Migration (IMMI 15/100: Complying Investments) Instrument 2015 (Cth)

IMMI 15/100

Migration (IMMI 15/100: Complying Investments) Instrument 2015

made under the Migration Regulations 1994

Compilation no. 1

Compilation date 1 July 2021

This compilation was prepared by the Department of Home Affairs on 7 July 2021 taking into account amendments up to Migration (Complying Investments) Amendment Instrument (LIN 21/041) 2021. Contents

1 Name………………………………………………………………………………………… 3 4 Dictionary…………………………………………………………………………………… 3 4A Application and savings provisions……………………………………………………….... 4 5 Compliance with this instrument……………………………………………………………. 4 6 Value of required investments………………………………………………………………. 5 7 Timing of required investments……………………………………………………………... 5 8 Venture capital fund investments…………………………………………………………… 5 9 Emerging companies investments…………………………………………………………… 6 10 Balancing investments………………………………………………………………………. 8 11 General requirements………………………………………………………………………... 8 12 Allowable non compliance period…………………………………………………………. 10

1 Name This is the Migration (IMMI 15/100: Complying Investments) Instrument 2015.

3 Authority This instrument is made under regulation 5.19C of the Migration Regulations 1994.

4 Dictionary Note A number of expressions used in this instrument are defined in the Regulations, including the following: (a) AUD (Australian dollars); (c) complying significant investment; (d) member of the family unit. In this instrument: Australian ADI has the same meaning as in the Corporations Act 2001. Note ADI is short for authorised deposit taking institution Australian financial services licence means a licence under section 913B of the Corporations Act 2001. balancing investment: see section 10. body has the same meaning as in the Corporations Act 2001. derivative has the same meaning as in Chapter 7 of the Corporations Act 2001. emerging companies investment: see section 9. fund of funds means a managed investment fund that invests in other funds. Note An investor can invest in managed investment funds through a fund of funds or investor directed portfolio service if the managed investment funds in which the fund of funds or investor directed portfolio service invests complies with the other requirements of the complying investment framework. incorporated in Australia has the same meaning as in the Corporations Act 2001 Note The Corporations Act 2001 (section 9) defines incorporated in Australia and incorporated. investor has the meaning given by regulation 5.19C of the Regulations listed investment company has the same meaning as in the Income Tax Assessment Act 1997. managed investment fund means any of the following (whether open or close ended): (a) a managed investment scheme based only on interests: (i) that are not able to be traded on a financial market (within the meaning of section 767A of the Corporations Act 2001); and (ii) for which no representation has been made to any member, or prospective member, of the managed investment scheme that the interests will be able to be traded on such a financial market; (b) a listed investment company; (c) a financial product mentioned in paragraph 764A(1)(d), (e) or (f) of the Corporations Act 2001 that may result in a payment from an approved benefit fund (within the meaning of the Life Insurance Act 1995), or a statutory fund maintained under the Life Insurance Act 1995. managed investment scheme has the same meaning as in the Corporations Act 2001. registered foreign company means a foreign company, within the meaning of the Corporations Act 2001, that is registered under that Act. Regulations means the Migration Regulations 1994. securities means any of the following interests: (a) debentures, stocks or bonds issued or proposed to be issued by a government; (b) shares in, or debentures of, a body; (c) interests in a managed investment scheme; (d) units of such shares; (e) options to acquire by way of transfer any of the interests mentioned in paragraphs (a) to (d); but does not include derivatives other than the options mentioned in paragraph (e). venture capital fund means any of the following bodies: (a) a venture capital limited partnership conditionally registered, or unconditionally registered, under the Venture Capital Act 2002; (b) an early stage venture capital limited partnership conditionally registered, or unconditionally registered, under that Act; (c) an Australian venture capital fund of funds conditionally registered, or unconditionally registered, under that Act. visa means a Subclass 188 (Business Innovation and Investment (Provisional)) visa granted in whichever of the following streams is relevant: (a) the Significant Investor Stream; (b) the Significant Investor Extension Stream; (c) the Investor Stream.