Banking Sector Legislation Amendment Regulation 2012 (No 1) [Select Legislative Instrument 2012 No 319] [F2012L02397]-New and Concluded Matters [2013] AUSStaCSDLM 11 (7 February 2013)

• Banking Sector Legislation Amendment Regulation 2012 (No. 1) [Select Legislative Instrument 2012 No. 319] [F2012L02397]
• (a) Commencement
• (b) No information regarding consultation

Banking Sector Legislation Amendment Regulation 2012 (No. 1) [Select Legislative Instrument 2012 No. 319] [F2012L02397]

Purpose	Amends the principal regulations and the First Home Saver Accounts Regulations 2008 to specify conditions for a number of bank accounts or deposits and First Home Saver Accounts to become unclaimed moneys
Last day to disallow	15 May 2013
Authorising legislation	Banking Act 1959; and First Home Saver Accounts Act 2008
Department	Treasury

ISSUES:

(a) Commencement

The instrument inserts into the banking regulations new regulation 20, which specifies accounts and conditions relating to those accounts for the purposes of subsection 69(1B) of the Banking Act 1959. Subsection 69(1B) is scheduled to commence on 1 July 2013. While the committee understands that the making of instruments prior to the commencement of the relevant empowering provision, as in this case, is authorised by section 4 of the Acts Interpretation Act 1901 (the AIA), that section also sets out a number of conditions that must be met. The ES that accompanies the instrument does not address whether these conditions are relevant and, if so, have been met in this case. The committee will therefore seek further information from the Treasurer.

(b) No information regarding consultation

Section 17 of the Legislative Instruments Act 2003 directs a rule-maker to be satisfied that appropriate consultation, as is reasonably practicable, has been undertaken in relation to a proposed instrument, particularly where that instrument is likely to have an effect on business. Section 18, however, provides that in some circumstances such consultation may be unnecessary or inappropriate. The ES which must accompany an instrument is required to describe the nature of any consultation that has been carried out or, if there has been no consultation, to explain why none was undertaken (section 26). With reference to these requirements, the committee notes that the ES accompanying the instrument contains no reference to consultation. The committee will therefore seek further information from the Treasurer and request that the ES be updated in accordance with the requirements of the Legislative Instruments Act 2003.