Commonwealth Numbered Regulations - Explanatory Statements

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FINANCIAL MANAGEMENT AND ACCOUNTABILITY REGULATIONS (AMENDMENT) 1998 NO. 261

STATUTORY RULES 1998 No. 261

Issued by the Authority of the Minister for Finance

Financial Management and Accountability Act 1997

Financial Management and Accountability Regulations (Amendment)

Section 65 of the Financial Management and Accountability Act 1997 (the Act) empowers GovernorGeneral to make regulations, not inconsistent with the Act, prescribing matters required or permitted to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

The amendments to the Financial Management and Accountability Regulations:

*        omit a reference to the Insurance and Superannuation Commissioner in the Schedule of

       Prescribed Agencies (regulation 3.1) because the position was abolished, with effect

       from 1 July 1998;

*        amend the references in the Regulations to the Australian Securities Commission

       (which, since 1 July 1998, is known as the Australian Securities and Investments

       Commission) and its governing Act (which is now called the Australian Securities and

       Investments Commission Act 1989) (Regulations 3.2 to 3.4).

The amendments are consequential to the Financial Sector Reform legislation, the bulk of which commenced on 1 July 1998. The Financial Sector Reform legislation is the Government's response to the report of the Financial System Inquiry (the Wallis Committee) and includes the Australian Prudential Regulation Authority Act 1998, the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 and the Financial Sector Reform (Consequential Amendments) Act 1998.

Details of the regulations are attached - Attachment A.

The regulations commenced on gazettal.

ATTACHMENT A

Regulation 1 - commencement

Regulation 1 provides that the regulations will commence on gazettal.

Regulation 2 - Amendment

Regulation 2 provides that the Financial Management and Accountability Regulations are amended as set out in these regulations.

Regulation 3 - Schedule (Prescribed agencies)

The Schedule prescribes agencies for the purpose of the definition of 'prescribed Agencies' in section 5 of the Act.

Regulation 3:

*       omits the reference to the Insurance and Superannuation Commissioner

       from the Schedule of prescribed Agencies (Regulation 3.1); and

*       in the same Schedule, amends the references to the Australian Securities

       Commission and the Australian Securities Commission Act 1989 to refer to

       the Australian Securities and Investments Commission and the Australian

       Securities and Investments Commission Act 1989, respectively (Regulations 3.2 - 3.4).

These amendments are consequential to the amendments included in Schedules 1 and 11 of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998.