Commonwealth Numbered Regulations - Explanatory Statements

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RESERVE BANK REGULATIONS (AMENDMENT) 1998 NO. 188

EXPLANATORY MEMORANDUM

Statutory Rules 1998 No. 188

Minute No. 188 of 1998 - Treasurer

Subject - Reserve Bank Act 1959

Reserve Bank Regulations (Amendment)

Section 89 of the Reserve Bank Act 1959 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters required or permitted by the Act to be prescribed by regulations, or necessary or convenient to be prescribed by regulations for carrying out or giving effect to the Act.

The purpose of the proposed regulations is to amend the Reserve Bank Regulations to incorporate changes required as a result of the passage of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998 which, among other things, amends the Reserve Bank Act 1959 to create a Payments System Board to be responsible for the Reserve Bank's payments system policy under the Payment Systems (Regulation) Act 1998. The proposed regulations also delete outdated provisions due to the passage of the Audit (Transitional and Miscellaneous) Amendment Act 1997 and the Financial Laws Amendment Act 1997.

Details of the regulations are set out in the Attachment.

The proposed regulations will commence on 1 July 1998.

The Minute recommends that regulations be made in the form proposed.

       Authority: Section 89 of the

       Reserve Bank Act 1959

ATTACHMENT

RESERVE BANK REGULATIONS (AMENDMENT)

DETAILS OF THE PROPOSED REGULATIONS

Proposed Regulation 1

Proposed regulation 1 will provide that the regulations commence on 1 July 1998.

Proposed Regulation 2

Proposed regulation 2 will provide that the regulations amend the Reserve Bank Regulations.

Proposed Regulation 3

Proposed regulation 3 will repeal subregulation 3(2), which was an archaic reference to the schedule. The proposed regulations provide a direct, plain english, reference to the schedule.

Proposed Regulation 4

Proposed regulation 4 will replace the existing reference to the declaration of secrecy for the Reserve Bank Board to anew reference to a declaration of secrecy for both the Reserve Bank Board and the Payments System Board. The declaration of secrecy for each board of the Reserve Bank is provided in the schedule.

Proposed Regulation 5

Proposed regulation 5 will repeal regulation 6, which provides a penalty of $100 for officers and others who unlawfully provide information or documents to unauthorised people. Regulation 6 is redundant due to the enactment of sections 79A and 79B of the Reserve Bank Act 1959.

Proposed Regulation 6

Proposed regulation 6 will repeal regulation 8, which provides the form of financial statement required under former subsection 81 (1) of the Reserve Bank Act 1959. Former subsection 81 (1) of the Reserve Bank Act 1959 was repealed by the Audit (Transitional and Miscellaneous) Amendment Act 1997. Financial statements for the Reserve Bank are now regulated under the Commonwealth Authorities and Companies Act 1997.


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