Commonwealth Numbered Regulations - Explanatory Statements

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INSURANCE ACQUISITIONS AND TAKEOVERS REGULATIONS (REPEAL) 1998 NO. 194

Statutory Rules 1998 No. 194

Minute No. 194 of 1998 - Treasurer

Subject - Insurance Acquisitions and Takeovers Act 1991

Insurance Acquisitions and Takeovers Regulations (Repeal)

Section 82 of the Insurance Acquisitions and Takeovers Act 1991 (the Act) empowers the 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 purpose of the amending Regulations is to repeal Regulations which, with the commencement of the Financial Sector Reform legislation, will have no function.

Regulations were made in 1997, and amended in 1998, prescribing particular law enforcement agencies, financial sector supervisory agencies and overseas financial sector supervisory agencies for the purposes of the secrecy provision of the Act (section 75). They are Statutory .Rules No. 236 of 1997 and No. 79 of 1998.

Section 75 was repealed by Item 19, Schedule 8 of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 and a new section 75 substituted.

The new section 75 does not include the phrases to which the regulations relate but instead refers to the secrecy provisions in the Australian Prudential Regulation Authority Act 1998. The Australian Prudential Regulation Authority will have the general responsibility for administering this Act under the Financial Sector Reform scheme which will commence on 1 July 1998.

It is therefore proposed to repeal Statutory Rules 1997 No. 236 and 1908 No. 79 (Proposed Regulation 3).

The proposed regulations will commence on 1 July 1998 (Proposed Regulation 1).

The Office of Regulation Review has advised that no Regulatory Impact Statement is required in relation to the proposed regulations.

This Minute recommends that the Regulations be made in the proposed form.

       Authority: Section 82 of the Insurance

       Acquisitions and Takeovers Act 1991