Australian Business Securitisation Fund (Minister) Delegation 2019

Overview

The Australian Business Securitisation Fund (Minister) Delegation 2019I, issued on 10 April 2019, concerns the delegation of powers and functions of the Treasurer of Australia, currently Josh Frydenberg, under the Australian Business Securitisation Fund Act 2019. This notifiable instrument was enacted to streamline the administration of the Australian Business Securitisation Fund by delegating certain responsibilities to the Chief Executive Officer of the Australian Office of Financial Management, effective from 1 July 2019. The aim is to ensure efficient and effective management of the fund, thereby supporting the government's policy objectives in enhancing financial stability and supporting the growth of Australian businesses through better access to finance. This delegation facilitates the practical administration of the fund by empowering a designated officer to undertake specific functions on behalf of the Treasurer.

Scope and Application

The Australian Business Securitisation Fund (Minister) Delegation 2019I, issued under section 19 of the Australian Business Securitisation Fund Act 2019, designates the powers and functions of the Treasurer to the Chief Executive Officer of the Australian Office of Financial Management. This delegation, effective from 1 July 2019, signifies a formal transfer of specific responsibilities from the Treasurer to the Chief Executive Officer, thereby ensuring that the functions outlined in section 12 of the Act are administered by the designated officer. This delegation streamlines the implementation and oversight of the Australian Business Securitisation Fund, facilitating efficient management and compliance with the legislative requirements established under the Act.

Key Provisions

The Australian Business Securitisation Fund (Minister) Delegation 2019I (F2019N00042) outlines a delegation of powers from the Treasurer to the Chief Executive Officer of the Australian Office of Financial Management, effective from 1 July 2019. Under section 19 of the Australian Business Securitisation Fund Act 2019, the Treasurer, Josh Frydenberg, has delegated his powers and functions pursuant to section 12 of the Act to the Chief Executive Officer of the Australian Office of Financial Management. This delegation allows the Chief Executive Officer to exercise certain powers and carry out specific functions that were originally the responsibility of the Treasurer. The obligations imposed by this delegation on the Chief Executive Officer of the Australian Office of Financial Management include the management and administration of the Australian Business Securitisation Fund. This encompasses tasks such as the establishment of the Fund, the issuance of securities, and the management of the Fund’s assets and liabilities. Additionally, the Chief Executive Officer is tasked with ensuring that the operations of the Fund comply with relevant legislation and regulations, including the Australian Business Securitisation Fund Act 2019 and any other applicable laws. In terms of consequences for breaches, the Act does not explicitly outline specific offences, penalties, or civil/criminal consequences for non-compliance within this delegation notice itself. However, any breaches of the Australian Business Securitisation Fund Act 2019 or related regulations by the Chief Executive Officer or the Fund could lead to penalties or consequences as stipulated in those primary Acts. For example, breaches of financial regulations could result in fines or other financial penalties, while more severe breaches might lead to criminal charges, depending on the nature and severity of the breach. It is essential for the Chief Executive Officer to adhere to the legislative framework to avoid any legal repercussions.