Commonwealth Numbered Regulations - Explanatory Statements

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POOLED DEVELOPMENT FUNDS REGULATION 1992 NO. 374

STATUTORY RULES 1992 No. 374

Issued by Authority of the Minister for Industry, Technology and Commerce

Pooled Development Funds Act 1992

Pooled Development Funds Regulation

Section 76 of the Pooled Development Funds Act 1992 (the Act) provides that the GovernorGeneral may make regulations for the purposes of the Act.

Subsection 59(1) of the Act provides that an appointed member of the Pooled Development Funds Registration Board is to be paid such remuneration as is determined by the Remuneration Tribunal but, if no determination of that remuneration by the Tribunal is in operation, the appointed member is to be paid such remuneration as is prescribed.

Levels of remuneration have been based on the most recent determination for members of the Management and Investment Companies Licensing Board. The Secretariat of the Remuneration Tribunal indicate that this is a suitable benchmark.

Subsection 59(2) of the Act provides that an appointed member of the Pooled Development Funds Registration Board is to be paid such allowances as are prescribed.

Allowances have been based on the most recent determinations for Secretaries of Departments of State by the Remuneration Tribunal.

The proposed Regulations prescribe remuneration and allowances to be paid to appointed members of the Pooled Development Funds Registration Board and define certain terms referred to in Subsection 4(1) of the Act.

Details of the proposed Regulations are as follows.

Regulation 1, Citation, provides that these Regulations will be cited as the Pooled Development Funds Regulations.

Regulation 2, Interpretation, provides that the "Act" referred to in these Regulations is the Pooled Development Funds Act 1992.

Regulation 3, Unregulated investments, prescribes "unregulated investment" in subsection 4(1) of the Act and also includes the prescribing of an "authorised money market dealer". This clarifies applications to which monies may be used if not immediately invested in eligible companies or used for the running costs of the fund.

Regulation 4, Excluded activities, prescribes "excluded activity" in subsection 4(1) of the Act. This clarifies those activities in which a Pooled Development Fund may not invest funds.

Regulation 5, Remuneration and allowances - appointed members, prescribes the levels of remuneration and allowances for the purposes of subsections 59(1) and (2) of the Act to be paid to appointed members of the Pooled Development Funds Registration Board.