{"id":"F2019L00611","name":"Australian Business Securitisation Fund Rules 2019","slug":"australian-business-securitisation-fund-rules-2019","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":440038,"registerId":"F2019L00611-fast-fetch-1775955828322","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Australian Business Securitisation Fund Rules 2019","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nAustralian Business Securitisation Fund Rules 2019\n\nI, Josh Frydenberg, Treasurer, make the following rules.\n\nDated 10 April 2019\n\nJosh Frydenberg\n\nTreasurer\n\n \n\n \n\n \n\n \n\n \n\nContents\n\n1 Name\n\n2 Commencement\n\n3 Authority\n\n4 Definitions\n\n5 Authorised debt securities\n\n6 Eligible delegates\n\n \n\n1  Name\n\n  This instrument is the Australian Business Securitisation Fund Rules 2019.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered. 16 April 2019\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under the Australian Business Securitisation Fund Act 2019.\n\n4  Definitions\n\n  In this instrument:\n\nAct means the Australian Business Securitisation Fund Act 2019.\n\nADI means an authorised deposit‑taking institution within the meaning of the Banking Act 1959.\n\ncredit provider has the same meaning as in the National Consumer Credit Protection Act 2009.\n\nmajor bank: an ADI is a major bank at a time if levy has been imposed on the ADI under section 4 of the Major Bank Levy Act 2017 for any quarter ending before that time.\n\nquarter has the same meaning as in the Major Bank Levy Act 2017.\n\nsubsidiary has the same meaning as in the Corporations Act 2001.\n\n5  Authorised debt securities\n\n (1) For the purposes of subparagraph 12(4)(c)(iii) of the Act, each amount of credit must not be provided by a credit provider that is:\n\n (a) a major bank; or\n\n (b) a body corporate that is a subsidiary of a major bank.\n\n (2) For the purposes of paragraph 12(4)(d) of the Act, the debt security must not be a first loss security.\n\n6  Eligible delegates\n\n  For the purposes of subsection 19(2) of the Act, the Australian Office of Financial Management is prescribed.\n","sortOrder":0}],"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":false,"description":"These Rules implement constraints authorised by the Act without expanding the Fund's scope: they exclude major banks and their subsidiaries from providing eligible credit (see rule 5(1)), disallow first‑loss securities as eligible debt (rule 5(2)), and prescribe the Australian Office of Financial Management as an eligible delegate (rule 6). The instrument operates as a narrow, implementing specification rather than a scope expansion."},"complexity_factors":["Short, tightly focused instrument with few provisions (low volume to interpret).","Cross‑references to multiple external statutes (Australian Business Securitisation Fund Act 2019, Major Bank Levy Act 2017, Banking Act 1959, National Consumer Credit Protection Act 2009, Corporations Act 2001) increasing interpretive load.","Definitions rely on external statutory meanings (e.g. ADI, credit provider, subsidiary, quarter).","Operational requirement to determine 'major bank' status by reference to historical levy imposition (fact‑based compliance checks).","A simple substantive prohibition (no first‑loss securities) that is binary but may interact with market structuring of securitisations.","Prescribing a single eligible delegate (Australian Office of Financial Management) concentrates administrative responsibility and limits delegated choices."],"plain_english_summary":"These rules set eligibility and operational limits for the Australian Business Securitisation Fund: they bar major banks and their subsidiaries from providing eligible credit, prohibit first‑loss securities from qualifying, and name the Australian Office of Financial Management as an eligible delegate.\n\nThey affect lenders, securitisation investors and the Fund’s administrator by directing which credit providers and debt instruments the Fund will accept and by clarifying who can act on the Fund’s behalf; compliance requires checking levy history and corporate status."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose. It provides only the essential technical details needed to operationalise the parent Act: defining which debt securities qualify for purchase (excluding major banks and first-loss positions) and naming the investment manager. There is no evidence of scope creep — the Rules do not expand beyond the Fund's core function of purchasing small business debt securities."},"complexity_factors":["Extremely short instrument — only 6 sections spanning approximately 2 pages","Minimal defined terms (only 5 definitions in section 4, mostly referencing external legislation)","No nested exceptions or conditional logic — sections 5 and 6 contain straightforward prohibitions and appointments","No cross-references beyond basic references to the parent Act (Australian Business Securitisation Fund Act 2019) and external statutes","Simple structure: name, commencement, authority, definitions, two substantive operational rules, one administrative appointment"],"plain_english_summary":"The Australian Business Securitisation Fund is a government‑backed scheme that buys bundles of small business loans from non‑major lenders, supplying those firms with cash so they can issue more credit. It excludes loans from major banks and cannot purchase the riskiest “first‑loss” slices, and is run day‑to‑day by the Australian Office of Financial Management. The aim is to boost competition in business lending, improve SME access to credit, and limit taxpayer exposure."}},"importantCases":[],"_links":{"self":"/api/acts/australian-business-securitisation-fund-rules-2019","history":"/api/acts/australian-business-securitisation-fund-rules-2019/history","analysis":"/api/acts/australian-business-securitisation-fund-rules-2019/analysis","conflicts":"/api/acts/australian-business-securitisation-fund-rules-2019/conflicts","importantCases":"/api/acts/australian-business-securitisation-fund-rules-2019/important-cases","documents":"/api/acts/australian-business-securitisation-fund-rules-2019/documents"}}