Federal Register of Legislation - Australian Government

Primary content

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Repealed by Migration Regulations 1994 - Specification of Eligible Managed Fund Investments - IMMI 13/092

 

EXPLANATORY STATEMENT

 

Migration Regulations 1994

 

ELIGIBLE MANAGED FUND INVESTMENTS

(Regulation 5.19B)

 

1.                  This Instrument is made under paragraph 5.19B(2)(c) of the Migration Regulations 1994 (‘the Regulations’).

 

2.                  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 the regulation are met.

 

3.                  Paragraph 5.19B(2)(c) of the Regulations provides that an investment in a managed fund (directly or through an investor directed portfolio service) is for a purpose specified by the Minister by Instrument in writing.

 

4.                  The purpose of the Instrument is to specify eligible managed fund investments.

 

5.                  The Instrument operates to limit investments in complying managed funds to the following:

(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.

 

6.                  Consultation was undertaken before the instrument was made with a wide range of Commonwealth Government Departments, State/Territory Government Departments and industry stakeholders.

 

7.         The Office of Best Practice Regulation has advised that a Regulatory Impact Statement is not required (OBPR Reference 13762).

 

8.         Under section 44 of the Legislative Instruments Act 2003 the Instrument is exempt from disallowance and therefore a Human Rights Statement of Compatibility is not required.

           

9.         The Instrument commences on 24 November 2012 immediately after the commencement of the Migration Amendment Regulation 2012 (No. 7).