Higher Education Provider Approval No. 2 of 2015 (Cth)

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No 2 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 S P Jain School of Global Management Pty Limited (ACN:  36  11 567  ABN: 87 136 711 567) as a Higher Education Provider in accordance with section 16‑25 of the Act; and

(b)impose conditions on the approval of S P Jain School of Global Management Pty Limited in accordance with section 16-60 of the Act; and

(c)note that this approval decides the application of S P Jain School of Global Management Pty Limited as required by paragraph 16‑50(1)(a) of the Act; and

(d)hereby give S P Jain School of Global Management Pty Limited written notice of my approval as required by paragraph 16‑50(1)(b) of the Act.

Conditions

i.       S P Jain School of Global Management Pty Limited must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

1. S P Jain School of Global Management Pty Limited must maintain a positive equity position for the period of its approval.

1. S P Jain School of Global Management Pty Limited will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.

1. S P Jain School of Global Management Pty Limited 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.

1. S P Jain School of Global Management Pty Limited 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 30 September each year for the period of its approval. The audited financial statements included in this submission must be prepared in $AUD.

1. S P Jain School of Global Management Pty Limited must, in writing, advise the Department responsible for administering the Higher Education Support Act 2003 of any events affecting S P Jain School of Global Management Pty Limited or a related entity that may significantly affect the capacity of S P Jain School of Global Management Pty Limited 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.

1. S P Jain School of Global Management Pty Limited 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.

1. S P Jain School of Global Management Pty Limited will provide the Department with consolidated financial statements for its parent entity, S P Jain Education FZ LLC - Dubai and its controlled entities, for the most recently ended financial period, by no later than 30 September each year for the period of its approval.

1. S P Jain School of Global Management Pty Limited 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.

1. S P Jain School of Global Management Pty Limited 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.

1. S P Jain School of Global Management Pty Limited 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 18th day of December 2015

Maryann Quagliata

Branch Manager

Delegate of the Minister for Education