{"id":"F2017L01249","name":"Higher Education Provider Approval No. 3 of 2017","slug":"higher-education-provider-approval-no-3-of-2017","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":97161,"registerId":"commonwealth-F2017L01249-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Higher Education Provider Approval No. 3 of 2017","content":"NOTICE OF APPROVAL\n\nCOMMONWEALTH OF AUSTRALIA\n\nHigher Education Support Act 2003\n\nHigher Education Provider Approval No. 3 of 2017\n\nApproval under section 16\\-25, decision under paragraph 16-50(1a), and Notice of Approval under paragraph 16\\-50(1b) to the Higher Education Support Act 2003 (the Act).\n\nI, Andrew Herd, a delegate of the Minister for Education and Training for the purposes of 16-25, 16-50 and 16-60 of the Higher Education Support Act 2003 (the Act):\n\n(a) approve Russo Business School Pty Ltd (ACN: 601 105 319; ABN: 34 601 105 319) as a higher education provider in accordance with section 16\\-25 of the Act; and\n\n(b) impose conditions on the approval of Russo Business School Pty Ltd as a higher education provider in accordance with paragraph 16-60 of the Act;\n\n(c) note that this approval decides the application of Russo Business School Pty Ltd as required by paragraph 16-50 (1a) of the Act; and\n\n(d) hereby give Russo Business School Pty Ltd written notice of my approval as required by paragraph 16-50 (1b) of the Act.\n\nConditions\n\n1. Russo Business School Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.\n\n2\\. Russo Business School Pty Ltd must maintain a positive equity position for the period of its approval.\n\n3\\. Russo Business School Pty Ltd must not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.\n\n4\\. Russo Business School Pty Ltd must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.\n\n5. Russo Business School Pty Ltd must, on an annual basis for the period of its approval, by no later than 31 December each year, provide the department responsible for administering the Act with:\n\n    a) a financial statement that complies with section 19-10 of the Act; and\n    b) a declaration by an external and independent public accountant or qualified auditor that Russo Business School Pty Ltd has, as at the date of the declaration, complied with all statutory obligations relating to the lodgement and payment of:\n\n-   company tax;\n-   goods and services tax;\n-   pay-as-you-go withholding tax for employees;\n-   payroll tax;\n-   superannuation guarantee for employees; and\n-   other withholding tax.\n\n6\\. Russo Business School Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Russo Business School Pty Ltd or a related entity that may significantly affect the capacity of Russo Business School Pty Ltd to meet the quality and accountability requirements under the Act for the period of its approval. The written advice must be provided within 10 working days of the event occurring.\n\n7\\. Russo Business School Pty Ltd must inform the department responsible for administering the Higher Education Support Act 2003 in writing of changes to directors, company structure and/or its constitution for the period of its approval. The written advice must be provided within 10 working days of the event occurring.\n\n8\\. Russo Business School Pty Ltd must, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by the Tertiary Education Quality and Standards Authority or any other regulatory body which may impact upon its operations for the period of its approval.\n\n9\\. Russo Business School Pty Ltd must, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity that has been or is being undertaken in relation to Australian Consumer Law and/or fair trading laws for the period of its approval.\n\n10. Russo Business School Pty Ltd must report data monthly for two years from the date of approval.\n\nIn accordance with section 16-55 of the Act and section 12 of the Legislation Act 2003 this notice of approval commences on the day after it is registered on the Federal Register of Legislation.\n\nDate: 15 September 2017\n\nDr Andrew Herd\n\nA/g Branch Manager\n\nFunding Policy and Legislation Branch\n\nHigher Education Group\n\nDelegate of the Minister for Education and Training","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument exercises the Minister's delegated power to approve a named provider and to impose conditions; it does not amend the Act or alter the statutory coverage. The approval's effect is limited to Russo Business School and the specified conditions during the approval period."},"complexity_factors":["Multiple financial thresholds to maintain: current ratio of 1.0 or above and a positive equity position (conditions 1–2).","Restrictions on corporate finance actions: prohibition on new guarantees/loans to directors/related entities and limits on offering assets as security, with exception for commercial loans from recognised financial institutions (conditions 3–4).","Recurring reporting obligations with distinct timings: annual financial statements and auditor declarations by 31 December, monthly data reporting for two years, and 10-working-day notifications for specified events (conditions 5, 6, 7, 10).","Requirement for external and independent accountant or qualified auditor declarations about tax and statutory obligations (condition 5b referencing compliance obligations).","Notification obligations about regulatory activity under TEQSA and consumer/fair trading matters, creating cross-regulator reporting dependencies (conditions 8–9).","Legal cross-references increase interpretive work: reference to Corporations Act section 50AAA (definition of associated entity) and to Higher Education Support Act provisions used to exercise approval powers.","Enforcement and monitoring rest with the department responsible for administering the Act, creating administrative discretion and ongoing oversight costs for both regulator and provider."],"plain_english_summary":"This instrument approves Russo Business School Pty Ltd as a higher education provider and attaches financial, reporting and conduct conditions to that approval. It sets minimum liquidity and equity tests, limits on guarantees and asset security, annual audited tax-compliance declarations, prompt notification of material events and regulatory actions, and monthly data reporting for two years. It affects Russo Business School (the regulated entity), the administering department (the monitor) and related entities; compliance creates ongoing reporting duties, governance constraints and limits on certain corporate transactions."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a discrete administrative approval instrument under the Higher Education Support Act 2003. It serves its original intended purpose: granting approval to a specific provider with tailored conditions. There is no evidence of scope creep—it does not purport to amend the Act or create broad policy changes beyond the specific approval of Russo Business School."},"complexity_factors":["Single-purpose administrative instrument (approval notice) with straightforward structure","Only 10 numbered conditions, mostly expressed in plain language","One external statutory cross-reference (Corporations Act 2001, section 50AAA for 'associated entity')","Minimal defined terms (only 'associated entity' is explicitly defined by reference)","Simple conditional logic (time-bound requirements like 'for the period of its approval' and specific deadlines like '31 December each year')","No nested exceptions or complex provisos","Standard administrative template format with clear (a)-(d) structure in the approval section"],"plain_english_summary":"This approval licenses Russo Business School to deliver higher education in Australia and access Commonwealth student support (including HELP), while imposing ten conditions to protect students and taxpayer funds.  \n\nThose conditions focus on financial stability (minimum liquidity and positive equity), bans on risky related‑party financing, strict annual and event-driven reporting, regulator notifications, and monthly data submissions for the first two years — ensuring government oversight of a new/smaller provider."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/higher-education-provider-approval-no-3-of-2017","history":"/api/acts/higher-education-provider-approval-no-3-of-2017/history","analysis":"/api/acts/higher-education-provider-approval-no-3-of-2017/analysis","conflicts":"/api/acts/higher-education-provider-approval-no-3-of-2017/conflicts","importantCases":"/api/acts/higher-education-provider-approval-no-3-of-2017/important-cases","documents":"/api/acts/higher-education-provider-approval-no-3-of-2017/documents"}}