Declaration of substantially Australian investment fund - SAPR 44/2015

Overview

The Declaration of a Substantially Australian Investment Fund SAPR 44/2015, enacted by the Commonwealth Department of Infrastructure and Transport, is aimed at identifying investment funds that are predominantly Australian-owned and managed. This declaration, made under Regulation 2.07 of the Airports (Ownership – Interests in Shares) Regulations 1996, addresses the need to ensure that significant investments in Australian infrastructure are controlled by entities that align with the national interest. The policy objective is to maintain a level of Australian ownership and control in critical sectors, ensuring that investments in infrastructure support local economic and strategic interests. This declaration was made on 1st May 2015, identifying the Sunsuper Infrastructure Trust No. 1, managed by AMP Capital Investors Limited, as a substantially Australian investment fund.

Scope and Application

The Declaration of a Substantially Australian Investment Fund made under the Airports (Ownership – Interests in Shares) Regulations 1996 applies specifically to the Sunsuper Infrastructure Trust No. 1, managed by AMP Capital Investors Limited. This legislative instrument designates the fund as substantially Australian, thereby qualifying it for particular investment privileges or exemptions that may be applicable under Australian law. The geographic reach of this declaration is limited to the Commonwealth of Australia, specifically affecting entities involved in the ownership and management of shares within Australian airports. This declaration does not extend to other types of funds or investment vehicles, nor does it apply to any entities outside the scope of the Airports (Ownership – Interests in Shares) Regulations 1996. The declaration is a formal recognition under federal law, and it does not include any specific exclusions or exemptions beyond the parameters of the referenced regulations.

Key Provisions

The main provisions of the C2015G00652 Declaration relate to the formal recognition of a fund as a substantially Australian investment fund. Section 1 of the Declaration outlines that the Sunsuper Infrastructure Trust No. 1, managed by AMP Capital Investors Limited, is designated as a substantially Australian investment fund. This designation is made under the authority granted by Regulation 2.07 of the Airports (Ownership – Interests in Shares) Regulations 1996. The declaration serves to confirm the fund's eligibility and compliance with the criteria for being considered substantially Australian. The obligations and requirements imposed by this Act primarily revolve around ensuring the fund meets the criteria for being substantially Australian. The declaration itself is a formal recognition of compliance with these criteria, which likely include factors such as the majority of the fund's assets being invested in Australian entities, a majority of the fund's assets being used for investment in Australian infrastructure, or the fund being primarily managed and controlled in Australia. The declaration is a formal statement that these criteria have been met, and it may also require ongoing compliance checks to ensure that the fund continues to meet the necessary standards. In terms of consequences for non-compliance or breach, the specific Act does not outline explicit criminal or civil penalties within its text. However, the underlying regulations, such as the Airports (Ownership – Interests in Shares) Regulations 1996, may impose penalties for misrepresentation or non-compliance with the criteria for a substantially Australian investment fund. Such penalties could include fines, revocation of the fund's eligibility to be considered substantially Australian, or other regulatory actions that could affect the fund's operations or investments. The maximum penalties would be determined by the relevant regulatory authority and would be consistent with the broader legislative framework governing financial and investment activities in Australia.