Higher Education Provider Approval No. 5 of 2016 (Cth)

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No. 5 of 2016

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, Melissa Reardon, a delegate of the Minister for Education and Training for the purposes of sections 16-25, 16-50 and 16-60 of the Higher Education Support Act 2003 (the Act):

(a)approve the application of Proteus Technologies Pty Ltd (ACN: 112 989 581, ABN: 95 112 989 581) as a higher education provider in accordance with section 16‑25 of the Act; and

(b)impose conditions on the approval of Proteus Technologies Pty Ltd in accordance with section 16‑60 of the Act; and

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

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

Conditions

1. Proteus Technologies Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

1. Proteus Technologies Pty Ltd must maintain a positive equity position for the period of its approval.

1. Proteus Technologies 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.

1. Proteus Technologies 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.

1. Proteus Technologies Pty Ltd must provide the department responsible for administering the Act 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.

1. Proteus Technologies Pty Ltd must, in writing, advise the department responsible for administering the Act of any events affecting Proteus Technologies Pty Ltd or a related entity that may significantly affect the capacity of Proteus Technologies 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.

1. Proteus Technologies Pty Ltd must inform the department responsible for administering the Act 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. Proteus Technologies Pty Ltd must advise the department responsible for administering the Act 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.

1. Proteus Technologies Pty Ltd must advise the department responsible for administering the Act 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.

1. Proteus Technologies Pty Ltd must report student data monthly for two years from the date of approval.

In accordance with section 16‑55 of the Act and section 12 of the Legislation Act2003 this Notice of Approval commences on the day after it is registered on the Federal Register of Legislation.

Date: 20 December 2016

Melissa Reardon

Branch Manager

Funding Policy and Legislation Branch  

Higher Education Group

Delegate of the Minister for Education and Training