-15..... When registration is in force............................................................. 29

21-20..... Annual return by eligible entity........................................................ 29

21-25..... Revocation at discretion of PDF Board............................................ 30

21-30..... Revocation on application................................................................ 31

Part 4—Determinations by the PDF Board concerning certain investments             32

Division 25—Determinations by the PDF Board concerning certain investments          32

Guide to Division 25                                                                                                   32

25-1....... What this Division is about.............................................................. 32

Operative provisions                                                                                                  33

25-5....... PDF Board may determine a shorter period..................................... 33

25-10..... PDF Board may determine that a requirement does not apply........ 33

Part 5—Review of decisions                                                                                            35

Division 29—Review of decisions                                                                        35

29-1....... Decisions reviewed........................................................................... 35

29-5....... Notification of right to seek internal review..................................... 36

29-10..... Internal review of decisions.............................................................. 36

29-15..... Review of decisions by Administrative Appeals Tribunal.............. 37

Part 6—Miscellaneous                                                                                                        38

Division 33—Miscellaneous                                                                                    38

33-1....... Annual report................................................................................... 38

33-5....... Meaning of form approved by the PDF Board ................................. 39

33-10..... Regulations....................................................................................... 39

 



 

Venture Capital Act 2002

No. 137, 2002

 

 

 

An Act relating to venture capital investments, and for related purposes

[ Assented to 19 December 2002 ]

The Parliament of Australia enacts: