Federal Register of Legislation - Australian Government

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Determinations/Other as made
Sets out criteria and procedures for the grant of the concessional capital licence under the Flim Licensed Investment Company Scheme.
Administered by: Prime Minister and Cabinet
Registered 10 Aug 2005
Tabling HistoryDate
Tabled HR16-Aug-2005
Tabled Senate16-Aug-2005
Date of repeal 05 Oct 2011
Repealed by Revocation of Film Licensed Investment Company (Reporting Requirements) Determination 2005, Film Licensed Investment Company (Decision-making Criteria and Procedures) Determination 2005, Film Licensed Investment Company (Application) Rules 2005

I, CHARLES RODERICK KEMP, Minister for the Arts and Sport, make this Determination under subsection 9 (1) of the Film Licensed Investment Company Act 2005.

Dated 4 August 2005

ROD KEMP


Contents

                        1     Name of Determination                                                                         2

                        2     Commencement                                                                                  2

                        3     Object of Determination                                                                        2

                        4     Definitions                                                                                           2

                        5     Decision-making criteria to be applied by Minister                                  2

                        6     Procedures to be complied with by Minister                                           2

                        7     Weight to be given to criteria                                                                3

Schedule 1             Decision-making criteria                                                                   4

 


  

  

1              Name of Determination

                This Determination is the Film Licensed Investment Company (Decision-making Criteria and Procedures) Determination 2005.

2              Commencement

                This Determination commences on the day after it is registered.

3              Object of Determination

                The object of this Determination is to set out:

                (a)    the criteria that the Minister must apply in deciding whether, and to whom, to grant the concessional capital licence under the scheme set out in Part 2 of the Film Licensed Investment Company Act 2005; and

               (b)    the procedures with which the Minister must comply in making that decision.

4              Definitions

                In this determination, unless the contrary intention appears:

Act means the Film Licensed Investment Company Act 2005.

application means an application for the concessional capital licence made under section 11 of the Act.

Application Rules means the Film Licensed Investment Company (Application) Rules 2005 made under section 8 of the Act.

Panel means the Selection Advisory Panel established under the Application Rules.

Note 1   concessional capital licence is defined in subsection 6 (1) of the Act.

Note 2   An applicant to which the concessional capital licence is granted becomes the film licensed investment company: this is defined as the FLIC in subsection 6 (1) of the Act.

5              Decision-making criteria to be applied by Minister

                The criteria to be applied by the Minister in deciding whether, and to whom, to grant the concessional capital licence are set out in Schedule 1.

6              Procedures to be complied with by Minister

         (1)   After receiving an application that complies with the Application Rules, the Minister must give the application to the Panel.

         (2)   The Minister must satisfy himself or herself that a recommendation made to the Minister by the Panel in relation to the application:

                (a)    has been made by the Panel in accordance with the Application Rules; and

               (b)    complies with the requirements of the Act and those Rules.

         (3)   The Minister must comply with subsections (1) and (2) as quickly as the proper consideration of a matter allows.

7              Weight to be given to criteria

                In deciding whether, and to whom, to grant the concessional capital licence, the Minister must give the greatest weight to the criteria set out in items 2, 3 and 4 of Schedule 1.


Schedule 1        Decision-making criteria

(section 5)

  

        1       The extent to which the applicant meets the objects of the scheme set out in paragraphs 4 (a), (b), (c) and (d) of the Act.

        2       The general expertise and experience of the key personnel and company directors that would be in place if the applicant became the FLIC, including:

                (a)    experience in capital raising; and

               (b)    experience and achievements in 1 or more of the development, production and distribution of film and television program productions; and

                (c)    demonstrated good business reputation and high ethical standards; and

               (d)    demonstrated experience in generating and maintaining financial data and reports on their investments.

Note   The experience described in paragraph (d) is relevant to determining the extent to which the applicant can meet the reporting requirements set out in section 35 of the Act.

        3       The expertise and experience in the film and television industry of management that would be in place if the applicant became the FLIC.

        4       The quality of the business plan given to the Minister in accordance with the Application Rules, including:

                (a)    the adequacy and effectiveness of the proposed capital-raising strategies; and

               (b)    the strategies for attracting investors to the company; and

                (c)    the strategies for achieving returns for investors; and

               (d)    the applicant’s capacity to operate within the legal framework of the FLIC scheme.

Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.