Venture Capital Act 2002 (Cth)

Venture Capital Act 2002

No. 137, 2002

Compilation No. 10

Compilation date: 14 October 2024

Includes amendments: Act No. 39, 2024

About this compilation

This compilation

This is a compilation of the Venture Capital Act 2002 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents Part 1—Preliminary Division 1—Preliminary 1‑1.................................Short title 1‑5.............................Commencement 1‑10..............................Interpretation 1‑15.......................Identifying defined terms Division 3—A guide to this Act 3‑1..........................What this Act is about 3‑5.............Registration of limited partnerships (Part 2) 3‑10.....Registration of eligible venture capital investors (Part 3) 3‑15Determinations by Industry Innovation and Science Australia concerning certain investments (Part 4) 3‑20.....................Review of decisions (Part 5) 3‑25.........................Miscellaneous (Part 6) Part 2—Registration of limited partnerships Division 7—A guide to this Part 7‑1.........................What this Part is about Division 9—Registration requirements 9‑1.................Registration requirements of VCLPs 9‑3...............Registration requirements of ESVCLPs 9‑4.Allowing a partner's committed capital to exceed the 30% limit 9‑5.................Registration requirements of AFOFs 9‑10......................Meaning of permitted loan Division 11—Application for registration 11‑1......................Application for registration 11‑5Determination of further information to be included in application 11‑10...............Further information may be requested 11‑15........Period within which application must be decided Division 13—Registration 13‑1...............................Registration 13‑5........................Conditional registration 13‑10....................When registration is in force 13‑15.............An ESVCLP's approved investment plan 13‑20.......Deciding whether investment plans are appropriate Division 15—Obligations while registered 15‑1..............................Annual return 15‑5.Determination of further information to be included in returns 15‑10...........................Quarterly returns 15‑15...............Further information may be requested 15‑17....................Annual reports for ESVCLPs 15‑20................Other information may be requested Division 17—Revocation of registration 17‑1Revoking registration for not meeting investment registration requirements etc. 17‑5Revoking registration for not meeting other registration requirements 17‑10Revocation at discretion of Industry Innovation and Science Australia 17‑15.........................Notice of revocation 17‑20.....................Date of effect of revocation 17‑25.............Revocation on application by partnership Part 3—Registration of eligible venture capital investors Division 21—Registration of eligible venture capital investors Guide to Division 21 21‑1......................What this Division is about Operative provisions 21‑5..........Registration as eligible venture capital investors 21‑10........Period within which application must be decided 21‑15....................When registration is in force 21‑20...................Annual return by eligible entity 21‑25Revocation at discretion of Industry Innovation and Science Australia 21‑30......................Revocation on application Part 4—Determinations by Industry Innovation and Science Australia concerning certain investments Division 25—Determinations by Industry Innovation and Science Australia concerning certain investments Guide to Division 25 25‑1......................What this Division is about Operative provisions 25‑5Industry Innovation and Science Australia may determine a shorter period 25‑10Industry Innovation and Science Australia may determine that a requirement does not apply 25‑15Industry Innovation and Science Australia may determine matters relating to requirements for eligible venture capital investments Part 5—Review of decisions Division 29—Review of decisions 29‑1...........................Decisions reviewed 29‑5............Notification of right to seek internal review 29‑10.....................Internal review of decisions 29‑15....Review of decisions by Administrative Review Tribunal Part 6—Miscellaneous Division 33—Miscellaneous 33‑5Meaning of form approved by Industry Innovation and Science Australia 33‑10..............................Regulations Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history