ATTACHMENT C
EXPLANATORY STATEMENT
Instrument of approval pursuant to subregulation 2B.6.02(4) of the
Corporations Regulations 2001
Issued by the authority of the Minister for Education, Science and Training
Subject: Guidelines for the use of the term ‘university’ in company names Instrument of approval pursuant to subregulation 2B.6.02(4) of the Corporations Regulations 2001
Content of Guidelines and Purpose
The Corporations Regulations 2001 prohibit use of the term ‘university’ in a company name without the consent of the Minister for Education, Science and Training. The Australian Securities and Investment Commission (ASIC) requires any applications to register a company using the term ‘university’ to be accompanied by a letter of consent.
The purpose of the instrument is to provide Guidelines and criteria for assessing such applications. Guidelines for this purpose were first developed in 2000 and the current instrument is a revision of the existing Guidelines which were approved in May 2007. The amendments deal with authorising two officials in the Higher Education Group, Department of Education, Science and Training, to grant or refuse consent (paragraph 2) and state the avenue for review and appeal where consent is not given (paragraph 21).
This instrument includes information on how to apply, the criteria for granting consent to applications, supporting documentation required and the process followed in the consideration of applications.
Consultation
These changes address specific matters raised by the Senate Standing Committee on Regulations and Ordinances in its examination of the Guidelines as approved in May 2007.
Commencement
The Guidelines commence the day after they are registered on the Federal Register of Legislative Instruments.
Business Cost Calculator
The Guidelines do not require a Regulatory Impact Statement (RIS) and/or a Business Cost Calculator Figure. The Guidelines are not regulatory in nature, will not impact on business activity and will have no, or minimal, compliance costs or competition impact. DEST does not expect that any compliance costs will be incurred by business as a result of the Guidelines.