Commonwealth Numbered Regulations - Explanatory Statements

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FINANCIAL MANAGEMENT AND ACCOUNTABILITY AMENDMENT REGULATIONS 2010 (NO. 2) (SLI NO 114 OF 2010)

 

 

EXPLANATORY STATEMENT

 

Select Legislative Instrument 2010 No. 114

 

Issued by the authority of the Minister for Finance and Deregulation

 

Financial Management and Accountability Act 1997

 

Financial Management and Accountability Amendment Regulations 2010 (No. 2)


The Financial Management and Accountability Act 1997 (FMA Act) provides a framework of rules for the proper management of public money and public property by Chief Executives and officials of FMA Act agencies.

Subsection 65(1) of the FMA Act provides that the Governor-General may make regulations prescribing matters required or permitted by the FMA Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the FMA Act.

Section 58 of the FMA Act provides that the application of the FMA Act to a law enforcement agency that is prescribed by the Financial Management and Accountability Regulations 1997 (the Principal Regulations), is subject to any modifications to the Act that are prescribed by the Principal Regulations. Modifications to the Act are set out in Schedule 2 of the Principal Regulations.

The Amendment Regulations prescribed the Australian Commission for Law Enforcement Integrity (ACLEI) for the purposes of section 58 of the FMA Act thereby subjecting ACLEI to the modifications to the FMA Act set out in Schedule 2 to the Principal Regulations.

The modifications to the FMA Act set out in Schedule 2 to the Principal Regulations provide that certain public money administered by a prescribed law enforcement agency may be deposited in a bank account that is not an official account. The modifications also provide that a prescribed law enforcement agency’s annual financial statements must be prepared in accordance with an agreement between the Finance Minister and the Minister responsible for the agency.

The Amendment Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

In accordance with section 17 of the Legislative Instruments Act 2003, consultation was undertaken with the Attorney-General’s Department.

The Amendment Regulations commence on 1 July 2010.

 


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