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 purpose of the instrument is to provide guidelines and criteria for assessing applications made under the Corporations Regulations 2001 for the use of the term ‘university’ in company names. Guidelines for this purpose were first developed in 2000, and the current instrument is a revision of the existing guidelines.
The Corporations regulations prohibit use of the term ‘university’ in a company name without the approval 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 approval from the Minister or delegate. The Minister has delegated responsibility for decision making on such applications to two officials in the Higher Education Group, Department of Education, Science and Training. This instrument includes information on how to apply, the criteria for granting consent to applications, supporting documentation required and the process followed in consideration of applications.
Consultation
In revising the guidelines, the Department of Education, Science and Training (DEST) has consulted with ASIC and representatives of State and Territory government authorities responsible for the approval of business names using the term ‘university’. DEST has also consulted with the Department of Treasury.
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.