{"id":"F2023L01267","name":"Migration (Purposes of Managed Fund Investments) Instrument (LIN 23/056) 2023","slug":"migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":104814,"registerId":"commonwealth-F2023L01267-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This instrument is the Migration (Purposes of Managed Fund Investments) Instrument (LIN 23/056) 2023.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This instrument commences on the day after it is registered on the Federal Register of Legislation.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Repeals","content":"#### 3 Repeals\n\n  Migration Regulations 1994 – Specification of Eligible Managed Fund Investments - IMMI 13/092 (F2013L01571) is repealed.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Purposes of managed fund investments","content":"#### 4 Purposes of managed fund investments\n\n  For paragraph 5.19B(2)(c) of the Regulations, the specified purpose of an investment in a managed fund is investing in any of the following managed fund investments:\n    (a) an infrastructure project in Australia;\n    (b) cash held by an Australian deposit taking institution (including negotiable certificates of deposit, bank bills and other cash-like instruments);\n    (c) a bond issued by the Commonwealth government or a State or Territory government;\n    (d) a bond, equity, hybrid or other corporate debt in a company or trust listed or expected to be listed within 12 months on the Australian Stock Exchange;\n    (e) a bond or term deposit issued by an Australian financial institution;\n    (f) a real property in Australia;\n    (g) an investment in the Australian agribusiness;\n    (h) an annuity issued by an Australian registered life company in accordance with section 9 or 12A of the Life Insurance Act 1995;\n    (i) a derivative used for portfolio management and non-speculative purposes which constitutes no more than 20 per cent of the total value of the managed fund;\n    (j) a loan secured by a mortgage over an investment mentioned in paragraph (a), (b), (c), (d), (e), (f), (g) or (h) of this section;\n    (k) a managed fund that invests in an investment mentioned in paragraph (a), (b), (c), (d), (e), (f), (g), (h), (i) or (j) of this section.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Application","content":"#### 5 Application\n\n  This instrument applies to an application made by a person on or after the commencement of this instrument whose most recently held Subclass 188 Business Innovation and Investment (Provisional) visa in the Significant Investor stream was granted on the basis of an application made between 23 November 2013 and 30 June 2015.","sortOrder":4}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument repeals the prior specification (cl.3) and replaces it with a defined list of eligible managed fund investment purposes (cl.4). It narrows application to applicants whose most recent Subclass 188 Significant Investor provisional visa was granted between 23 Nov 2013 and 30 Jun 2015 (cl.5), thereby changing the set of applications subject to these specified investment rules."},"complexity_factors":["Narrow application window tied to prior visa grant dates (cl.5) increases case‑by‑case scope assessment.","Cross‑reference to paragraph 5.19B(2)(c) of the Regulations requires assessors to map instrument text to regulatory criteria (cl.4).","Detailed list of eligible assets reduces ambiguity but requires verification of asset type and domicile (cl.4(a)–(k)).","Derivative cap (20%) creates a measurable portfolio constraint and monitoring requirement (cl.4(i)).","Reference to instruments “expected to be listed within 12 months” (cl.4(d)) introduces forecasting and evidentiary uncertainty for applicants.","Repeal of prior specification (cl.3) imposes transitional/compliance checks against earlier practice."],"plain_english_summary":"This instrument replaces the earlier specification and defines what counts as an eligible managed‑fund investment for a migration rule: it lists permitted asset types (infrastructure, cash/bank instruments, government and corporate debt and listed equity, property, agribusiness, certain annuities, secured loans and qualifying managed funds) and limits derivatives to 20% of a fund. It applies to applications made on or after commencement by people whose most recent Subclass 188 Significant Investor provisional visa was granted between 23 Nov 2013 and 30 Jun 2015. Affected investors, fund managers and visa assessors must ensure investments meet these criteria."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: specifying permissible investments for a discrete cohort of Significant Investor visa holders. It replaces a 2013 instrument with substantially similar content, updating the investment categories without expanding beyond the original regulatory intent."},"complexity_factors":["Single operative section with a straightforward list structure (11 items)","Only one cross-reference (to paragraph 5.19B(2)(c) of the Migration Regulations)","Simple application provision limiting scope to a specific visa subclass and date range","No nested exceptions or conditional logic beyond the 20% cap on derivatives in paragraph (i)","Minimal defined terms (relies on external definitions like 'Australian deposit taking institution' and 'Australian Stock Exchange')","Total length: 5 short sections, approximately 250 words"],"plain_english_summary":"This law defines the 11 types of “complying investments” allowed for people who applied under the Significant Investor stream (Subclass 188) between 23 Nov 2013 and 30 Jun 2015, covering things like infrastructure, bank deposits, government bonds, ASX shares, real estate, agribusiness, certain derivatives and related managed funds. \n\nIt affects those visa holders’ ability to meet visa conditions and seek permanent residency, replacing an earlier 2013 rule and giving this cohort more investment flexibility while ensuring economic benefit to Australia."}},"importantCases":[],"_links":{"self":"/api/acts/migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023","history":"/api/acts/migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023/history","analysis":"/api/acts/migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023/analysis","conflicts":"/api/acts/migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023/conflicts","importantCases":"/api/acts/migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023/important-cases","documents":"/api/acts/migration-purposes-of-managed-fund-investments-instrument-lin-23-056-2023/documents"}}