Australian Business Securitisation Fund (Australian Office of Financial Management) Delegations 2025
I, Daniel Mulino, Assistant Treasurer and Minister for Financial Services, having had regard to the matters in subsection 19(3) of the Australian Business Securitisation Fund Act 2019, make the following delegations.
Dated 11 December 2025
Dr Daniel Mulino
Assistant Treasurer
Minister for Financial Services
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Schedules
5 Definitions
Part 2—Delegations
6 Delegations relating to investments of the Fund
Schedule 1—Repeals
Australian Business Securitisation Fund (Minister) Delegation 2019
Part 1—Preliminary
1 Name
This instrument is the Australian Business Securitisation Fund (Australian Office of Financial Management) Delegations 2025.
2 Commencement
(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.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made.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.
(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.
3 Authority
This instrument is made under the Australian Business Securitisation Fund Act 2019.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Definitions
Note: Expressions have the same meaning in this instrument as in the Australian Business Securitisation Fund Act 2019 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
AOFM means the Australian Office of Financial Management.
CEO, in relation to the AOFM, means the SES employee, or acting SES employee, holding, occupying or performing the duties of the Chief Executive Officer of the AOFM.
the Act means the Australian Business Securitisation Fund Act 2019.
Part 2—Delegations
6 Delegations relating to investments of the Fund
Delegations
(1) Under subsection 19(1) of the Act, each person holding, occupying or performing the duties of each of the following offices or positions in the AOFM, is delegated all of the Minister’s powers and functions under section 12 of the Act:
(a) the CEO;
(b) an SES employee.
Note: Officials of the AOFM are eligible delegates as the AOFM has been prescribed by the rules for this purpose—see subsection 19(2) of the Act and section 6 of the Australian Business Securitisation Fund Rules 2019.
Directions
(2) Under subsection 19(4) of the Act, a delegate under subsection (1) is directed to exercise the powers or functions in a manner consistent with all of the following:
(a) the rules;
(b) the Investment Mandate.
Note: In 2025, the rules can be found in the Australian Business Securitisation Fund Rules 2019, and the Investment Mandate can be found in the Australian Business Securitisation Fund Investment Mandate Directions 2019.
Schedule 1—Repeals
Australian Business Securitisation Fund (Minister) Delegation 2019
1 The whole of the instrument
Repeal the instrument.
Overview
The Australian Business Securitisation Fund (Australian Office of Financial Management) Delegations 2025I, enacted by Daniel Mulino, Assistant Treasurer and Minister for Financial Services, is a legislative instrument designed to delegate certain powers and functions under the Australian Business Securitisation Fund Act 2019 to the Australian Office of Financial Management (AOFM). This delegation aims to facilitate efficient investment management within the Fund by allowing authorised officers within the AOFM to exercise specific powers and functions previously held by the Minister. The instrument came into effect the day after its registration and is structured to repeal the previous Australian Business Securitisation Fund (Minister) Delegation 2019, ensuring that the delegations are up-to-date and aligned with the current legislative framework. The policy objective is to streamline the administrative processes related to the Fund's investments while maintaining compliance with the overarching rules and mandates.
Scope and Application
The Australian Business Securitisation Fund (Australian Office of Financial Management) Delegations 2025 outlines the delegation of certain powers and functions under the Australian Business Securitisation Fund Act 2019. This instrument applies to specified officers within the Australian Office of Financial Management (AOFM), including the Chief Executive Officer and Senior Executive Service (SES) employees, who are empowered to exercise the Minister’s delegated powers and functions concerning investments of the Fund. This delegation is specifically framed under section 12 of the Act and is effective from the day after the instrument is registered. The instrument further mandates that these delegated officers must act in accordance with the rules specified in the Australian Business Securitisation Fund Rules 2019 and the Investment Mandate Directions provided in the Australian Business Securitisation Fund Investment Mandate Directions 2019. The scope of the delegation is limited to the operations within the Commonwealth of Australia, and the instrument repeals the previous Australian Business Securitisation Fund (Minister) Delegation 2019, ensuring that the delegation framework is up-to-date and aligned with the current legislative requirements.
Key Provisions
The main operative sections of the Australian Business Securitisation Fund (Australian Office of Financial Management) Delegations 2025 (the "Delegations") are outlined in Part 2, specifically section 6. These sections delegate certain powers and functions of the Minister to designated officials within the Australian Office of Financial Management (AOFM). Section 6(1) delegates the Minister’s powers and functions under section 12 of the Australian Business Securitisation Fund Act 2019 to the Chief Executive Officer (CEO) and other Senior Executive Service (SES) employees of the AOFM. Section 6(2) further directs these delegates to exercise their powers and functions in accordance with the Australian Business Securitisation Fund Rules 2019 and the Australian Business Securitisation Fund Investment Mandate Directions 2019.
The Delegations impose specific obligations on the designated officials within the AOFM. According to section 6(1), the CEO and other SES employees are granted all powers and functions of the Minister under section 12 of the Act. This delegation is contingent upon these officials holding, occupying, or performing the duties of their respective offices or positions. Additionally, section 6(2) mandates that these delegated powers and functions must be exercised in a manner consistent with the rules and the Investment Mandate, ensuring that all actions align with the established guidelines and directives.
There are no explicit provisions within the Delegations regarding offences, penalties, or consequences for breach. However, any failure to comply with the rules or the Investment Mandate, as directed in section 6(2), could potentially lead to civil or administrative actions under the Australian Business Securitisation Fund Act 2019 or related legislation. The specific penalties would depend on the nature and severity of the non-compliance, and would be determined in accordance with the relevant laws and regulations. The Delegations themselves do not stipulate specific penalties but highlight the importance of adherence to the prescribed rules and directives.