Commonwealth legislation

Higher Education Provider Approval No. 1 of 2015

In ForceCTH

Jurisdiction

Commonwealth

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legislative instrument

Plain English Summary

3/10 complexity

Approves Victorian Institute of Technology Pty Ltd as a Higher Education Provider under the Higher Education Support Act 2003 and attaches ongoing financial, governance and reporting conditions. Mechanically, the approval requires the provider to meet minimum liquidity and equity tests, restrict certain guarantees and security arrangements, and supply regular financial and regulatory notifications to the department.

This affects the Institute (which must comply), the administering department (which receives reports and monitors compliance), and connected parties such as directors, related entities and lenders who are constrained by the imposed conditions.

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Higher Education Provider Approval No. 1 of 2015

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No 1 of 2015

Approval under section 16-25, decision under paragraph 16-50(1)(a), and Notice of Approval under paragraph 16-50(1)(b) of the Higher Education Support Act 2003.

I, Maryann Quagliata, a delegate of the Minister for Education for the purposes of sections 16-25 and 16-50 of the Higher Education Support Act 2003 (the Act):

(a) approve the application of Victorian Institute of Technology Pty Ltd (ACN: 085 128 525 ABN: 41 085 128 525) as a Higher Education Provider in accordance with section 16‑25 of the Act; and

(b) impose conditions on the approval of Victorian Institute of Technology Pty Ltd in accordance with section 16-60 of the Act; and

(c) note that this approval decides the application of Victorian Institute of Technology Pty Ltd as required by paragraph 16‑50(1)(a) of the Act; and

(d) hereby give Victorian Institute of Technology Pty Ltd written notice of my approval as required by paragraph 16‑50(1)(b) of the Act.

Conditions

Victorian Institute of Technology Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
Victorian Institute of Technology Pty Ltd must maintain a positive equity position for the period of its approval.
Victorian Institute of Technology Pty Ltd will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.
Victorian Institute of Technology 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.
Victorian Institute of Technology Pty Ltd must provide the department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by no later than 31 December each year for the period of its approval.
Victorian Institute of Technology Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Victorian Institute of Technology Pty Ltd or a related entity that may significantly affect the capacity of the Victorian Institute of Technology Pty Ltd to meet the quality and accountability requirements under the Higher Education Support Act 2003 for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
Victorian Institute of Technology 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.
Victorian Institute of Technology Pty Ltd must 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 Agency (TEQSA) relating to non-compliance with the Threshold Standards of the Higher Education Standards Framework for five years from the date of approval.
Victorian Institute of Technology Pty Ltd must 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 five years from the date of approval.
Victorian Institute of Technology Pty Ltd must report data monthly for two years from the date of approval.

In accordance with paragraph 16‑55(2) of the Act this Notice of Approval commences on the day after it is registered on the Federal Register of Legislative Instruments.

Dated this 23rd day of October 2015

Maryann Quagliata

Branch Manager

Delegate of the Minister for Education

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Higher Education Provider Approval No. 1 of 2015