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Migration Regulations 1994 - Specification under regulation 5.19B - Eligible Managed Fund Investments - November 2012

Authoritative Version
IMMI 12/117 Specifications as made
This instrument operates to specify eligible managed fund investments.
Administered by: Immigration and Border Protection
Registered 23 Nov 2012
Tabling HistoryDate
Tabled HR26-Nov-2012
Tabled Senate26-Nov-2012
Date of repeal 23 Nov 2013
Repealed by Migration Regulations 1994 - Specification of Eligible Managed Fund Investments - IMMI 13/092


Commonwealth of Australia

 

Migration Regulations 1994

 

ELIGIBLE MANAGED FUND INVESTMENTS

 

(Regulation 5.19B)

 

I, CHRIS BOWEN, Minister for Immigration and Citizenship, acting under subregulation 5.19B(2)(c) of the Migration Regulations 1994 (‘the Regulations’) hereby:

 

1.         SPECIFY the following investments in managed fund investments for the purposes of paragraph 5.19B(2)(c) of the Regulations:

 

            (a)        infrastructure projects in Australia;

 

            (b)        cash held by Australian deposit taking institutions;

 

(c)        bonds issued by the Commonwealth Government or a State or Territory government;

 

(d)       bonds, equity, hybrids or other corporate debt in companies and trusts listed on any Australian Stock Exchange;

 

(e)        bonds or term deposits issued by Australian financial institutions;

 

(f)        real estate in Australia;

 

(g)        Australian Agribusiness; and

 

(h)        other ASIC regulated managed funds that invest in the above list of investments.

 

This instrument, IMMI 12/117, commences on 24 November 2012, immediately after the commencement of the Migration Amendment Regulation 2012 (No. 7).

 

 

Dated             22 November              2012

 

                                                                 Chris Bowen

 

                                           Minister for Immigration and Citizenship

 

[NOTE 1:  Subregulation 5.19B(1) of the Regulations provides that an investment by a person (the investor) is a complying investment if all of the requirements in this regulation are met.

NOTE 2:   Subregulation 5.19B(2) of the Regulations provides that investment must consist of one or more of the following: (a) an investment in a government bond (however described) of the Commonwealth, a State or Territory; or (b) a direct investment in an Australian proprietary company that meets the following requirements: (i) the company is not listed on an Australian stock exchange; (ii) the company has not been established wholly or substantially for the purpose of creating compliance with this paragraph; (iii) the investment is an ownership interest in the company; or (c) an investment in a managed fund (directly or through an investor directed portfolio service) for a purpose specified by the Minister in an instrument in writing for this paragraph.]